According to the 2007 American Family Business Survey, sponsored by the Kennesaw State University Coles College of Business, MassMutual and the Family Firm Institute, family-business owners are reporting a positive outlook for their economic future. About three out of four firms surveyed said they've increased revenues over the past three years, while 22 percent expect double-digit growth.

But the research study also found some things family businesses need to improve upon. "To ensure continuity and future growth and security, family-business owners need to focus attention on succession, estate planning and other family business and financial issues," said Beth Wood, marketing director for U.S. Insurance Group, MassMutual. In fact, among family-business owners expecting to retire in five years, less than half have selected a successor.