Family-owned businesses make up more than 85 percent of all businesses in New Hampshire and account for 66 percent of the workforce, often creating the most new jobs. Family-owned businesses often provide a higher standard of living for the families that own them, and they are great for the economy.
Many of those New Hampshire family businesses are owned or operated by UNH alumni, and keeping them afloat for generations isn’t easy. From incorporating family dynamics into the business — including internal conflict, communication, sibling rivalry and sharing power and control — to planning for the next generation, running a family business can be as tough as it is rewarding.
Luckily for UNH alumni and others who own and operate family businesses in New Hampshire, there’s a resource on campus that understands their unique challenges: Paul College’s Center for Family Business.
“Nationally, two-thirds of successful first-generation businesses don’t survive to the second generation, and fewer than 15 percent survive to the third generation,” says Barbara Draper, recently retired director of the center.