It would be an understatement to say that family businesses are the backbone of the American economy. Some 90 percent of all businesses in this country are either family-owned or family-controlled. They come in all shapes, sizes and colors, representing all sectors of our economy. From agriculture to services, technology and manufacturing, family businesses generate an estimated one-half of the U.S. Gross National Product and pay half of all wages earned in this country.
Not all family businesses are traditional small businesses either. In fact, roughly one-third of all businesses included in the Fortune 500 are family businesses. But not all of the family business statistics are rosy.
Family businesses tend not to outlive their founders. At any given moment, 40 percent of family businesses are in the process of transferring their ownership. Unfortunately, two-thirds of all initial transfers fail. Of the one-third that survives an initial transfer, only one-half will survive a second transfer. It is estimated that by 2040 about $10.4 trillion in family business owner net worth will be transferred.
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Knowledge and Efficient Approach
Eddie represented me a few years back in a divorce case. The experience was painless and efficiently managed. This is an incredible accomplishment when you think of the emotion involved. His level-headed approach is as remarkable as his knowledge of the law.
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Mr. Welch helped me tremendously when I was starting my business. His expertise and knowledge was really impressive and he always followed through with executing his work. He genuinely cares about his clients and will go above and beyond to help. Highly recommend Mr. Welch!