60% of the US workforce is employed by a family-owned business. Family-owned businesses are also responsible for creating 78% of all new jobs.
When you shop for home services, you have a choice in working with a family-owned company vs a corporate one. But many people are unaware of the benefits that come with working with a family-owned business.
We’re a local family-owned business that wants to help you understand what makes us unique. Keep reading to learn why family-owned corporations are a wise investment.
What Is a Family-Owned Company?
What is a family-owned business? It’s one that’s defined as any business where two or more family members are involved. The majority of ownership or control also lies within a family.
Farms are a good example of a family-owned business. Today around 90% of all American businesses are family-owned or controlled.
The power is less likely to be limited to a few individuals but rather shared by the collective whole.
Benefits of Family-Owned Corporations
While no business is perfect, there are many advantages to shopping with family-owned businesses.
Higher Level of Trust
Studies show that large family-owned companies are more successful than a regular corporation. One of the reasons contributing to their success is the higher level of public trust.
The same is true for local, smaller, family-owned businesses. They’re your neighbors, so you know you can trust them to do right by you.
More Stable and Approachable
To most customers, a family-owned business seems more customer-friendly, stable, approachable, and trustworthy than a large, faceless corporation ever can. Corporations are often in multiple places, making it harder for them to focus on one community.
Small, family-owned businesses focus on their community as it is their sole source of income.
Quality is a Higher Priority
Corporations usually have more buying power. As a result, they can offer discounts. The problem though is that the corporation still has to make a profit, so if they lower the price they have to lower costs elsewhere.
Quality is often the first thing that goes. With a family-owned business, they know their community. They do business with local suppliers who may even be their personal friends.
Their priority is on delivering value because if they do, their operations will run more efficiently.
Great Opportunities for Women
There is less of an issue with trying to break the proverbial glass ceiling when it comes to family-owned businesses.
This is due partly because of a more inclusive environment. Also, family-owned businesses tend to think long-term.
They’re concerned about ensuring the business lasts for generations to come. And half the time, that next generation is female.
Able to Withstand Tough Times
When times get tough, most people lean on their family for support. It’s no different with a family-owned business.
Family-owned companies tend to weather the tough times because they take responsibility for their business. They take it seriously when something goes wrong and are more likely to make amends should a problem arise.
They also learn from previous generations what to do and most importantly, what strategies to avoid. It’s an educational advantage few corporations can emulate.
They Stand Behind Their Name
Many family-owned businesses are named after an individual or the family members. There’s a story behind that name rather than anonymous shareholders.
And having that name on their company creates an even bigger incentive for family-owned businesses to work together in order to avoid any negative attention.
This also helps them increase their brand’s credibility. By naming their company after themselves, the business can enjoy a higher profile, increased consumer confidence, and usually higher profits.
Employees are Treated Like Family
Those who work for a family-owned business often feel as though they are part of a larger extended family. This enables the employees to take on more responsibility for the service and value they deliver to their customers.
Employees often care more about the company they work for, their community, and their customers.
Spend Money Locally
A local family-owned business spends most of its money locally. They tend to hire local suppliers and contractors.
Family-owned businesses are an intricate part of the community’s financial circulatory system. And it’s not just about spending the bulk or all of their revenue locally, they also pay local taxes and support local charities.
They’re Your Neighbors
When you own a local family-owned business, what the community around you thinks of your business matters a lot. Your reputation is always at stake.
That’s because everywhere you go, you running into members of your own community.
Expect and Receive Support from the Community
Everyone knows one another. And communities help one another grow and support their success.
Knowing this, family-owned businesses are more focused on delivering high-quality services and value because that’s how you treat your friends.
When someone chooses to shop at a family-owned business, they have a much more relatable experience. You can trust that the employees actually know everything about the goods and services they sell.
You as the customer know you can get honest feedback so you can make the right purchasing decisions.
They Take the Time to Get to Know You
They take time to get to know their customers. Their customers get to know them in return.
And they care because it’s their own community. Family-owned businesses know what you like, what you buy, and remember who you are each time you stop by.
Service is the First Priority
Since service is their first priority, they’re more able to provide their customers with free products and/or exemplary service. They’re also able to give you a little extra time if you need it.
It’s About the Experience, Not the Transaction
It’s a conversation, not a transaction. With a corporation, you rarely see the same person twice. It’s hard to form any type of relationship, especially after the transaction is completed.
With a family-owned business, they know where you went on vacation. They know how you spend your weekends because they have the time and ability to get to know you, often both in and outside of their shop.
Get to Know Us
We’re proud of our community. We’ve owned our local, veteran and family-owned company for over 20 years.
And we’d like to get to know you. Contact us to find out how we can serve you.Share