Family Business Counsel is a company that helps people find new ways to make money through family business services
Posted On July 3, 2021
It’s no secret that family businesses are important for people to build and manage their businesses.
But now family business counselors are also finding new ways for families to get in on the fun of running their own business, a new report from Axios finds.
Family business counselors say their service is growing rapidly and is becoming more accessible.
According to the report, the number of family business programs offered by the nonprofit sector jumped from 18.4 million in 2017 to 20.2 million in 2020.
The number of counselors working for family businesses has grown from 3.2 percent of all businesses in 2019 to 5.3 percent in 2020, with the average size of an family business increasing from $5 million in 2018 to $7 million in 2021.
Family businesses have long been the backbone of a family’s business.
But now, the family business market has also become increasingly fragmented and fragmented.
Axios found that the median family business in 2020 had about 1,800 employees, while the median for families that operate more than 50 businesses was about 1.5 million.
And the report also found that a large number of businesses were being closed because of budget cuts.
For example, family business owners reported that between 20 and 24 percent of family businesses were closed due to budget cuts and a lack of funds to operate, according to the study.
A majority of business owners, 55 percent, said that family business closures affected their ability to expand their business.
In a statement, Family Business Council, a nonprofit organization that represents family business professionals, called the report “another indication of the need for the government to step up and support family business growth.”
“The report shows that many families are struggling to keep their businesses open while their budgets are cut, while other families are relying on the help of family members to grow their businesses,” the statement reads.
“The lack of help is putting a lot of pressure on families and businesses, which makes it even more critical for the Trump Administration to step in.”
Family Business Council has been working with federal officials and the private sector to encourage more family businesses.
The group recently released a report that outlined what it calls the need to create more job opportunities for families.
The report highlights the importance of workforce training for businesses and job placement programs to help businesses grow.
The organization also said that families should get involved in the economic planning process to create opportunities for them to thrive.