Welcome!

News Feed Item

City and State Policies Cause Family Businesses to Consider Other Locations, New Survey Shows

Changes in Healthcare, Employee Retention, and Economy Also Top of Mind

SEATTLE, March 11, 2014 /PRNewswire/ -- The Pacific Family Business Institute (PFBI) announced today the results of a survey of nearly 200 of the Pacific Northwest's leading family businesses across diverse market sectors including professional services, manufacturing, and retail. The survey report sheds light on the current issues and challenges facing these businesses, and the strategies and initiatives they are implementing to drive growth.

"Family enterprise plays an integral role in the Pacific Northwest economy. As these businesses continue to grow and thrive, it is critical that our city and state policies create a friendly environment to keep these businesses local," said Rich Simmonds, co-director of PFBI. "However, our 2014 survey results reflect just the opposite – an increasing number of family businesses are dissatisfied with current tax policies and minimum wage regulation. As many as 72 percent would consider out-of-state locations, if they were opening a new facility."

In the 2014 Northwest Family Business Survey, most family businesses (55 percent) indicated that their city and state have business and tax policies that are not business-friendly. When asked what could be done to become more business-friendly, many participants recommended lowering taxes, providing tax credits or incentives, addressing issues with zoning and permits and maintaining the minimum wage. Also ranking high among challenges, are retaining qualified employees, changes in healthcare and insurance policies, and the economy.

Critical insights from the 2014 Northwest Family Business Survey include:

  • Increased interest in succession planning. The survey revealed tremendous progress as family businesses are expanding their planning around retirement and business succession through written plans. More than half of participants, 59 percent, have a written plan to address succession and ownership, which represents an increase of 26 percent since the 2012 survey.
  • Businesses lack incentive plans for senior management. Seventy-three percent of the family businesses have no incentive plans for non-family senior management. Of the 27 percent that have incentive plans in place, only 31 percent of those plans include equity-like compensation.
  • Businesses continue to be run by a family member with a controlling interest, with additional support from a board of directors.  Among the family businesses, 45 percent have a first-generation CEO and 38 percent have a second-generation CEO.  Sixty-one percent have either a board of directors or an advisory board in place.
  • Family businesses are more optimistic about their growth now than in 2012. Despite concerns about the economy, leaders are optimistic about the future, with most anticipating an increase in the number of FTEs and revenue. For most (61 percent), revenue increased over the past three years. Looking ahead three years, the majority of family businesses (71 percent) anticipate greater revenue.

"Business continuity planning is one of the great signals of business growth, viability and owner success. The process of choosing a successor, developing leadership and managing a transition is critical for future success," said Dr. Ron Dohr, co-director of PFBI. "However, it is important for family businesses to also remember that non-family senior executives play a critical role in the company's success. Planning should include not only a succession plan, but also an incentive plan for senior management to help the business achieve strategic goals and guide the organization's culture."

"The survey tells us that family businesses are resilient and continuing to thrive in the Pacific Northwest. Their challenges and successes are an inspiration for continued research in this area," said Dr. Mark T. Green, co-director of PFBI. "We hope these insights from family business leaders will spark conversations and bring greater understanding of the unique demands and opportunities that family business leaders face every day."  

The full report on the survey findings can be downloaded from the PFBI website at pacificfamilybusiness.com. The 2014 Northwest Family Business Survey is a comprehensive survey of family businesses in the Pacific Northwest, capturing the views of 195 family business leaders. Interviews were conducted with businesses located in Washington and Oregon in more than 10 different industry sectors, including professional services, manufacturing, construction, retail, hospitality and agriculture. Questions covered the businesses' history and future, management and governance structures, and the influence of multiple generations on family-owned businesses. More than 69 percent of the businesses reported more than $5 million in annual revenue. The research was coordinated by Riley Research Associates, a full-service market research firm, which designed the questionnaire in conjunction with PFBI's family business experts. Financial support was provided by Cascadia Capital, Perkins Coie Law Firm and the Threshold Group.

About the Pacific Family Business Institute
The Pacific Family Business Institute (PFBI) provides high-quality programs, resources and research designed to address the unique opportunities and challenges facing Pacific Northwest family businesses. PFBI works directly with family members, family business executives and professionals who advise family-owned companies. In addition, PFBI partners with universities, corporate sponsors and other Pacific Northwest organizations dedicated to the success of family business. For more information, visit www.pacificfamilybusiness.com.

MEDIA CONTACT     
Allison Rapaport         
206.466.6174
Email

Read more news from Pacific Family Business Institute.

SOURCE Pacific Family Business Institute

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Outlyer, a monitoring service for DevOps and operations teams, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outlyer is a monitoring service for DevOps and Operations teams running Cloud, SaaS, Microservices and IoT deployments. Designed for today's dynamic environments that need beyond cloud-scale monitoring, we make monitoring effortless so you...
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
DevOps and microservices are permeating software engineering teams broadly, whether these teams are in pure software shops but happen to run a business, such Uber and Airbnb, or in companies that rely heavily on software to run more traditional business, such as financial firms or high-end manufacturers. Microservices and DevOps have created software development and therefore business speed and agility benefits, but they have also created problems; specifically, they have created software securi...
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buyers...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, Cloud Expo and @ThingsExpo are two of the most important technology events of the year. Since its launch over eight years ago, Cloud Expo and @ThingsExpo have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, I provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading the...
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
While not quite mainstream yet, WebRTC is starting to gain ground with Carriers, Enterprises and Independent Software Vendors (ISV’s) alike. WebRTC makes it easy for developers to add audio and video communications into their applications by using Web browsers as their platform. But like any market, every customer engagement has unique requirements, as well as constraints. And of course, one size does not fit all. In her session at WebRTC Summit, Dr. Natasha Tamaskar, Vice President, Head of C...
In their general session at 16th Cloud Expo, Michael Piccininni, Global Account Manager - Cloud SP at EMC Corporation, and Mike Dietze, Regional Director at Windstream Hosted Solutions, reviewed next generation cloud services, including the Windstream-EMC Tier Storage solutions, and discussed how to increase efficiencies, improve service delivery and enhance corporate cloud solution development. Michael Piccininni is Global Account Manager – Cloud SP at EMC Corporation. He has been engaged in t...
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
TechTarget storage websites are the best online information resource for news, tips and expert advice for the storage, backup and disaster recovery markets. By creating abundant, high-quality editorial content across more than 140 highly targeted technology-specific websites, TechTarget attracts and nurtures communities of technology buyers researching their companies' information technology needs. By understanding these buyers' content consumption behaviors, TechTarget creates the purchase inte...
In the enterprise today, connected IoT devices are everywhere – both inside and outside corporate environments. The need to identify, manage, control and secure a quickly growing web of connections and outside devices is making the already challenging task of security even more important, and onerous. In his session at @ThingsExpo, Rich Boyer, CISO and Chief Architect for Security at NTT i3, will discuss new ways of thinking and the approaches needed to address the emerging challenges of securit...
As cloud adoption continues to transform business, today's global enterprises are challenged with managing a growing amount of information living outside of the data center. The rapid adoption of IoT and increasingly mobile workforce are exacerbating the problem. Ensuring secure data sharing and efficient backup poses capacity and bandwidth considerations as well as policy and regulatory compliance issues.