Family Business has come of age. Over the last half-century, the popular concept of business has focused on huge and powerful corporations, while family businesses were equated with mom-and-pop operations. In reality, approximately 90% of U.S. businesses and more than a third of Fortune 500 firms are family controlled. These family controlled enterprises produce half of the Gross National Product and employ half of the work force-they are the heart of America's economic power.
Family businesses face issues and challenges unique to their composition. This is evidenced by the startling facts that only 30% of family businesses today succeed to the second generation and only 10% succeed into the third generation.
To improve these odds, the A. B. Freeman School of Business at Tulane formed the Tulane University Family Business Center in 1992. The Family Business Center (FBC) focuses on the issues and challenges that family businesses must overcome to grow and prosper from one generation to the next.