Death of a family farm
Fast Company - 11/24/2014
Almost all American farms are still owned by families and slightly fewer, 87%, rely primarily on family labor. But family firms dominate other sectors too, like construction,manufacturing, and automobiles.
“Run well, family businesses can be some of the best,” says Ted Clark of the Northeastern University Center for Family Businesses. “They invest for the long haul, offer long-term employment, and contribute to their communities.” Clark points out that families often succeed in industries with high capital costs and low-profit margins (e.g., grocery stores and hotels). They can be more patient with profits and pay off expenses, like land, in the first generation.