by Lucas Byrne (Author)

Family firms are a significant economic force in the United States and worldwide. There are 5.5 million family businesses in the United States, which account for 63% of employment, 57% of GDP, and create 75% of all new jobs (Kinkade, 2011). Further, family businesses are not homogeneous economic entities. They range in size from small owner-managed firms to large multinational corporations and are found across a variety of industries. Family businesses' prevalence and economic contribution make them a very important source of economic development and growth