These families have been in business for 100 years—they say the American Dream isn't what it used to be

June 18, 2026 - 20:16

For the first time in generations, a growing number of U.S. entrepreneurs are finding it harder to outpace their parents' success, according to small-business owners and economic experts. These families, some of whom have run their companies for over a century, say the promise of steady upward mobility is slipping away.

Take the Millers, a fourth-generation hardware store owners in Ohio. Their great-grandfather bought the shop in 1919, and each subsequent generation expanded the business. But today, the current owners say they are barely breaking even. "My father could buy a house and send three kids to college on this store's profits," says Tom Miller. "I'm working 70 hours a week just to keep the lights on."

Experts point to several factors. Rising commercial rents, the dominance of big-box retailers and online giants, and a tight labor market have squeezed margins. Meanwhile, the cost of health insurance and raw materials has soared. A 2023 survey by the National Federation of Independent Business found that only 25% of small-business owners expect their children to take over the company, down from 40% a decade ago.

The shift is not just financial. Many younger owners say the relentless pressure of social media reviews, supply chain disruptions, and regulatory hurdles has drained the joy from entrepreneurship. "The dream used to be about building something for your kids," says Maria Gonzalez, who runs a third-generation bakery in Texas. "Now it's about survival. We tell our children to get a degree and work for someone else."

For these families, the American Dream once meant each generation doing better than the last. Now, many are simply hoping to hold on.