Family-owned and operated businesses are an extremely important part of our economy. According to Grand Rapids’ Family Business Alliance, the greatest part of America’s wealth lies in family-owned businesses. Far too often, we see family businesses purchased by out-of-state buyers and private equity groups that are not connected with the community. They have to strip the company to make the deal work with little consideration of how this will affect the surrounding community. Art Van Furniture and Hemisphere Design were both fine examples of family-owned businesses that are now out-of-business after being purchased by geographically removed private equity firms.