When you think of a family-owned business, you may imagine the occasional small mom-and-pop store. But the truth is, there are 5.5 million family businesses in the United States, which account for 57% of America’s gross domestic product (GDP) and 63% of our workforce. Here are eight family-owned businesses that have made it big.
Walmart
In 1962, Sam Walton opened the very first Walmart store in Bentonville, Arkansas, and the company grew to become a retail giant. Sam Walton died in 1992, and he left 50% of the company’s equity to his wife and children. His family manages these shares through the Walton Enterprise, a company set up to manage the family’s fortune.
Many members of the Walton family have worked at the company or served on the board of directors over the years. Jim and Steuart Walton currently serve on the board of directors.
Chick-fil-A
S. Truett Cathy started Chick-fil-A in 1946, and the company is currently the third-largest fast food chain in the United States. Chick-fil-A currently has 3,000 locations across the United States, and its sales are competitive with chains that have three times as many restaurants.
Throughout the years, the company has remained within the family’s control. S. Truett’s sons, Dan and Donald Cathy, previously served as the CEO and Executive Vice President of Chick-fil-A. Today, the company is led by CEO Andrew Cathy, S. Truett Cathy’s grandson.
Carnival Corporation
In 1972, Carnival was founded by Ted Arison with a single ship called the "Mardi Gras," and today, it’s one of the most popular cruise lines in the industry. Arison passed away in 1999, but his family continues to have an active role in the business. His children, Micky and Sharon, still own a large stake in the company, and Micky serves as Chair of the Board of Directors.
Comcast
Comcast was founded in 1963 by Ralph J. Roberts, and the family still owns over 33% of the company to this day. The company is one of the largest internet service providers in the United States. Comcast also operates several TV stations, as well as Universal Pictures movie studios. Roberts’ son Brian serves as Chairman and CEO, and several members of the Roberts family currently work at Comcast.
Ford Motor Company
In 1903, Henry Ford started Ford Motor Company in Detroit, Michigan. The company is currently the second-largest automaker in the United States and the fifth-largest in the world. Ford’s family still controls 40% voting power in the company and is still actively involved in the business. William Clay Ford Jr. serves as Executive Chairman, Elena Ford is the Chief Customer Experience Officer, and Edsel B. Ford II served on the board of directors.
Whether it’s Aldi keeping full family ownership decades later or Chick-fil-A choosing not to franchise as aggressively as it could, these companies show that patience can actually be a competitive advantage.
Estée Lauder
Estée and Joseph Lauder founded Estée Lauder in 1946, and by 1960, the company had become one of the biggest names in the beauty industry. They had two sons who are actively involved in the business as well, and have been since the beginning.
Today, the second and third generations of the Lauder family serve within the company. Estée and Joseph’s son Leonard served as CEO and later Chairman Emeritus, and both Leonard and Joseph’s children serve in executive roles within the company.
Dell
Michael Dell started Dell from his college dorm room in 1984. Once the company proved to be a profitable venture, Michael dropped out of school to focus on the business full-time. The company’s success came from improving delivery times, cutting costs, and providing exceptional customer service. In 2016, Dell merged with the computer storage company EMC in a $60 billion deal, but Michael remains the largest shareholder and maintains control of the company.
Aldi
In 1946, brothers Theo and Karl Albrecht turned a corner thrift store into a low-cost supermarket called Aldi. Aldi is now a global supermarket chain with over 12,000 locations worldwide. When Theo died in 2010, his sons Theo Jr. and Berthold inherited the family fortune. To this day, the family still owns 100% of the business.
Lessons small businesses can learn from these family giants
One of the biggest takeaways from these examples is how much long-term thinking matters. Family-owned businesses tend to make decisions with the next generation in mind, not just the next quarter. Whether it’s Aldi keeping full family ownership decades later or Chick-fil-A choosing not to franchise as aggressively as it could, these companies show that patience can actually be a competitive advantage.
And the businesses that last tend to know exactly what they stand for. Sam Walton built Walmart around low prices and customer value, while Estée Lauder focused on quality right from the start. For small business owners, that’s a good reminder to define your core principles early and use them to guide your decisions as the business grows.
Companies like Ford, Comcast, and Estée Lauder also invested in leadership training and prepared the next generation to take over. This idea can apply even if you’re not building a family business since mentoring and developing future leaders can create a stronger company.
And finally, growth doesn’t have to mean losing what made the business work in the first place. Dell scaled into a massive company through major changes like its EMC merger, but it didn’t abandon its core identity. Each of these businesses was willing to evolve, but they stayed rooted in the vision that got them started.
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