Family-Owned Businesses Rock!

23 Nov Family-Owned Businesses Rock!

Here at Dynamic Precision Products, a manufacturer of precision machined parts in Illinois, we are proud to be a family-owned business. Since 1978, Rick Rasmussen and his brother, Mark, have been working together to build a successful company with a reputation for quality parts machining and exceptional customer service. 

Did you know that family businesses like ours are a huge economic driver in this country? You hear about the big companies and major corporations all the time, but it is family-owned enterprises that contribute the most to our nation’s economy.

The Strength of Family-Owned Businesses

As the Conway Center for Family Business reports, “Family businesses account for 64 percent of U.S. gross domestic product, generate 62 percent of the country’s employment, and account for 78 percent of all new job creation.”

Here are some other stats regarding family businesses that you might find surprising, courtesy of the Conway Center:

• More than half of all U.S. workers are employed by a small business – many of which are family-owned companies. “Of 113.4 million non-farm private sector workers in 2011, small firms with fewer than 500 workers employed 55 million and large firms employed 58.4 million. Firms with fewer than 20 employees employed 20.2 million,” the Conway Center says.
• Here’s something that is particularly relevant this year – “Research shows that family businesses are less likely to lay off employees regardless of financial performance.”
• Family businesses are better at retaining top producing employees. 
• “Family businesses know how to do business right,” the Conway Center concluded. “Family-owned businesses practice good governance,” they say. “Family businesses leaders focus on the next generation, not the next quarter. They tend to embrace strategies that put customers and employees first and emphasize social responsibility.”

If ever there was a year to remind us of the strength and resiliency of families, this year has certainly been it! We are grateful for our families and for the family we have created here at Dynamic Precision Products. We have an incredible team turning out precision machined parts for aerospace, medical, IT, fiber optics and more.