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The Importance of Family Businesses’ Contribution to the U.S. EconomyThe Importance of Family Businesses’ Contribution to the U.S. Economy

A survey provides some updated figures

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Torsten M. Pieper, Franz W. Kellermannsand 2 more

February 25, 2021

10 Min Read
Pieper -GettyImages-87840424.jpg

Everyone involved with family businesses knows that those businesses are important contributors to the U.S. economy. They provide jobs, pay taxes, take care of their communities and are drivers of innovation not only in the United States but also worldwide. Neither the federal nor state governments track family business status in their economic data. The fact that the government doesn’t collect any data on family businesses in a separate category is troubling for many reasons, not the least of which are the estate tax and pass-through income tax implications of current tax policy for business-owning families.

Joseph H. Astrachan and Melissa Carey Shanker laid the framework for establishing the ability to assess the impact of family busine...

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About the Authors

Torsten M. Pieper

Associate professor of Management, Belk College of Business at the University of North Carolina-Charlotte

Torsten M. Pieper is associate professor of Management in the Belk College of Business at the University of North Carolina-Charlotte in Charlotte, N.C.

Franz W. Kellermanns

Franz W. Kellermanns is the Addison H. & Gertrude C. Reese endowed chair in International Business and professor of Management in the Belk College of Business at the University of North Carolina-Charlotte in Charlotte, N.C. and affiliated faculty member at WHU in Germany.

Joseph H. Astrachan

Joseph H. Astrachan is emeritus professor and the former executive director of the Cox Family Enterprise Center at Kennesaw State University in Kennesaw, Ga.

Nina Anique Hadeler

Nina Anique Hadeler is a research fellow at the University of Leipzig in Leipzig, Germany.

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