Family businesses are the backbone of the NH economy. (Only 15% of our businesses are not family owned.) To highlight this critical sector of the economy, Business NH Magazine amasses an annual list of the Top Family-Owned Businesses in NH. Family businesses from across the state with annual revenue of $1 million or more are invited to complete the survey.
Most of the businesses on the list grew between 2021 and 2023—74%—with 41% experiencing average annual growth of 10% or more. Of the 20 fastest growing companies on the list, more than half are in two sectors—Business services (35%) and construction (30%). The other sectors represented among the 20 fastest growing companies are retail/wholesale (15%), manufacturing (10%), and education and hospitality (5% each).
Collectively, these companies generated nearly $40.4 billion and employ 24,036 full-time workers (more than 6,300 in NH) and 2,578 part-timers or seasonal workers. The companies are less bullish about the coming year, with 56% expecting to grow their workforce, projecting to add 360 jobs in total.
These are companies with longevity. The average number of years these companies have been family-owned is 45 and 12% stood the test of time for 100 years or more. Most of the companies are owned by the first or second generation (75%) and only one has made it to a sixth generation (Law Family Companies in Merrimack, which launched in 1882.)
If your business belongs on this list, contact Executive Editor Matt Mowry at mmowry@granitemediagroup.com or call 603-557-9561.
Current Issue - September 2024