When you hear that a business is “family owned,” do you assume it’s more approachable or trustworthy? Does it seem more stable? More friendly? The idea of a family-owned business gives many people a warm feeling. Why is that? At Fremont Bank, we take great pride in being family owned. But it’s not just a “warm fuzzy.” There are actually proven reasons to trust a family-owned business like ours.
Family Businesses Are in It for the Long Term
Most family firms want to see the grandchildren inherit, and Fremont Bank also wants to preserve its legacy for future generations. To get there, we must preserve it for the founding family, clients, staff and friends in the community. This requires a long-term strategy and commitment to growing long-term relationships, which are the source of the stability and trustworthiness associated with family-owned businesses. You’ll find that what’s important to us is what’s important to you.
Family-Owned Businesses Have a Family-Firm Culture
For us, family culture is about supporting the growth of every member of the family. But for us, “family” refers to the “Fremont Bank family”: the entire group encompassing our amazing clients, associates and friends in the community. There is a family feel throughout the bank and our clients comment on it all the time. We hear about how wonderful it is to be greeted with a smile, to have the branch staff know their names, to experience the team going above and beyond to meet their needs. It’s real.
“Family” Ownership Includes Employees Too
We can’t speak for all family-owned businesses, but at Fremont Bank we believe it’s important that the ownership be shared. Through an employee stock ownership plan (ESOP), approximately 20% of the bank’s shares are owned by associates. This means the team has a stake in our performance and also benefits from it.
Decision-Makers are Accessible
We are right here in the neighborhood where you need us, not in some ivory tower on Wall Street. In family-owned and -operated companies, like Fremont Bank and many others, people you know are empowered to shape creative solutions to your unique situation. And those people are only a phone call away. Literally one phone call.
Family-Owned Businesses Invest in Their Immediate Community
Morris Hyman, the founder of Fremont Bank, envisioned a community bank that invests in that community with both money and skin. This vision has been passed on to all of our associates. You will find Fremont Bank people working shoulder to shoulder with you at the chamber of commerce, promoting community services at the Lion’s Club, working to establish Fremont’s Central Park and supporting the annual Fourth of July Fireworks. Just for fun! Like many other family-owned businesses, we make sincere commitments to contribute and uplift the communities we serve. Through the Fremont Bank Foundation we put millions of dollars back into the community. We are loyal to the people that have been loyal to us.
Family-Owned Businesses Are More Than Just Local Businesses
Beyond investing in the community, family-owned businesses are integrated into the extended community family. According to the U.S. Census Bureau, over 90% of small businesses are family owned, so most of you know how important that is. Our family business is run by your friends and neighbors who understand your business, what it contributes and what it needs. We want a flourishing community as much as you do.
So when you hear that a business is family owned, it very likely is more approachable and trustworthy. Family-owned businesses depend on local patronage and local economies. We don’t have offices nationwide or call centers overseas. We thrive because of the support and success of our friends and neighbors – who also thrive because of us. This interdependence makes us proud to come into work every day. It’s the reason our family-owned business was founded.