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Family Business Facts, Figures and Fun

Although you may not know it, family businesses are economic powerhouses, creating jobs, paying taxes and helping build vibrant communities in Central Ohio and across the country.

America's Economic Engine

• The greatest amount of America's wealth lies in family-owned and family-controlled businesses.
• Family firms comprise of 80 to 90 percent of all businesses in America. Conservative estimates suggest there are more than 5,500 independent family businesses in the nine-county Central Ohio area alone!
• Thirty-seven percent of Fortune 500 companies are family owned or controlled.
• Sixty percent of all public companies in the U.S. are family controlled.
• Family-owned businesses account for approximately 35 percent of total United States employment.
• More than 50 percent of the gross domestic product (GDP) in the United States comes from family-owned businesses.
• Sixty-five percent of all wages paid are due to family-owned and controlled businesses.

Family Businesses have Longevity

• The average life span of a family-owned business is 24 years.
• More than 30 percent of family-owned businesses survive into the second generation.
• Twelve percent will still be viable by the third generation.
• Three percent of all family-owned business will operate into the fourth generation and beyond.

Family Businesses Create Wealth

• Approximately $.4 trillion of net worth will be transferred through succession by 2040, with $800 billion being transferred in the next 20 years.

Central Ohio has family business longevity. Meet Conway Center members David, Mike, Randy and Jay Schoedinger of Schoedinger Funeral and Cremation Service. 155 years in business and still going strong.