What to Know to Run a Successful Family Business

What to Know to Run a Successful Family Business

What to Know to Run a Successful Family Business
Image credit: Maskot | Getty Images

According to the Conway Center for Family Business, 64% of U.S. gross national product comes from family businesses. In fact, 35% of Fortune 500 companies are family controlled. In short, family owned and/or run businesses comprise a significant percentage of all the companies in the United States and have for decades. You’ll notice many family members running local shops and others with their names listed as founders of major corporations. A family business may mean the company was started and/or run by a husband and wife, brothers, sisters or the whole family.

Some have been passed down for generations. In fact, family run businesses have deep roots worldwide. The oldest family run business is a Japanese hotel called Houshi Ryokan, which has been run by the same family since the year 718. It’s safe to assume that this small inn off the west coast of Japan has had several renovations over the past 1,300-plus years.

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