Celebrating All of Our Family-Owned Businesses!

Breweries, boutiques, restaurants, retail shops… we love how our locally owned businesses keep life in Forward Devils Lake feeling fresh, fun, and engaging!

And there’s no better time to tip our hats to their community contributions than with a huge shout-out on National Family Owned & Operated Business Day, which takes place on June 23.

Forward Devils Lake Economic Development (FDLED) is proud to support our amazing network of entrepreneurs, whose hard work makes life a little sweeter for all of us. Whether it’s connecting them to an in-depth network of business resources or introducing them to incentive programs such as revolving loan funds, interest buy down programs or even facade improvements, we’re here to help in any way we can!

A Rich History

Did you know that family-owned businesses are some of the oldest forms of business organizations?

“Although the study of family businesses only began in the later parts of the 20th Century, they are considered the oldest form of business,” according to National Today (NT). “Farming is the first type of family business, and some date back over 300 years. Shirley Plantation in Virginia is an outstanding example of a family business that has lived on for generations. Established in 1613, it existed before America gained independence. The Shirley Plantation is now in its 12th generational shift. Another successful example is Caswell-Massey. Founded in 1772, it is the oldest cosmetics and fragrance firm in America and produced President George Washington’s favorite perfume.”

Small business owners are known for creating a legacy that’s often built on a more customer-friendly approach, one that earns far more loyalty and trust than larger, more autonomous businesses.

Small Business, Big Impact

Family-owned businesses make a huge impact! They employ more than 62% of the workforce in the U.S, representing a contribution of around 57% to America’s GDP.

Currently, family-owned businesses are considered the main contributors to the world economy. The American Bureau of Census revealed that about 90% of businesses in America are family-owned. Studies have shown that about 20% of new businesses fail within a year, 30% vanish in the second year, half of all businesses close down after five years, and only 30% keep breathing after 10 years, more reasons to celebrate the family businesses that have survived for decades,” said the NT.

Support Small!

Operating a small business is tough these days! Whether it’s riding the waves of a turbulent economy or staying true to their ethos instead of sacrificing quality for quantity, entrepreneurship is not for the faint of heart.

That’s why community support is more important than ever. Show your appreciation by shopping local first, even if it’s as simple as making one purchase from our small business owners instead of on Amazon.

And you can support small businesses in ways that go beyond your wallet; leave them a positive review on Yelp, Google, or Facebook, subscribe to their newsletters, share, subscribe, and engage with their social media channels, spreading the word to family and friends!

We love our family-owned businesses and want to thank each and every one of you for the commUNITY spirit you bring to Forward Devils Lake!