Mission
The Family Business Alliance believes that a healthy business also makes for a healthy family. For 20 years, our mission is to be the trusted resource providing world-class services to empower regional family-owned businesses. We accomplish this through educational programs, networking, counsel and guidance so that success is achieved for the community. It is important work: family-owned businesses account for two thirds of all businesses around the world according to John Davis of Harvard Business School. Family Businesses are a crucial piece in our regional economy and in the lives of their families and employees.
Supporting Partners & Community Partners
- M&T Bank
- Rosen Jenkins & Greenwald LLP
- Penn State Scranton
- Wilkes University
- Small Business Development Center
Why Are Family Owned Businesses so Important?
Nearly 5.5 million businesses in the United States are family-owned. Family businesses account for 50 percent of the U.S. workforce and nearly 50 percent of the gross national product. They generate 60 percent of our country’s employment. Additionally, more than 35 percent of Fortune 500 companies are family-owned or controlled. Family businesses create a large work force that has a lower turnover rate than in a non-family business.
What are the challenges of family business?
Nearly 88 percent of family businesses say they wish to transfer the company to a family member. However, only 30 percent of all family-owned businesses survive into the second generation. Only 12 percent are still viable into the third generation, and just three percent operate in the fourth generation and beyond.
Family Business Alliance Education Partnership
Wilkes University is proud to serve Family Business Alliance members and sponsors with exclusive benefits to further their education and pursue academic enrichment.