September 7, 2021
Hot Topic Tuesday – 90% of Equally Male/Female-Owned Businesses are Family-Owned
The SBA Office of Advocacy released a report this morning with data about equally male/female-owned employer small businesses.
Here are the facts:
- There were almost 861,000 equally male/female-owned businesses (EOB) in 2018. These businesses generated $1.3 trillion in annual sales receipts.
- 92% of receipts by EOBs have less than 500 employees.
- EOBs employed nearly 8 million workers and paid $280 billion in annual payroll.
- 99.9% of EOBs have fewer than 500 employees. 99.2% have fewer than 100 employees.
- Equally male/female-owned businesses make up 15.7% of all employer businesses. They employ 12.6% of all small business employees.
- These EOBs are primarily family-owned (89.6%).
- Most EOBs are in the retail trade, accommodation and food services, and construction industries.
- The construction industry has the least number of employees out of the total EOB employees but has the highest payroll of all the industries.
- The top employment industries are accommodation and food services, health care, and retail trade. These industries account for 46% of all EOB employees.
- 47% of EOBs have been operating for 11 years or more. They also employ more than 60% of EOB workers, almost 70% of receipts, and two-thirds of payroll.
- Around a third of EOBs have been open for five years or less. They make up roughly 20% of employees, payroll, and receipts for all EOBs.