NEWS
THE CHALLENGES AND BENEFITS OF OWNING A FAMILY BUSINESS BY RICH ADAMS
Family-owned enterprises are the backbone of the American economy.
to major corporation, according to the Conway Center for Family Business.
Studies have shown about 35% of Fortune 500 companies are family controlled and represent the full spectrum of American companies from small business
There are approximately 156,000 familyowned businesses in Michigan, according to data extrapolated from the U.S. census.
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G R E AT E R L A N S I N G B U S I N E S S M O N T H LY
FEBRUARY 2020
The decision alone to start a family-owned business involves a great deal of faith, both in the overall economy and in how marketable the product or service will be. “While there are many challenges that will face those brave enough to
