There seems to be no shortage of myths about family business, but they all seem to start with one. This myth has been written and repeated so many times for so many years – by leading experts in the field, no less – that an alarming number of people accept it as fact. That myth is: Family businesses comprise 80% to 90% of all business enterprises in North America.
This is a widely pervasive myth about family business and every time I read this “statistic,” I roll my eyes. It’s just silly. Eighty to 90% of all businesses in the United States are family businesses? Eighty to 90%? It can’t be taken seriously. And yet it is.