The Family Business: From Main Street to Wall Street

family business owners

Photo (CC) by Dana, on Flickr

Chances are you do business with with one, and probably many more, family businesses.

Family businesses surround us. Family businesses form an integral part of our economy. We find them in all shapes and sizes, from WalMart and Ford to your main street stores and even some operating out of the garage or off the dining room table.

Family businesses represent a unique intersection of the business system with the family system. Family businesses have additional opportunities and resources because of the family system of which they are a part. Intermingling of time and resources has been found to be used in the business just as such resources, at times, find their way over to the family system from the business.

Yet with such potential benefits, family businesses are also navigating family dynamics and relationships that a traditional business owner never encounters.

Understanding the family business with its merger of the both the family and business systems, along with a two-way relationship with the community, has been the the mission of the Family Business Research team and its National Family Business Survey. The team is now collecting data providing 20 years of information from its national panel of businesses.

From the development of the Sustainable Family Business Theory in 1999, the team has focused on understanding the factors of success along with how communities and family businesses work together. Resource exchange, disaster preparedness and response, and family tensions have all been examined.

How such family businesses give back to the community has been highlighted earlier. Recently a highlights newsletter has been distributed and a complete bibliography for the group can be found here.

Family businesses are key economic contributors. They not only feed the family that runs them but expands and enhances the local economy. Get to know your family business owners. See how your community and these businesses can work more closely together.