• Two-thirds of all family-owned businesses will not survive into the second generation.
• Only 12% percent will still be viable into the third generation.
• Only 3% of all family businesses will be operating at the fourth-generation level and beyond.
Staggering statistics! Family firms comprise 80% to 90% of all business enterprises in North America and yet the challenges they face are mind-blowing. Fortunately, the Family Business Alliance is working to assure that every family-owned business has the tools it needs to manage succession successfully right here in West Michigan.
“No one should underestimate the challenges of keeping a family business a family business,” explains Board Member Earle S. “Win” Irwin . Also the Chairman and CEO of Irwin Seating Company, Irwin has personally experienced those challenges.
“The Family Business Alliance has provided education, networking and a forum for both the ‘now’ and the ‘next’ generation,” Irwin continues. “We are extremely thankful that area family business leaders had the foresight to create this critical West Michigan resource.”
A collaboration spearheaded by the Grand Rapids Area Chamber of Commerce and the Family Owned Business Institute of Seidman College of Business, Grand Valley State University, and supported primarily by member family-owned businesses, the Family Business Alliance has programming that includes the Annual Family Business Forum, quarterly workshops, executive-to-executive advisors, small-group intensives and networking opportunities free to its members.
“It’s a unique partnership,” says Executive Director Ellie Frey. “In fact, it’s a model that doesn’t exist anywhere else.”
It’s a model that has shown success with over 100 members from organizations of all sizes. Congratulations to the Family Business Alliance for helping our entrepreneurs and building a stronger West Michigan economy.
Source: Ellie Frey, Family Business Alliance; Win Irwin, Family Business Alliance
Writer: Jennifer Wilson, Do Good Editor
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