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Article: Longevity and the family business.(MANAGEMENT STRATEGIES)
- Article from:
- American Drycleaner
- Article date:
- June 1, 2009
- Author:
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The backbone of the American economy is family-owned businesses. And these businesses aren't necessarily small--nearly a third of Fortune 500 companies are family-owned or family-controlled, including Wal-Mart and Ford Motor Co., to name just two.
The University of Southern Maine's Institute for Family-Owned Business estimates that family businesses account for 50% of U.S. gross domestic product (GDP). They generate 60% of the country's employment and 78% of all new job creation. They play a vital role in the U.S. economy.
However, family businesses usually differ from public companies in management, staffing, strategy and succession planning. These ...