29 Oct Freedom, Family, and the Foundations of Lasting Enterprise
By Mike Schmitt, Rubra Group
June 30th, 2025
This week, as we celebrate the 249th anniversary of the founding of the United States, we reflect not just on the birth of a nation but on the birth of a set of ideals that continue to shape our society. At the heart of the American experiment is the belief in freedom – freedom to think, to speak, to create, and importantly, to build. For countless families across generations, these freedoms have been the fertile soil in which enduring family businesses have taken root and grown.
Family enterprises are woven deeply into the American story. They reflect the entrepreneurial spirit that was present from the earliest days of the Republic. Immigrants and pioneers, farmers and tradespeople, artisans and visionaries, each brought with them the desire not just to make a living, but to build something enduring. And they did so with the conviction that their efforts would provide opportunities not only for themselves but for generations yet to come.
Unlike many short-term business models driven by quarterly results, family enterprises often take a longer view. The principles of stewardship, legacy, and intergenerational thinking are central to how these businesses operate. That’s why we find it fitting to honor them as we mark America’s 249th birthday. Because in many ways, the values that sustain our nation are the same values that sustain family enterprises: freedom, responsibility, community, and resilience.
Today, there are over five million family-owned businesses in the United States. They range from small main street shops to multi-billion-dollar enterprises that span industries and geography. And while the scope and scale may differ, what unites these businesses is a shared sense of purpose that goes beyond profit. These enterprises are often rooted in identity, culture, and a deep desire to make a meaningful impact.
At the Rubra Group, we have spent years helping families navigate the complexities of business and legacy. Our work has shown time and again that freedom in business is not simply the ability to act without restraint. It is the power to choose wisely. It is the freedom to align financial decisions with family values, to build governance structures that reflect the character of the enterprise, and to prepare future generations to lead with both competence and conscience.
But the American family enterprise is not without its challenges. Studies show that 90 percent of family wealth is gone by the third generation. The reasons vary, poor communication, lack of shared vision, conflicts over control or direction, but the core issue often comes down to a failure to fully engage with the opportunities and responsibilities that freedom affords.
This is why strategic alignment, succession planning, and financial education are so essential. These practices turn the ideals of freedom into practical tools for continuity. They ensure that the next generation is not just inheriting assets but is prepared to steward a legacy. And they reinforce the idea that a family business is not just an economic unit – it is a living system, one that evolves and adapts while staying true to its roots.
As we approach America’s 250th anniversary next year, we believe there is a special role for family businesses to play. In a time of rapid change, short-term thinking, and often impersonal institutions, family enterprises offer something vital: continuity, character, and commitment. They are trusted not just because they have stood the test of time, but because they are personal. They are local. They are human.
This July, as families gather to celebrate our nation’s independence, we invite them to also reflect on their own legacy. What stories will be told around your family’s table 25 years from now? What values are being transmitted, not just in speeches, but in day-to-day decisions? What freedoms are you exercising today to ensure that your enterprise will still be thriving in the generations to come?
Family businesses are more than economic engines. They are guardians of tradition and engines of innovation. This is the true “Legacy”, that will be around even if the dollars and assets might become less over time. They represent what is best in both the American spirit and the human spirit. And just like our country, their strength lies in their ability to adapt, renew, and remain true to their founding principles.
As we mark 249 years of American independence, let us also celebrate the families who have dared to dream in enterprise, who have labored not only for profit but for purpose, and who continue to build the kind of businesses that will carry us boldly into the future.
Here’s to the next chapter in your family’s legacy, and to the enduring promise of freedom that makes it all possible. Happy fourth of July and have fun and be safe!!
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