Byron D. Trott is chairman and co-CEO of merchant bank BDT & MSD Partners, which advises and invests in family and founder-led companies, including Cox Enterprises, Enterprise Mobility, and Sierra Nevada Corp. A longtime executive at Goldman Sachs, Trott founded BDT & Co. in 2009 and merged it with MSD Partners, the investment firm backed by Michael Dell, in 2023. Over the years, he has worked with numerous family businesses and founders across industries, including the Haslams, Heinekens, Kochs, Mars, Pritzkers, Pulitzers, Waltons and Wrigleys, and even Warren Buffett.
In America, many of the most important businesses are also the least visible. They are not always headquartered in New York or Silicon Valley. They are not driven by the next quarter, the next headline or the latest swing in investor sentiment. Yet over decades, and often generations, family businesses have helped shape communities, create jobs and build industries that become part of the fabric of American enterprise.
At a time when much of the business conversation is defined by speed, scale and disruption, family businesses reflect a different model of success, one grounded in endurance, stewardship, resilience and trust. Their impact is often felt not only in revenues or valuations, but in livelihoods, institutions and the strength of local communities. That is why Forbes’ inaugural list of America’s top family businesses matters now.
I grew up in a small town in Missouri, where you could see firsthand how local businesses helped hold communities together. Over the course of my career, including decades spent advising founders and family business owners, first at Goldman Sachs and later building BDT & MSD, I have been fortunate to learn from leaders who think deeply about what it means to build something that lasts.
A Common Mindset
The strongest family enterprises tend to share a common mindset. They think in decades, not quarters. They care deeply about culture and continuity, and about the responsibilities that come with ownership. Decisions are made not only for current shareholders, but for employees, customers, communities and the next generation that will inherit the consequences.
They also understand that continuity does not mean standing still. The Taylor family at Enterprise has carried a culture rooted in customer service, strong values and long-term relationships across generations, even as the business has continued to evolve. The Walton family shows how remaining deeply engaged over time, as major shareholders and in governance, can help preserve both culture and strategic clarity, even at enormous scale.
Strong family businesses are thoughtful about leadership. They know when a family member should lead, and when the business is better served by outside management. Clear governance allows them to remain family-influenced while continuing to strengthen as institutions. What distinguishes these businesses is not that they avoid change. It is that they know how to evolve without losing the core of who they are or the roots of their past success, respecting their past while adapting to an ever-changing world.
Why Long-Term Ownership Matters Now
Over time, I came to see a growing gap between how long-term owners wanted to build and the options often available to them. Many were not looking for the fastest or most transactional answer. They were looking for advice that took the full context into account, and for partners who were aligned with how they wanted to build over time.
That long-term orientation feels especially relevant today. We are living through a period shaped by geopolitical uncertainty, rapid technological change and significant shifts in capital markets. In this environment, there can be real advantages to maintaining independence, whether through private ownership or through structures that preserve alignment and long-term control.
You can see that mindset in founder-led companies like Michael Dell’s, where a long-term perspective and a willingness to keep building through change have shaped an enduring and growing business.
The ability to invest through cycles, to make decisions without constant public scrutiny and to stay grounded in long-term priorities can be a meaningful advantage. It does not guarantee success, and there is no single model that works for every business. But the most durable family enterprises tend to be deliberate about who they are, what they value and how they want to build. They are often more disciplined than outsiders appreciate. They are willing to wait, to say no and to act only when the fit is right. That patience is not passive. In many cases, it is exactly what allows them to navigate periods that test weaker institutions.
At the same time, a new generation of family leaders is helping to shape what long-term management and ownership look like going forward. Many bring a different fluency in technology, governance, global markets and philanthropic impact, while remaining connected to the values that have defined their businesses.
Built to Last
As America approaches its 250th year, this model of long-term ownership feels particularly timely. Many of the businesses on this list have shaped the country’s entrepreneurial spirit for decades and, in some cases, over 100 years. They reflect a form of capitalism shaped not only by ambition, but by responsibility. In a business culture that often celebrates what is new, family enterprises remind us of the value of durability.
Enduring businesses are not accidents. They are built through discipline, humility and a willingness to adapt without losing direction. They are sustained by leaders who understand that legacy is not something to preserve passively, but something to earn over time.
This list recognizes that achievement. More than that, it is a reminder of the enduring importance of businesses built to last.
