Click here to close now.

SYS-CON MEDIA Authors: Liz McMillan, AppDynamics Blog, David Sprott, tru welu, Blue Box Blog

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
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that O'Reilly Media has been named “Media Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York City, NY. O'Reilly Media spreads the knowledge of innovators through its books, online services, magazines, and conferences. Since 1978, O'Reilly Media has been a chronicler and catalyst of cutting-edge development, homing in on the technology trends that really matter and spurring their adoption...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not ...
2015 predictions circa 1970: houses anticipate our needs and adapt, city infrastructure is citizen and situation aware, office buildings identify and preprocess you. Today smart buildings have no such collective conscience, no shared set of fundamental services to identify, predict and synchronize around us. LiveSpace and M2Mi are changing that. LiveSpace Smart Environment devices deliver over the M2Mi IoT Platform real time presence, awareness and intent analytics as a service to local connecte...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the...
Thanks to widespread Internet adoption and more than 10 billion connected devices around the world, companies became more excited than ever about the Internet of Things in 2014. Add in the hype around Google Glass and the Nest Thermostat, and nearly every business, including those from traditionally low-tech industries, wanted in. But despite the buzz, some very real business questions emerged – mainly, not if a device can be connected, or even when, but why? Why does connecting to the cloud cre...
The web app is Agile. The REST API is Agile. The testing and planning are Agile. But alas, Data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes which force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software orga...
An effective way of thinking in Big Data is composed of a methodical framework for dealing with the predicted shortage of 50-60% of the qualified Big Data resources in the U.S. This holistic model comprises the scientific and engineering steps that are involved in accelerating Big Data solutions: problem, diagnosis, facts, analysis, hypothesis, solution, prototype and implementation. In his session at Big Data Expo®, Tony Shan focused on the concept, importance, and considerations for each of t...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
Imagine a world where targeting, attribution, and analytics are just as intrinsic to the physical world as they currently are to display advertising. Advances in technologies and changes in consumer behavior have opened the door to a whole new category of personalized marketing experience based on direct interactions with products. The products themselves now have a voice. What will they say? Who will control it? And what does it take for brands to win in this new world? In his session at @Thi...
SYS-CON Media named Andi Mann editor of DevOps Journal. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Andi Mann, Vice President, Strategic Solutions, at CA Technologies, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, communicator, and thought lea...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading in...
Docker is becoming very popular--we are seeing every major private and public cloud vendor racing to adopt it. It promises portability and interoperability, and is quickly becoming the currency of the Cloud. In his session at DevOps Summit, Bart Copeland, CEO of ActiveState, discussed why Docker is so important to the future of the cloud, but will also take a step back and show that Docker is actually only one piece of the puzzle. Copeland will outline the bigger picture of where Docker fits a...
If cloud computing benefits are so clear, why have so few enterprises migrated their mission-critical apps? The answer is often inertia and FUD. No one ever got fired for not moving to the cloud - not yet. In his session at 15th Cloud Expo, Michael Hoch, SVP, Cloud Advisory Service at Virtustream, discussed the six key steps to justify and execute your MCA cloud migration.