Family firms are the backbone of the US economy and it is great to see these families in the press where they are continuing as they have done in business for generations!
Mergers, acquisitions and Wall Street mega-deals might headline the daily economic news, but family businesses, where adult children work with or for their parents, is still alive and well in the Valley — and the U.S., according to the Family Business Alliance, Wilkes University. “Family-owned businesses are central to the U.S. economy,” said Sue Reilly, executive director, Family Business Alliance, on Thursday. In addition, she said, “Family owned businesses contribute 64 percent of the U.S. GDP (that’s $5.9 trillion), employ 62 percent of the workforce, and are responsible for 78 percent of all new job creation. Nearly 5.5 million businesses in the U.S. are family owned. “There’s something special about working for your father, especially if you’ve grown up ‘shadowing’ him, going where he goes and admiring his energy and dedication,” said Vanessa Venios, of Milton.