FAMILY BUSINESS
Discussing
FAMILY BUSINESS
with
Photo Credit: Family Enterprise Xchange Foundation
James Burton
In your expert opinion, why do you believe that family-owned businesses have such a strong positive impact on Canada’s economy? For many years we have relied on anecdotal evidence that tells us family enterprises have a deep and broad impact on Canadian economic performance. The recent research findings, based on the report from the Conference Board of Canada, confirms clearly that family enterprise has a large footprint in the Canadian economy. Family enterprises generated almost half (48.9%) of Canada’s private sector GDP and produce nearly 7 million jobs in Canada. They account for 63% of all private sector firms and approximately 65% of the output and 90% of the jobs generated by small and mediumsized businesses. Family enterprises are an integral part of the Canadian private sector. Their footprint can be seen in all industries and 12
provinces, and they generate a large share of employment in multiple economic sectors. The strong positive impact on Canada’s economy extends beyond the facts and data, family businesses sustain a multi-generational commitment to job creation and provide significant investments and leadership in their communities. Family-owned enterprises come in all sizes and types of business and are rooted in practically every community across the country. They impact everyone! What would you say is the biggest challenge that family-owned businesses face when it comes to reaching new heights and growing their business? Of course, family-owned enterprises face all the same disruptive forces, competitive pressures
I CANADIANSME MAGAZINE I OCTOBER 2019
Chair, Family Enterprise Xchange & Family Enterprise Xchange Foundation Mr. Burton is the President of the James A. Burton and Family Foundation, and is the Founder, Executive Chair and CEO of PPI Management Limited. He is the Chair of FEX and FEX-F and a driving force behind the creation of FEX. Mr. Burton lives in Niagara on the Lake, ON and is actively working with his children to create his family legacy.
and business-related issues as every other business today and then in addition to that they also deal with the unique challenges and opportunities of being a family in business together. I believe the biggest challenge today is the current lack of awareness and understanding of family firm dynamics and family-owned business in general, and of the important role they play in our economy and the well-being of our communities. It is a blind spot in Canada, particularly in the area of public policy support. A better understanding of the dynamics in family-owned businesses and the related challenges they face will build a strong foundation for improved public policy, advanced education for business families and informed professional family-centric advice.