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WSJ: Recession Spells End for Many Family Businesses

NEW YORK, NY (Oct. 7)—It may not be news to those in the restaurant and foodservice distribution industries, where family-owned companies form the majority, but the Wall Street Journal today brings to light the harsh toll the recession is taking on family firms and key reasons many can’t hang on any longer.

Author Dana Mattioli profiles multi-generation companies like Roussos Restaurant in Daphne, Alabama, which recently was forced to close. She reports that many of the millions of small, family-owned businesses that have closed over the past two years were steeped in tradition, not flexible to change, lacked formal plans to respond to financial crises and had little access to credit. Click here to read the full article.

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