Today family-held businesses comprise 80% or 90% of all enterprises in the United States and account for more than 60% of the country’s GDP. Yet less than one-third of families control their businesses into the second generation, and only about 12% make it into the third generation.“No matter the size or scope of a family enterprise, the ‘secret sauce’ is the soul the families put into their endeavor,” “Their values, love, and heritage, has everything to do with what’s happened in the family, both the good and bad things alike, that creates the essence of who they are.”
Joining us for our discussion on Family businesses is Tom Hubler who is calling in from his Austin Texas office. Tom Hubler is President of Hubler for Business Families. When Hubler began working with family-owned business in 1980, there were very few in the field and he has therefore played a major role in this area, from helping colleges and universities establish family business institutes to his work with countless families and their business enterprises. He is a founding member of the Family Firm Institute (FFI) in Boston, a professional organization serving the needs of family-owned businesses. In addition, he served as a professional in residence at the University of St. Thomas in Minnesota and served on the advisory board for the Center for Family Enterprise for 10 years. Hubler is a former adjunct instructor at the University of St. Thomas, where he co-taught a class on Family Business Management for over 10 years. His latest book is “The Soul of The Family Business: A Practical Guide To Family Business Success and a Loving Family ”.
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