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Massachusetts has the second smallest percentage of family-owned businesses in the country, according to an OnDeck analysis of the U.S. Census Bureau’s 2023 Annual Business Survey. The analysis showed 21.87% of Massachusetts businesses are family-owned.
The power of family-owned operations is found in the numbers. Research performed by Family Enterprise USA reports 74% of family-owned businesses have been operating for more than 30 years.
Even when families don’t work together running a business, many professionals hope to see their children following in their career footsteps, creating a lineage of those in the same profession and fostering the camaraderie that comes with.
Massachusetts has the second smallest percentage of family-owned businesses in the country, according to an OnDeck analysis of the U.S. Census Bureau’s 2023 Annual Business Survey. The analysis showed 21.87% of Massachusetts businesses are family-owned.
The power of family-owned operations is found in the numbers. Research performed by Family Enterprise USA reports 74% of family-owned businesses have been operating for more than 30 years.
Even when families don’t work together running a business, many professionals hope to see their children following in their career footsteps, creating a lineage of those in the same profession and fostering the camaraderie that comes with.
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SubscribeWorcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
See Digital EditionStay connected! Every business day, WBJ Daily Report will be delivered to your inbox by noon. It provides a daily update of the area’s most important business news.
Worcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community. Get the news and information you need from the award-winning writers at WBJ. Don’t miss out - subscribe today.
Worcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
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My son has his own career path and I never expected him to do what I do (nor what my husband does for a living). He found his passion. That is a good thing. No pressure, no influence from us.