Economic Impact

- 59% of family businesses grew in 2023, while 36% of those grew by ten percent or more.
- 74% of family businesses have been operating for 30 years or more, showcasing their resilience and stability.
- Family-owned firms generate 54% of U.S. GDP and employ 59% of the American workforce, accounting for 83.3 million jobs and contributing $7.7 trillion annually.
Community and Workforce Impact

- 46% of family businesses report paying above-average wages and benefits, reflecting their commitment to employee well-being.
- Michigan has an average wage of $53,733 at family-owned businesses, ranking it 13th highest in the nation.
- 70% of family businesses have nonfamily employees who have worked within the company for multiple generations, fostering a sense of community and loyalty.
Public Perception

- According to the 2025 Report on Public Perception of Family Businesses, 70% of respondents say family businesses have the most genuine and authentic identity.
- 67% of respondents in Edelman’s 2020 report said they trusted family businesses compared to 58% for public companies.
- A study published in the Journal of Small Business Strategy found that 87% of respondents held favorable views of family businesses based on organizational values.