• 89% of U.S. business tax returns come from family owned businesses
• Women own 17% of small businesses, while businesses equally owned by a male and female account for an additional 13% of small businesses
• 82 million people are employed by family businesses in the U.S.
• Over three-fourths of small businesses have only one location
• More than 30% of family-owned businesses survive into the second generation. Twelve percent are still viable into the third generation. Only about 3% of all family businesses operate into the fourth generation and beyond.
• Family-owned businesses generate $5.9 trillion, 64% of the U.S. GDP, and employ 62% of its workforce
• 19% of family-business participants have not done any estate planning other than writing a will
• 85% of family-owned businesses that have identified a successor say it will be a family member
• Family firm CEOs earn an average of 10% less than counterparts at non-family owned businesses
Source: First five bullet points, according to The Family Business Institute, remainder according to The Family Firm Institute