One of the great things that powers the robust US economy is family businesses which account for 64% of our GDP, 62% of our total employment, ,and are the first to hire and last to fire - leading to 78% of all new job creation.
The greatest part of America's wealth lies with family-owned businesses and they comprise 90% of all business enterprises in the US - and 98.9% of Palm Beach County businesses! The reason the small business model works so well in the US, contrary to the stereotype, is that small business owners focus on the next generation - not the quarterly earnings report. In fact, many small business owners don't look at the earnings report at all - if there is money in the bank, that is good enough for them.
One of the most difficult challenges for a family business leader is if - or when - it let non-family employees climb the executive ladder. Keeping all management in the family blood line can be demoralizing to other employees. The same is true of a founder who refuses to let go and wants his family members around but won't cede any control over the business. Building a successful multi-generational family business is very stressful for both the founder and the family members!
Valencia Welding is a local Palm Beach county family business enterprise and daughter Katherine joined the firm two years ago after swearing she would never work in the family business. But when a father calls his daughter asking for help - the bloodline ties respond, and she gave up a career she loved to join the family business.
FEATURED IN THIS EPISODE
Katherine Valencia received her Business Degree from University of Central Florida and was immediately hired into her dream job at Walt Disney World where she was the Community Relations Coordinator. Her future in Orlando was secure and she was planning her career path with WDW when her father called. The family welding business was in trouble, it was operationally disorganized and dangerously close to shutting down. Would she come home, bringing her business knowledge with her to bring order to the chaos? It was a very difficult life-changing decision, but she made the leap and now, under her leadership, Valencia Welding is booming.
Palm Beach SCORE
Palm Beach SCORE is a non-profit who's mission is helping local small businesses, startups and entrepreneurs grow and thrive by offering mentoring, workshops, business consulting and counseling services, networking opportunities, events and partnerships within the Palm Beach / South Florida business corridor.
SCORE-ing Your Business' host Penny Pompei serves as Chapter Chair for our local Palm Beach SCORE Chapter #224, located in beautiful downtown West Palm Beach.