Approximately 85% of all businesses are family-owned – from neighborhood mom-and-pop stores, to the millions of small and midsize companies, as well as the household names such Wal-Mart and Ford Motor Company.

While not unlike most small businesses, less than 30% make it past the third generation. Family-owned companies, however, enjoy a comparative advantage over their management-based counterparts. A success stemming from shared values, industry knowledge, and skills learned over generations, as well as other traditional competitive advantages of small business.

Why family business? I grew up in a third-generation family construction business, listening to my father talk about business around the dinner table.

I started and sold an environmental management business, and completed training as a business coach. Since 1996 I’ve worked with closely-held and family business owners on leadership development and business growth; and now focus exclusively on working with 2nd-4th generation family-led businesses, out of a sense of a family business’s overall value to society. I also lecture on family business management in the Zicklin School of Business, Baruch College, City University of New York.

Why family business? Intriguing and extremely valuable, beyond their competitive advantage, family businesses contribute to the social and economic fabric of the community in which exist, upholding a sense of trust and unfailing values.

Entrepreneurs and owners of family-led firms rightfully focus on revenue and growth of their business. Unfortunately many never learned the unique needs and strategies for multi-generational success in a family business – strategies such as a requirement that family members wanting to join the family business work, get a raise and promotion somewhere else, thereby averting concerns of nepotism, or clear roles for family members that support the growth needs of the business. This is important, for if the business does not prosper than the family will not be prosperous.