In order to succeed in today’s global economy, the family firm needs to plan for change. This was what presenter Nate Young, president of NewNorth Center for Design in Business, told the audience at a Family Business Alliance event on “Innovation in the Family Owned Business.”
National and local studies show that the vast majority of our local economy is comprised of family owned businesses, and the majority of those businesses will not survive into the second generation. In fact, only 12 percent of family businesses survive into the third generation. Those rare firms should be celebrated and honored. They are the innovative companies where the family has played a significant role in the community by employing the local work force, hiring local contractors and giving philanthropically to local not-for-profit organizations.