Specialty Fabrics Review April 2024 - 46

[ MARKETS ] BUSINESS
everything handed to them on a silver
platter. I do not want to imply that their
fellow coworkers believe this, but I do
think the general public holds this view.
[Succession planning]
can be a lengthy
process. And it's also
why engaging an outside
consultant with no
emotional ties to the
family or business
is so important.
Value of succession planning
Do you think that family-owned and
managed businesses are important
to the U.S. economy? Are you sitting
down? (I'm smiling now as I type
this.) Did you know that 54% of the
U.S. gross domestic product (GDP)
is attributed to family-owned and
managed businesses? Additionally,
78% of new jobs created in the
U.S. come from family-owned and
managed businesses, and 35% of
Fortune 500 companies are family
owned or controlled. These statistics
come from Family Enterprise USA
(FamilyEnterpriseUSA.com), and they
are significant. While publicly traded
companies are obviously important
to the economy, family-owned and
managed businesses are just as
important, and it is something that
many people do not recognize.
The succession side of the
business is also worth contemplating.
Approximately 30% of family-owned
and managed businesses survive to
the second generation. Of those, about
12% make it to the third generation.
Engaging in a succession plan is
not necessarily an easy task for all
stakeholders. There is a lot of heavy
lifting involved, but naturally it is
doable and very rewarding when a
successful vision and plan are created.
In numerous conversations over
the years, nearly everyone I've spoken
with who aspires to have their own
business has the dream of retiring
in their 40s or 50s and then riding
out the rest of their days steeped
in luxury and adventure. However,
in my experience working with
entrepreneurs, it's actually not until
marketplace
For more information on classified
advertising in ATA's Specialty Fabrics Review
contact Michelle Cook: 651 225 6957,
michelle.cook@textiles.org
HELP WANTED
COMMISSION SALES REPS WANTED
Neoprene Sheets, Hook & Loop,
Webbing, Elastic, Zippers, Buckles,
TPU Medical Fabrics & Hot Melt Adhesive
Many territories available. Established
in 1985, large inventory for fast delivery.
Please visit www.perfectex.com.
Please send resume to:
E-Mail: info@perfectex.com
Fax: 714-893-9339
Or call 1-800-326-1288 ext. 116 Konrad
FIND A JOB? POST A JOB?
Visit textiles.org/jobs to find employees and
job postings for the textile industry!
Advanced Textiles Association Career Center
46 SPECIALTY FABRICS REVIEW / April 2024
http://www.FamilyEnterpriseUSA.com http://www.textiles.org/jobs http://www.perfectex.com

Specialty Fabrics Review April 2024

Table of Contents for the Digital Edition of Specialty Fabrics Review April 2024

Specialty Fabrics Review April 2024 - Cover1
Specialty Fabrics Review April 2024 - Cover2
Specialty Fabrics Review April 2024 - 1
Specialty Fabrics Review April 2024 - 2
Specialty Fabrics Review April 2024 - 3
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Specialty Fabrics Review April 2024 - Cover3
Specialty Fabrics Review April 2024 - Cover4
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