To think of family-owned businesses strictly within the context of locally owned mom-and-pop enterprises doesn’t do them justice. More than one-third of the Fortune 500 companies are family-controlled, and family businesses account for nearly two-thirds of the gross national product.
Large or small, family businesses confront a common set of challenges. Chief among them are issues related to succession: preparing the next generation to take the reins, and as the generation in charge, knowing when to step aside, and being able to actually do it.
This month, we look at family-owned companies that continue to enjoy success in the Santa Clarita Valley. Leaders of three of them (Donald Like and Mitzi Like of LBW Insurance & Financial Services, Jeff Green of Douglas Furniture, and Ben Griffiths of Brent’s Carpet One) took part in a roundtable discussion that we think you’ll find informative. Let us know what you think.