Most family-owned businesses—approximately 70%—last just one generation. Because an estimated 80% of businesses across the globe are family-owned, the low survival rate has alarming consequences. Consider this: In the United States alone, family-owned businesses (FOBs) are responsible for 60% of total US employment and generate 78% of all new jobs. Further, some of the world’s biggest companies are family-owned—News Corp, Samsung, Tata Group, and Walmart to name but a few—and more than a third of Fortune 500 companies are family-owned.
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