Meet the Next Generation

Meet the Next Generation

Family businesses make up to from 80% to 90% of all incorporated businesses in the United States, according to the Family Business Center, Madden School of Business, Le Moyne College, Syracuse. They make up 37% of Fortune 500 companies, and 60% of publicly traded firms in the nation. Family businesses also generate between 50% to 70% of the U.S. gross domestic product and provide approximately 80% of U.S. private sector jobs. The average life span of a family-owned business is 24 years. About 40% of U.S. family owned businesses transition into second-generation businesses, approximately 13% are passed down successfully to a third generation, while 3% survive to a fourth or beyond. In our “New Generation of Family Business Owners” feature package, we profile six young people who are part of their family business’s succession plans, and are carrying the torch of tradition for future generations as well. Luke Boshart Emil Christmann Eric M. Cullinan Carl Byrne Joe Bright Whitney Mirabito Luke Boshart Luke Boshart Oswego County Monuments in Port City, Barnes Memorials in Baldwinsville on sturdy ground as son Luke succeeds father Shawn Boshart By Lou Sorendo In an uncertain world, it seems like very little is etched in granite.

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