Most family businesses don’t look for “succession”. Here’s what America’s enterprising families are bringing in

Rather than focus on the family drama of a fictional business, consider the businesses that are part of your everyday life, from your local restaurant run by three generations of a family to the global brands you know and are owned by several generations are controlled families, such as Fidelity InvestmentsMars, right Chick-fil-A. All of these family businesses are the heartbeat of our economy and make a meaningful contribution to our lives.

87 percent of American businesses are owned or controlled by families. They represent 54% of US GDP and 59% of employment, meaning family businesses directly affect more than half of the US workforce. They are also expanding; PWC found that 86% of these companies expect to grow over the next year as they acquire new customers and launch new products.

These statistics underscore the central but often overlooked role that families play in the capital, business, and social infrastructure of our country and the global economy. Their role and reach go far beyond economic performance and employment. In rural areas, family businesses provide local income, create local prosperity and connect communities to the larger economy. Additionally, family businesses know the importance of giving back. In addition to their philanthropic activities, they often play key leadership roles in community projects and civic groups.

Entrepreneurship is run by families. The vast majority of businesses are started from home, by people pursuing their dream of becoming self-employed and seeking control of their own destiny. Family businesses are often drivers of the American Dream: an MIT study found that immigrant families are more likely Start businesses than Native Americans and employ more workers than businesses founded by Native Americans. By starting a private business, those who come to the country become jobs, enabling a sustainable future for their families and communities.

While that caricatures successor While claims about family businesses are not entirely accurate, maintaining and growing multi-generational businesses can actually be difficult.

Succession presents challenges unique to each family. The most important of these is the formation of family relationships. If families dream that their business and wealth creation will continue for generations, the first generation needs to start laying that foundation early in a business’s existence, and if not, the current generation needs to start doing so as soon as possible Start working. Succession planning is not an end-of-life endeavor, but rather a business-building endeavor. Generational success requires investments in both companies And family relationships to ensure a new group of family members are prepared for further growth – and are united on strategy.

I like to call these growth-oriented families who want to create something generational wealth “enterprising families.” An enterprising family doesn’t just focus on the continuity of a particular business to sustain their lifestyle (although that’s a great result). They are looking for strategies and partnerships to accelerate their business growth and wealth creation, which in turn will hopefully strengthen bonds within the family unit.

When thinking of a family business, don’t stop at Waystar RoyCo. Imagine the impact all family businesses, big and small, have on the economy and our communities. Imagine the success each of these companies brings to those around them.

By making sure family businesses can thrive today, we make sure more businesses can see the light of day tomorrow.

Andy Unanue is the founder and managing partner of AUA Private Equity Partners.

The opinions expressed in Fortune.com comments are solely the views of their authors and do not necessarily reflect the opinions and beliefs of wealth.

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