The ultimate goal of all businesses is success— for the rare business owner or family, leaving a lasting legacy becomes a motivating force. The Family Business Initiative at the University of Vermont is dedicated to supporting and strengthening the network of family and privately owned businesses. For business owners in Vermont, the Family Business Initiative is the best navigational tool to guide them through the issues of governance, strategy and succession by providing confidential access to other owners, resources and peer groups. At the heart of The Family Business Initiative at UVM are the resources, information, collaborative relationships designed to help all privately owned businesses succeed and thrive into the next generation and beyond.
Family Business Facts:
Almost a third (30.5%) of family business owners have no plans to retire, ever (American Family Business Survey, 2007).
ROA is greater in family businesses, averaging a 6.65% greater return than non-family firms (ffi.org, 2010).
The average life span of a family-owned business is 24 years (familybusinesscenter.com, 2010). About 40% of U.S. family-owned businesses turn into second-generation businesses, approximately 13% are passed down successfully to a third generation, and 3% to a fourth or beyond (Businessweek.com, 2010).
