OT: Anyone running (or a part of) a family owned business?

[XXtwindad]

Just heard a radio segment about family owned businesses while driving my daughters to school. Really fascinating.

Unfortunately, they seem to be getting rarer and rarer. I think they should be celebrated.

[tomato coupe]

There’s roughly 6 million family-owned businesses in the U.S. Is that rare?

[BobO]

There’s roughly 6 million family-owned businesses in the U.S. Is that rare?

Maybe more depending on how you classify them. I have my own family business, but for tax reasons it's being run as an S Corp, so maybe not classified the same way as a "mom and pop" in some stats.

Then there's the fact that a lot of people have two or more "family-owned" businesses, sometimes under one umbrella, sometimes not. I can tell you that the vast majority of people who run their own businesses work very, very hard.

I don't know that they need to be celebrated, but there is certainly a place for them.

[XXtwindad]

There’s roughly 6 million family-owned businesses in the U.S. Is that rare?

Well, I'm no authority, but I found this: https://www.google.com/amp/s/www.forbes.com/sites/aileron/2013/07/31/the-facts-of-family-business/amp/

In any case, I'm interested if anyone on the Forum is part of a family owned business. I think they're cool.

On another note, if I ever open a "neighborhood contrarian shoppe" I will immediately offer you a manager position...

[Ozz]

"Family owned" is just an ownership structure....neither good or bad.

Good ones are great....bad ones are bad...depends on the owners.

[joosttx]

"Family owned" is just an ownership structure....neither good or bad.

Good ones are great....bad ones are bad...depends on the owners.

Agreed. I am an owner of a my Family’s business which was established around 130 years ago. Survived two World Wars and many economic cycles. My children will be the 5th generation. It takes a lot of blood, sweat, tears and courage to make something successful regardless of the structure or label you put on it.

With this said I’m a believer that nepotism is a bad thing.

[Ozz]

Agreed. I am an owner of a my Family’s business which was established around 130 years ago. Survived two World Wars and many economic cycles. My children will be the 5th generation. It takes a lot of blood, sweat, tears and courage to make something successful regardless of the structure or label you put on it.

With this said I’m a believer that nepotism is a bad thing.

That is great. Congratulations....most don't survive 3rd generation.

I was always amused by the "Wonder, Blunder, Thunder, Plunder, Asunder" description of the family business life cycle.

[joosttx]

That is great. Congratulations....most don't survive 3rd generation.

Thank you. The skill set has changed over the many years but the work ethic and drive has not.

[XXtwindad]

Agreed. I am an owner of a my Family’s business which was established around 130 years ago. Survived two World Wars and many economic cycles. My children will be the 5th generation. It takes a lot of blood, sweat, tears and courage to make something successful regardless of the structure or label you put on it.

With this said I’m a believer that nepotism is a bad thing.

Yes. It is cool. What business is it?

[unterhausen]

I have worked for a family business. I see their struggles, one person is keeping it alive and thriving while the brothers second guess him. I think he should have sold when a larger company made an offer, now they don't need him any more.

[joosttx]

Yes. It is cool. What business is it?

Ranching

[zetroc]

I'm part of the fifth generation (depending on when you start counting) of a farming family here in California. I don't currently work for the family business, which includes a horse ranch, a winery and vineyard, a hay and alfalfa growing operation, and a small sheep and cattle growing division, but I have worked there in the past. The challenges are manifold but the emotional rewards are great.

[alancw3]

probably one of the biggest family run businesses in the public eye I can think of is SC Johnson the maker of Pledge, Swiffer and whole lot of other products.

another thing that I think is amazing is that Ford Motor Company did not go public until 1956. that was a family owned business until then. what an achievement! What about Mars Candy, Brocks Candy and Yuengling Brewery among others. There are still a lot of family owned closely held businesses out there.

[MattTuck]

Yeah, "family business" can be interpreted as anything from a local bodega owned by a family, all the way up to Koch Industries, owned by multi-billionaire political "monied interests".

[XXtwindad]

Yeah, "family business" can be interpreted as anything from a local bodega owned by a family, all the way up to Koch Industries, owned by multi-billionaire political "monied interests".

Well, I wasn't really thinking about the Koch Bros :) I was more intersted in the archetypal Mom N Pop businesses with a handful of employees.

[saab2000]

I married into a multi-generational family business and am no longer married, partly because I didn't realize I was marrying the business every bit as much as I was marrying my wife. Thankfully, we remain close and good friends but she is still a 7 day per week, 12-14 hours per day worker. I'm not really exaggerating. It's a bit slower on weekends but her weekend days are longer than most workers' full workdays.

This is probably the fifth generation of that business (automobile dealership in Switzerland that has been around since the beginning of the automobile) and likely the final generation. The family is fracturing due to conflict within the business and fewer and fewer children who are getting into the business. At this point only her aging mother and her estranged brother are shareholders. Her father died about ten years ago and her other brother died suddenly about five years ago. He was very active in the daily operations. She has two other brothers who have no involvement in the family business, nor any share as far as I'm aware.

Thankfully, she has an exit plan and has invested in other diverse businesses, but the auto business is what her family has known for generations, so she's still going to be involved with that.

Additionally, one of my best friends has his own business but he's also divesting from it and will soon be nearly totally separated from the business, collecting any profits as he remains a partner but will no longer be active in the day-to-day operations. It's been all-consuming for him for 20 years and at least he has had the discipline to keep his private and business lives fairly separate. My ex-wife is unable to do that.

