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Family businesses aid US recovery

By Rashmi Kumar

Family businesses in the US will make a significant contribution to the country’s economic recovery, according to the latest survey by Family Enterprise USA.

The survey, which questioned around 190 family businesses in the US, revealed that companies plan to add employees or retain their current staff numbers despite an overall sluggish recovery.

According to the survey, 52% of respondents will add more staff while 42% of businesses intend to maintain their workforce over the next 12 months.

Ann Kinkade, president of Family Enterprise USA, said in a statement: “Overall, business-owning families are more concerned about long-term sustainability than short-term gains.”

With family-owned businesses in the US generating 57% of the economy’s GDP and employing 63% of the workforce, this is positive news for the country that is still fighting rising levels of unemployment.

The number of job openings in the US has consistently remained low since 2008, but in February and March this year the number of vacancies touched three million – the first time since the onset of recession that job openings have touched the three million mark.

Minneapolis-based Family Enterprise USA is a non-profit organisation that lobbies on behalf of family businesses and deals with creating awareness about US family companies.

Its survey is further supported by Campden FB’s latest findings on the top-100 family businesses in North America.

The research found that the world’s biggest supermarket chain is family-controlled Walmart with revenues of almost $420 billion in 2010. The company, 40% controlled by the Walton family, is also the third largest employer in the world with close to two million employees.

You can see CampdenFB’s research on the top-100 family businesses in North America in the upcoming issue of CampdenFB. To subscribe to the magazine, click here.

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