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Did you know...
- More than 90 percent of all business enterprises in the United States are family owned, and nearly 35 percent of Fortune 500 companies are family
firms
- Family businesses account for 78 percent of all new jobs created, 60 percent of the national employment and 50 percent of the gross domestic
product
- Approximately 30 percent of all family-owned businesses survive into the second generation, and 12 percent will be viable into the third generation. Only 3 percent of all family businesses operate at the fourth generation and
beyond
- In the next five years, 30 percent of family-owned firms will experience a change in leadership due to retirement or
semi-retirement
- 25 percent of senior generation family business shareholders have not completed any estate planning other than writing a will, 80 percent want the business to stay in the family, and 20 percent are not confident of the next generation’s commitment to the
business
In Western North Carolina these national statistics have significance. Consider the following:
- 97 percent of the 9,587 businesses in Buncombe County employ fewer than 250 individuals.
- These employers are predominately closely-held businesses that form the economic backbone of our region.
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