Family businesses are unique and important
The greatest part of America's wealth lies with family-owned businesses. They comprise 80% to 90% of all business enterprises in North America and create nearly 85% of all new jobs in the US.
Family businesses are thriving. More than 96 percent of respondents anticipate that their business will expand or at least remain the same size over the next year. Recent economic slowdowns, particularly in sub-prime lending, have not seemed to influence this key segment of the economy. The profound optimism of family business owners has them charging forward. (Family-to-Family: the Laird Norton Tyee Family Business Survey 2007)
Yet perception is not necessarily reality. Among family business owners who expect to retire in five years, fewer than half have selected a successor; of those expecting to retire in six to 11 years, less than a third have done so. Nearly a third has no estate plan beyond a will. (2007 American Family Business Survey)
Family businesses are challenged. Only 30% of all family-owned businesses survive into the second generation, twelve percent will still be viable into the third generation, and only 3% of all family businesses operating at the fourth-generation level and beyond. Learn More
About the Vermont Family Business Initiative
The Vermont Family Business Initiative is dedicated to supporting and strengthening the network of businesses that are family and privately owned. The VFBI serves family business owners, next generation leaders and key employees through a series of family business forums, management development seminars and affinity groups with peers in other successful family firms. Learn more.
What do these leaders and businesses have in common?
Why consider involvement in the Vermont Family Business Initiative?
Non-credit workshops and courses only
Employees working in the industries of: manufacturing, healthcare, informational technology, telecommunications, and environmental engineering may be eligible for up to a 50% discount on courses. This grant is offered through a partnership with the Vermont Training Program and the Department of Economic Development. For more details call 888-222-3413 or 802-656-4033.
Notice to Trainees
WHY WE NEED YOUR SOCIAL SECURITY NUMBER
Act 192 of the 2008 Vermont Legislature requires employers and other training providers receiving support from the state to provide the social security number of each individual participating in the training to the department of state government supporting the training. The social security number will be used to gather wage information from the Department of Labor's files after you complete training, in order to evaluate the training program.
The Departments of Labor and Economic Development must provide information on the employment outcomes of training programs to the Legislature. Your information will be combined with information of other trainees to ensure your privacy and the privacy of your employer. The law requires the departments to keep your information confidential.
