economy
These families have been in business for 100 years—they say the American Dream isn't what it used to be
For the first time in generations, a wide array of U.S. entrepreneurs are struggling to do better than their parents, small-business owners and experts say.
TL;DR
- Many multi-generational family businesses, some over 100 years old, are finding it harder to provide upward socioeconomic mobility for current owners compared to past generations.
- Rising costs, economic uncertainty, and oversaturated industries are significant barriers for small business owners.
- While some businesses with generational wealth or investment thrive, others struggle, contributing to a fragmentation of the American Dream.
- Despite challenges, some owners find value in the flexibility and agency that come with running their own businesses, even if financial ascent is slower.
- Research indicates a decline in intergenerational wealth transfer, with fewer children earning more than their parents compared to previous generations.