The Greater Marysville Tulalip Chamber of Commerces next Business Before Hours meeting is set for May 18 and will focus on family-owned businesses.
Family-owned businesses form the backbone of the American economy. Some 35 percent of Fortune 500 companies are family-controlled and family businesses account for 50 percent of the U.S. gross domestic product. Family businesses generate 60 percent of the countrys employment and 78 percent of all new job creation.
However, due to a lack of planning, family conflicts or other issues, only one-third of family businesses survive into the second generation, and only 10 percent into the third.
How do American businesses survive and pass from generation to generation? Statistics show that 90 percent of all American businesses have some sort of family involvement. Of those, very few survive to the third or even fourth generation. Bruce Williams, president and CEO of HomeStreet Bank, represents the third generation of family leadership, and will speak to the importance of guiding a family business with a long-term perspective. With each passing generation it becomes increasingly difficult to sustain family involvement and active ownership of a business. HomeStreet has kept not just the immediate family, but also extended family involved and interested in the company.
Founded in 1921, family-and employee-owned HomeStreet is the third largest bank headquartered in King County, with 30 branches in Washington, Oregon and Hawaii. HomeStreet has $2.4 billion in assets and financed more than $3 billion in loans during 2006. Williams grandfather, W. Walter Williams, was HomeStreets first employee.
On May 18 at Business Before Hours, Bruce Williams will offer practical, proven advice to keep family engaged in your family business and successful for generations to come.
This event is sponsored by American Family Insurance.
This event will introduce you to over 100 potential new clients and business partners, treat you to a delicious breakfast, and offers the chance to win valuable prizes. Call or email your reservations today to save your seat!
Business Before Hours is held from 7-9 a.m. at the Tulalip Casino, Canoes Cabaret Room, 10200 Quil Ceda Blvd., Tulalip. To register, email Edith@marysvilletulalipchamber.com, or call 360-659-7700. Cost is $20 per person if you pre-register, or $25 at the door. Reservations made and not honored will be billed.