Family-owned business are small businesses owned by the family. That is, they tend to be run by various family members, and are usually continued by children or other family members when parents or grandparents become too old to continue.
In the US, almost 20% of all small businesses are family-run. That amounts to close to 6 million companies. They employ a significant proportion of people in the country.
Family-owned businesses have a number of unique challenges. They often struggle with the transition to new generations, and can struggle to find people to continue the business when the owners retire.
This infographic by Score shows a number of the unique challenges and insights that family-owned businesses face.