Abstract
Family businesses represent a substantial portion of the U.S. economy and have a massive impact on the economy as a whole. Although exact numbers are hard to ascertain, researchers estimate that at least 80% of the businesses in the United States are family owned (Family Business Review, Summer 1996); and, 60% of total U.S. employment, 78% of new jobs, and 65% of all wages paid come from family businesses (Financial Planning, Nov 1999). Among the companies listed on the Standard and Poor’s 500 Index, 34% are family businesses. It was projected that, in the five years between 2003 and 2008, 40% of family businesses in the United States. will pass to the next generation (Business Week, August 11, 2003). Unlike nonfamily business, the shift in power often has ramifications beyond the annual shareholders report.
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