At Applied Vision Works, we work with many types of organizations (public, non-profit, government, educational institutions, manufacturing, etc.)  We are finding that we are working more and more with “family” businesses.

Below are some interesting things about family business according to a report published by the University of Vermont:

• There are 5.5 million family businesses in the US.
• Contribute 57% of the U.S. GDP (that’s $8.3 trillion)
• Employ 63% of the workforce
• Create 78% of all new jobs
• 35% of Fortune 500 companies are family-controlled
• Average life span is 24 years
• Approximately 40% of U.S. family-owned businesses turn into second-generation
• Approximately 13% are passed down successfully to a third generation
• 3% to a fourth generation or beyond

The statistics above are impressive.  More impressive though is that the owners not only consider “family” the ones that are family by blood or marriage, but rather “family” to them is everyone in their business.  Throughout their organizations from the top to the bottom is a true culture of family.  They have figured out that a relationship with all employees is exactly like the relationships they have with their families.

The key to accomplishing this is to demonstrate these critical things in every interaction:

• Candor:  Have open communication with everyone.  Owners are honest and love everyone in their business so much that they refuse to have them stay the same.  This open feedback allows people to reach their full potential.
• Listening:  Realize that listening can be uncomfortable; owners have embraced this to foster true relationships and trust.  They must listen and understand what the speaker is saying.
• Selflessness:  In every interaction, they are able to put their interests to the side and really focus on the other person.

• Generosity:  With their time, talent, and treasure they have an abundance mentality vs. a scarcity mentality.

We all know the benefits of family business to employees and the economy, but the challenge is  to position your family business for future success by putting the “Family” back into family business.

• Does your family business have a long term succession plan in place?

• How can you increase the size of your business footprint to play in a bigger more complex game with more opportunities?

• Do you have clear and understood demarcation between the “family” and the “business”?

If you need help putting “Family” back into your business and creating successful growth strategies, call us at 800-786-4332, or email JSabatini@AppliedVisionWorks.com.  Your success is in plain sight; it just takes determination and action!  Contact us for your complimentary session; it only takes 30 minutes to get started!