Family businesses can survive bad times

We are only a couple of weeks into 2022 and it is already shaping up to be another challenging year for America’s 5.5 million family businesses dealing with the coronavirus pandemic. Rampant inflation, supply chain bottlenecks, and acute worker shortages continue.

Family businesses are vital to America. According to the Conway Center for Family Business, they account for two-thirds of our nation’s GDP, just over 60% of U.S. jobs, and 78% of all new jobs created.

They’re really resilient and nimble. Family businesses, particularly those which are third or fourth generational, have learned from...