Family-owned businesses have grown increasingly optimistic regarding their strength and are focused on recruiting and retaining employees, according to a new survey by St. Louis-based First Bank. The survey by the bank’s Center for Family-Owned Businesses found that 61% of respondents said they strongly agreed with the statement, “I feel confident in the direction of the economy over the next year,” a 12% increase over last year. In addition, 75% of respondents strongly agreed with, “I see our business and revenue growing over the next five years,” an 11% increase.
Family-owned businesses make up 87% of U.S. businesses, accounting for more than 82 million jobs, according to First Bank. Hiring more staff was cited as a top business priority by 38% of respondents, an 18-point increase from 2023, and employee engagement and satisfaction rose 12 points to 35%, from 23% in 2023. Respondents were also asked what skills next-generation leaders will need for continued success, with “people management” and “passion for the business” the top responses.
