Few things embody the American dream quite like mom-and-pop businesses. The hard-working parents and grandparents who build these businesses take risks, make sacrifices and persevere in a way that brings success and financial independence to their families. As it turns out, the impact they have goes far beyond their own families. On National Mom & Pop Business Owners Day, these small businesses and the families who build them take center stage.
Every year, March 29 marks National Mom & Pop Business Owners Day. It’s an opportunity to celebrate the family-owned businesses that make American communities diverse and vibrant. As small and independently owned businesses, mom-and-pop shops, restaurants, hotels, and other businesses represent the building blocks of their local economies. They create jobs, reinvest in their communities and support local initiatives.
Family-owned businesses also tend to outperform non-family-owned businesses. According to the Family-Owned Business Institute at Grand Valley State University, family-owned businesses report a greater return on assets than their non-family-owned counterparts. Credit Suisse has made a similar finding.
In many ways, the impact of mom-and-pop businesses can’t be measured. Mom-and-pop business owners build relationships with their customers and their communities. Those relationships give the community confidence in its businesses and its economy. Not to mention, many mom-and-pop business owners pass their businesses down from generation to generation, inspiring the next generation of American entrepreneurs and innovators.
When hard work leads to such an important impact, the American dream comes into view. National Mom & Pop Business Owners Day honors the people behind many of the country’s small businesses. To celebrate their hard work, visit a family-owned business in your community and consider what value it adds to the place you live.