A look at Leadership in a Local Family Business

Family-owned or -controlled businesses account for an estimated 80% of companies worldwide and are the largest source of long-term employment in most countries. In the United States, they employ 60% of workers and create 78% of new jobs. Studies are showing that less and less members of the second generation are taking over their family businesses and when they do they face challenges. The leaders of family businesses acknowledge this and agree that succession can sometimes be difficult, but it can also yield great opportunity. Today the new generation of local business owners have more exposure to good management techniques than their predecessors. They are very often better educated and have wider social and cultural exposure. These things can contribute to a more successful local business, which in turn contributes to the local economy. This episode takes a “down home” look at local leadership and asks a local business leader what they think is important.