Organizations & People
Running a successful family business is already hard work, but keeping that business in the family is even more of a challenge. According to a report from the Harvard Business Review, only 30% of family-owned businesses last into the second generation, and only 12% remain viable into the third. There are plenty of reasons for this, including evolving family dynamics, shifts in the economy, and faltering enthusiasm about the brand as times change.
The businesses that do survive into multigenerational growth have a lot to be proud of — not only for beating the odds, but also for servicing their communities every step of the way. That’s certainly true of these family businesses, which are some of the many that have been a part of the greater Chattanooga area for at least three generations and continue to provide for the customers who have become like family themselves.
By Lindsey June