National Family Owned & Operated Businesses Day is celebrated on June 23 annually to salute the family-owned and operated businesses that have survived over time despite numerous challenges and setbacks in the market economy. Many people find family-owned businesses more customer-friendly, approachable, and trustworthy than large consortiums. Today is a time for family business owners to recognize the efforts of their forebears who started the enterprise on which they now rely. The day calls for family business members to gather and appreciate their legacy. It is interesting to know that family-owned businesses are some of the oldest forms of business organizations.
History of National Family Owned & Operated Businesses Day
National Family Owned & Operated Businesses Day was created in 2021 by the AG Center — a Californian agricultural corporation. The holiday applauds all American family-owned businesses that have survived the harsh and sometimes unpredictable economic environment in the U.S. It celebrates family members whose input has elevated rather than collapsed their family business. The day recognizes those who practice the ethics and traditions passed down by their ancestors despite economic challenges.
In a family-owned business, decision-making is usually controlled by two or more members related by blood, marriage, or adoption. Although the study of family businesses only began in the later parts of the 20th Century, they are considered the oldest form of business. Farming is the first type of family business and some date back over 300 years. Shirley Plantation in Virginia is an outstanding example of a family business that has lived on for generations. Established in 1613, it existed before America gained independence. The Shirley Plantation is now in its 12th generational shift. Another successful example is Caswell-Massey. Founded in 1772, it is the oldest cosmetics and fragrance firm in America and produced President George Washington’s favorite perfume.
Currently, family-owned businesses are considered the main contributors to the world economy. The American Bureau of Census revealed that about 90% of businesses in America are family-owned. Studies have shown that about 20% of new businesses fail within a year, 30% vanish in the second year, half of all businesses close down after five years, and only 30% keep breathing after 10 years — more reasons to celebrate the family businesses that have survived for decades.
National Family Owned & Operated Businesses Day timeline
Shirley Plantation is the oldest family-owned business in Virginia.
Caswell-Massey opens as Dr. Hunter's Apothecary in Newport, Rhode Island, and begins to produce President Washington's favorite cologne.
Economic researchers focus their attention on the development of family-owned businesses.
The AG Center in California creates the unofficial holiday to be celebrated every June 23.
National Family Owned & Operated Businesses Day FAQs
What is the oldest family-owned company?
Hoshi Ryokan, a Japanese hotel, managed and run by the same family since 718, is regarded as the oldest family business in the world and is 46 generations old.
What is the most successful family-owned business?
Walmart Inc., Volkswagen AG, Berkshire Hathaway Inc., Ford Motor Company, and lots more are considered some of the most successful family-owned businesses.
What are the basics of business?
These are the things to consider before setting up a business. They include what to produce, how to produce it, when to produce it, and whom to produce it for.
National Family Owned & Operated Businesses Day Activities
Support a family-owned business
Support the family-owned businesses in your area. Show that you appreciate their friendliness, service, and commitment to the local economy.
It promotes camaraderie
Business owners and those who work for them can spend the day together. As they celebrate their friendship and mutual trust, it will strengthen their partnerships.
Establish a family business
If you think your family has what it takes, celebrate today by establishing your family-owned and managed business. Who knows? It might be the business reference in centuries to come.
5 Interesting Facts About Family Owned Businesses
There’s flexibility in decision making
Decision-making becomes flexible and quick because family members are at the top of the management tier.
Reputation is a priority
Family-owned and operated businesses value non-financial goals more than the pursuit of financial success so far as it preserves their reputation.
They are employee-friendly
Studies have shown that family-owned businesses hardly ever fire employees regardless of their economic difficulties.
Women are not left behind
Women lead more than 23% of family-owned businesses in the U.S. as either a CEO or president.
They play key roles in the economy
Family-owned businesses employ more than 62% of the workforce in the U.S with a contribution of approximately 57% to the GDP.
Why We Love National Family Owned & Operated Businesses Day
It promotes sound business ethics
Celebrating this holiday serves as a reminder to family-owned and operated businesses. It reminds them to continue upholding the good values and ethics they have been historically known for.
There is trust
Family-owned businesses do not require keeping secrets from the management. Everything is based on trust since the success of the organization depends on the success of the family.
It motivates other business owners
Business is not for the faint-hearted. A successful family-owned and operated business can inspire other business owners as they see the business rise and survive despite all the challenges.
National Family Owned & Operated Businesses Day dates