McKinsey Report Identifies Five Attributes for Success

Family businesses are the backbone of the American economy. In fact, 90 percent of the approximately 15 million businesses in the United States are considered to be family businesses, representing more than 60 percent of the gross domestic product. Some are mom and pop operations, of course. But some are the leading players in their respective industries. One-third of all the businesses in the S&P

Family businesses are the backbone of the American economy. In fact, 90 percent of the approximately 15 million businesses in the United States are considered to be family businesses, representing more than 60 percent of the gross domestic product. Some are mom and pop operations, of course. But some are the leading players in their respective industries. One-third of all the businesses in the S&P index are family businesses.

Eighty percent of family business owners want to

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