Most businesses in the United States are family-owned, from small partnerships to large corporations. The average lifespan of a family-owned business is about 24 years. Roughly 40% of family-owned businesses bring in a second-generation, about 13% are passed down to a third generation, and about 3% survive to a fourth generation or beyond.
We get a peek into a local family-owned business that’s now in its third generation. Sunshine Ace Hardware was founded in Naples by Don Wynn in the late 1950s. His grandson, Michael Wynn has been the company's President since 2005. He's also co-founder of the Resnick-Wynn Family Business Conference, which takes place on Thursday, Feb. 29 at Florida Gulf Coast University from 9am to 2pm. It will focus on how family businesses can successfully navigate the challenges they face in our modern economy, and transition from generation to generation if that’s their goal. Mr. Wynn is also the new chair of Florida Gulf Coast University’s Board of Trustees.
Click here for details about the Resnick-Wynn Family Business Conference.
WGCU is your trusted source for news and information in Southwest Florida. We are a nonprofit public service, and your support is more critical than ever. Keep public media strong and donate now. Thank you.