The US economy relies heavily on family businesses. Nearly one in three North American companies is family owned. Together they produce more than $7trillion each year.
It's a great way to ensure the future of your family by starting a business. They have also been a vital way for the marginalized to overcome financial hardships and social exclusion.

Will Turner, restaurateur says it's a great privilege to own something. He was born to slavery and became a freeman only later."

Ondeck used data gathered by the US Census Bureau from to identify the states that have the greatest number of family-owned businesses.

Below, you'll see a closer glimpse at their study.

Let's start by weighing the pros and disadvantages of starting a company with your family.

The Pros and Cons of Owning a Family Company

Families with strong bonds stay together. The members of a family often share the same values and outlook. They're willing to go the extra mile to support one another. Professor Nigel Nicholson at London Business School states that "Family business success is world-beating". "In contrast, there can be serious problems with non-family business competition and distrust.

One of the benefits to running a family-owned business is its lower operating costs. Family members will work together more for the common good than for profits. Cash flow problems may make it easier for them to defer a paycheck for a month.

Family businesses are intergenerational. This encourages long-term thinking, which is what drives real growth.

Mixing Business and Family can Have Serious Consequences

However, family and business can sometimes be at odds. Family tensions and conflicts can actually be worsened by working with people we love. This can have devastating consequences. Watch the hit HBO series Succession to learn what happens when siblings rivalry leads to billion-dollar financial consequences.

There are also practical considerations. Jerry Quiel explains that he ran a sign-making business in San Bernardino with his brothers for many decades. We never switched off. It used to make my mom mad at Christmas and all other holidays. It was only work that we discussed.

Silky Peterman belongs to the Mid wood wig-making dynasty. She manages the day to day operations along with her sisters. Her mother, however, is the founder and CEO. The business is doing well. But the Peterman sisters aren't having an easy time, especially in the early stages.

Silky states, "You need to have a particular personality to work with family." "It took me time to learn how work with my sisters.

The US States with Most Family-Owned Companies

South Dakota has one of the most family-owned companies in the US. On Deck research found that 43% are family-owned and managed businesses in The Mount Rushmore State.

Idaho was second with 42.3%, which is close to the national average.

Other high-scoring countries include Nebraska (37.5%), Montana (35.8%), North Dakota (34%), Wyoming (33.7%), and Montana (35.6%).

Read More: John Jezzini

The Great Plains is the center of all states with a higher number of family-run businesses. This vast area of land runs from the Great Lakes up to the Rocky Mountains.

The Great Plains are perfect for farming essential crops and raising livestock. It's also known as the American agricultural heartland. Some call it the nation’s breadbasket.

Farming is one among the most family-oriented occupations in the United States. Nearly 98% in South Dakota are family farms that are managed and owned by the families of their members.

The US State Where the Percentage of Family-Owned Companies is Lowest

According to New York State residents: Family and business are best kept apart. New York has a family-owned business rate of just 1.4% out of 5.

The Big Apple is home to some of the most enduring family businesses in America. Some are now owned by fifth generation family members.

New York's oldest family businesses include ArtKraft Strauss Sign Corporation which was founded in 1897, the Cascade Linen and Uniform Service Company in 1898 and the Rambusch Decorating Company in 1898. Ferrara Bakery and Cafe is also in Little Italy. It has been serving coffee and cannolis since 1892.

New York is forever known for its massive glass towers and tall skyscrapers. But it's the city's smaller, family owned businesses that are the true heart of the city.

Kenneth T. Jackson (local historian) said that "it's remarkable how these family companies have survived over 100 years or more." "These companies instil a sense of stability and permanence in the city. They make it feel familiar. They make this crazy, huge place feel like a family."