National Family Owned & Operated Businesses Day 2023: Date, History, Facts, Activities

National Family Owned & Operated Businesses Day is observed annually on June 23 to honour family-owned and -operated businesses that have endured despite numerous obstacles and setbacks in the market economy. Many individuals find family-owned businesses to be more customer-focused, approachable, and dependable than large conglomerates. Today is a time for family business proprietors to acknowledge the efforts of their ancestors, who founded the business on which they now rely. The occasion calls for members of the family business to celebrate their legacy. Family-owned businesses are among the oldest forms of business organisations, which is a fascinating fact.

The background of National Family Owned & Operated Businesses Day

The AG Centre, a Californian agricultural corporation, established National Family Owned & Operated Businesses Day in 2021. The holiday honours all family-owned enterprises in the United States that have endured the harsh and often unpredictable economic climate. It honours family members whose contributions have bolstered rather than undermined the family business. Despite economic hardships, this day honours those who uphold the inherited values and customs of their progenitors.

In a family-owned business, typically two or more members related by blood, marriage, or adoption make decisions. Despite the fact that the study of family enterprises did not begin until the late 20th century, they are considered the oldest type of business. Farming is the oldest form of family business, with some dating back more than three centuries. Shirley Plantation in Virginia is an exceptional example of a family-owned enterprise that has endured for generations. Founded in 1613, it existed prior to American independence. The Shirley Plantation is experiencing its twelfth generational transition. Caswell-Massey is another prosperous example. The earliest cosmetics and fragrance company in the United States, it was founded in 1772 and produced George Washington’s favourite perfume.

Currently, family-owned enterprises are considered to be the most important economic contributors on a global scale. The American Bureau of Census revealed that approximately 90 percent of American enterprises are family-owned. Studies indicate that 20% of new businesses fail in the first year, 30% in the second, 50% after five years, and only 30% after ten years — all the more reason to celebrate the longevity of family businesses that have endured for decades.

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NATIONAL FAMILY OWNED & OPERATED BUSINESSES DAY ACTIVITIES

Help a family-owned enterprise

Support the local family-owned enterprises. Demonstrate your gratitude for their hospitality, service, and dedication to the local economy.

It promotes fellowship.

Owners of businesses and their employees can spend the day together. As they celebrate their camaraderie and mutual trust, their partnerships will be strengthened.

Establish a family enterprise

If you believe your family has what it takes, start your family-owned and -operated enterprise today. Who can say? It could be the commercial standard for centuries to come.

5 INTERESTING FACTS ABOUT FAMILY OWNED BUSINESSES

Because family members are at the summit of the management hierarchy, decision-making becomes flexible and rapid.

Family-owned and -operated businesses place a greater emphasis on non-financial objectives than the pursuit of financial success, so long as their reputation is preserved.

Despite economic difficulties, family-owned businesses rarely terminate employees, according to studies.

More than 23% of family-owned enterprises in the United States are led by a female CEO or president.

Family-owned enterprises in the United States employ over 62% of the labour force and contribute approximately 57% to the nation’s gross domestic product.

NATIONAL FAMILY OWNED & OPERATED BUSINESSES DAY DATES