OMS Blog: Go Beyond

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family business

What You Need To Know If You Own a Family Business

Family-owned businesses are a core pillar of OMS and our local community. They are also the backbone of the U.S. economy. Today, there are over 32 million family-owned businesses, making up 60% of the U.S. workforce. These businesses play a significant role, contributing substantially to job creation, economic growth, and community stability. Although they generate $5.9 trillion in revenue annually, when it comes to succession planning, a family business falls under different rules as compared to a non-family-owned business.

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