When Business Is in the Blood
Talk to enough family-business owners, and one thing becomes clear very quickly: For those with their own name on the shingle, business and family life are intertwined. Yet with increasing specialization, competition from corporate giants and from outsourcing, family businesses are under more pressure than ever to innovate, find new efficiencies, and improve performance. In this five-part Special Report, BusinessWeek Online looks at the future of the family business, and explores how savvy owners can see their businesses grow and prosper in the coming years — along with examples of companies that are doing just that.Most surprising, perhaps, is the degree to which family businesses still play a central role in the life of every American consumer. Think about how many commercial transactions bring you in touch with a family-run company every day. The grocer around the corner, you favorite tailor, your doctor, even a chain of mom-and-pop variety stores that began in Rogers, Ark., better known today as Wal-Mart (WMT ). Chances are that you also work for one of these small businesses. An estimated 6 of every 10 private-sector workers do. “Without family businesses, we would have no economy,” says Joe Astrachan, director of the Cox Family Enterprise Center at Kennesaw State University, one of the premier research sources on family businesses.
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