Family Business Survey

Insights on the future of family businesses
  • Explore key findings and data related to family businesses.
  • Support the growth and sustainability of family businesses.
  • Take advantage of our repository of family business resources.

Explore Key Themes and Questions Featured in the Family Business Survey

First Bank is striving to be a thought leader by educating and inspiring current and future family business members. Our main objective is to gain a better understanding of the current state of U.S. family businesses to inform, educate, and strengthen our diverse community.
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1 Family Business Branding

What are some of the ways a brand strategy can highlight being a family business?

The results of our 2024 Family Business Survey identified many generational differences on whether businesses include being family-owned in their branding strategy. For those that include it, telling the backstory/history ranked highest. The second-highest ranked strategy is highlighting the business is family-owned in the company's mission/vision statement.

Download the full survey results to learn more about how family businesses are utilizing brand strategy to position themselves in the market.

1 Philanthropic Support Initiatives

Which generation is most active in philanthropic support initiatives?

Our 2024 Family Business Survey revealed philanthropic differences between the first, second, and third generation with results showing, overall, G3+ respondents have more philanthropic and/or community support initiatives than any other generation. Making charitable donations is the overall top approach.

Download the full survey results to learn more about philanthropic support initiatives of family businesses.

1 Non-Family Member Success Metrics

How do non-family member employees of family businesses define "success"?

During our 2024 Family Business Survey, we asked non-family member employees how the family business they work for defines success. Profitability was the top answer for this segment; however, the second answer may shock you. It’s not continued succession, wealth generation, or family legacy building. Instead, non-family respondents place higher importance on business-oriented factors, such as employment opportunities and scalability.

2024 Family Business Survey Key Finding: Business priorities for 2024 include employee satisfaction and engagement - this rose 12 points from 2023 to 2024.

Download the full survey results to learn more about how family businesses are defining "success."

Explore Our Family Business Resources and Live Events

Like-minded in our collaborative efforts to help family businesses thrive, the First Bank Center for Family-Owned Businesses looks forward to continuing to provide relevant webinars, articles, in-person events, and roundtable discussions based on the results of the Family Business Survey.
Commitment to Family-Owned Businesses Mike Dierberg
Our multi-generational family history uniquely positions us to understand the needs and challenges.