Family-controlled firms will be represented for the first time at the California State Capitol, in a bid to stop “new laws and regulations that hinder a family business's ability to compete and grow”.
That’s according to Family Business Association, a new group founded this year by 22 “prominent” family businesses, including Boyett Petroleum, Owen-Dunn Insurance Services and Ramos Oil Company.
“A family business is more than just an enterprise; it is a legacy that leaders build and pass on to future generations. The FBA was created to help protect and perpetuate that legacy thus strengthening our state by strengthening one of its greatest assets,” said FBA chairman David Lucchetti, who is also president and chief executive of family firm Pacific Coast Building Products.
New laws are hindering growth in the family business sector, he added. “Without representation these restrictions will only worsen; FBA will be a powerful and persuasive voice for all of us in helping protect one of California’s economic engines.”
Traditionally, representation at state level in California has focused on industry – and not the issues faced specifically by family businesses.
There are an estimated 1.4 million family businesses in California, employing seven million people.