Family Businesses: The Engine of American Capitalism
This Is Capitalism, presented by Stephens Inc., is proud to introduce its latest series of films about entrepreneurs, highlighting three family businesses.
On the surface these three businesses look very different. Martin Guitars is now in the hands of the sixth generation of continuous family leadership. Mattress maker Dreamline Manufacturing is being run by the third generation, and the founder of Doyne Construction Company, still in charge, anticipates turning the business over to his children.
Yet what they share are qualities likely to be found in any family business, large or small: the desire to create a multigenerational enterprise, a commitment to community, and a belief in the power of capitalism.
One might even think of capitalism a superpower. Capitalism uniquely enables entrepreneurship, inspiring the hopeful, encouraging strivers, and rewarding innovators. While entrepreneurship is at the root of any company’s origin, it has a magnified resonance in family businesses. It allows families to pursue their dreams, build generational wealth that is measured in more than dollars and cents, and create legacies of enduring values and deep impact.
The more than 24 million family businesses in the United States are testament to the virtuous circle of capitalism and entrepreneurship. They account for almost two-thirds of both national gross domestic product and employment. Family businesses offer above-average pay and benefits, are often better able to withstand economic turbulence, and are significant sources of philanthropy.
We would like to express our gratitude to Kevin Tipton, President of Dreamline Manufacturing, CF Martin IV of Martin Guitars, and Virgil Dexter Doyne of Doyne Construction Company for sharing the stories of their families and their businesses. And we would like to thank Lily Cochrane, formerly the head of the Wake Forest Center for Private Business, for contributing her insights.
We hope you enjoy this series of films and invite you to view our other films and engage with our rich archive of content.