I admire at some level those who have businesses like this but I also understand the very real challenges of running a family business. Nothing happens automatically. If you don't take out the trash it doesn't get taken out. If a water pipe breaks in the middle of the night or there's a break-in (things I've seen), you're up all night dealing with these things personally. And employees see it only as a paycheck but the family members see it as their life. It's hard to get workers to invest as much energy and emotion into something when they just want to work their 8 hours and go home. The family members can't really just do that.

[tomato coupe]

Well, I wasn't really thinking about the Koch Bros

It's just Koch Bro now.

[BobO]

but she is still a 7 day per week, 12-14 hours per day worker.

One of the big upsides to running your own business is that you have a good deal more freedom with your scheduling, relationships, etc. The downside is that you're more or less always on duty. It's not unusual for me to have to interrupt a ride to take a phone call or return an email. Which is fine, because I can ride anytime during the day that I want to. My work day usually extends from 6 a.m. to 10 p.m., but again, I can more or less choose when I work within that window.

[Mark McM]

another thing that I think is amazing is that Ford Motor Company did not go public until 1956. that was a family owned business until then. what an achievement!

And even after they sold public shares, the Ford family still retains 40% of the voting rights.

On the other side of the coin is the Sackler family, owners of Purdue Pharma, one of the biggest contributors to the US opiod crisis.

[Tickdoc]

Second generation small family owned business owner here. (Dentistry) Our father started our practice in 1964. Now that he is passed, I own and run it with the help of two of my older sisters. My daughter is toying with the idea of joining in if she does well in college (graduating high school this year).

It takes alot of patience and humility to work with family, but it is rewarding. We play off each others strengths and that helps us work well together.

[XXtwindad]

Second generation small family owned business owner here. (Dentistry) Our father started our practice in 1964. Now that he is passed, I own and run it with the help of two of my older sisters. My daughter is toying with the idea of joining in if she does well in college (graduating high school this year).

It takes alot of patience and humility to work with family, but it is rewarding. We play off each others strengths and that helps us work well together.

I think this is more what I had in mind when I started the post. I've often thought, if I weren't blessed with two daughters, and cursed to live in one of the highest rent areas in the world, that I'd run away to a small village in Europe. I'd be the local trainer/newsletter writer and live near the local butcher, tailor, cobbler etc.

But maybe that's an overly romantic notion. Maybe those types of neighborhoods/businesses are a thing of the past.

Any stats to disabuse me of these quaint notions Tomato Coupe?

[Tickdoc]

I think this is more what I had in mind when I started the post. I've often thought, if I weren't blessed with two daughters, and cursed to live in one of the highest rent areas in the world, that I'd run away to a small village in Europe. I'd be the local trainer/newsletter writer and live near the local butcher, tailor, cobbler etc.

But maybe that's an overly romantic notion. Maybe those types of neighborhoods/businesses are a thing of the past.

Any stats to disabuse me of these quaint notions Tomato Coupe?

I still live in a Mayberry type of place so I say go for it. I only lived in one house from the time I was born til the time I left for college, and my mother still lives there today. The downside is that everyone knows everyone else's business. The upside is there are a ton of people I can call on to get things done. The pace is slower but the people are nicer. Last week we had snow.
A rarity around here. My 12 yr old neighbor shoveled my drive while I was at work without asking, just as a favor. The trick is to live just outside of a metropolitan area where the rent is cheaper but the hometown feel still exists. The airport is the furthest thing away from me, and that is only a 30 minute drive, so escaping is easy.

[tomato coupe]

I think this is more what I had in mind when I started the post. I've often thought, if I weren't blessed with two daughters, and cursed to live in one of the highest rent areas in the world, that I'd run away to a small village in Europe. I'd be the local trainer/newsletter writer and live near the local butcher, tailor, cobbler etc.

But maybe that's an overly romantic notion. Maybe those types of neighborhoods/businesses are a thing of the past.

Any stats to disabuse me of these quaint notions Tomato Coupe?

Stats about what? People that are simultaneously blessed, cursed, and overly romantic?

[weisan]

I'd run away to a small village in Europe. I'd be the local trainer/newsletter writer and live near the local butcher, tailor, cobbler etc.


Twinturbo pal, you forgot to mention marrying one of the local butcher or tailor or cobbler's daughters ...

https://imagesvc.meredithcorp.io/v3/mm/image?url=https%3A%2F%2Fpeopledotcom.files.wordpre ss.com%2F2017%2F09%2Fyvette-manessis-corporon-1.jpg&w=400&c=sc&poi=face&q=85

[XXtwindad]

Twinturbo pal, you forgot to mention marrying one of the local butcher or tailor or cobbler's daughters ...

https://imagesvc.meredithcorp.io/v3/mm/image?url=https%3A%2F%2Fpeopledotcom.files.wordpre ss.com%2F2017%2F09%2Fyvette-manessis-corporon-1.jpg&w=400&c=sc&poi=face&q=85

Haha. That's funny. Ironically, I once had a date with the daughter of a NFL team owner. Didn't work out because there was enough chemistry...

[572cv]

I was part of a family manufacturing business that was founded by my Great-great grandfather in 1826. We made flatware, primarily. It went under in 2015, so it only lasted 189 years. We were working hard to adapt to the changing times, and what people wanted to buy with their disposable income.And we were caught by pension fund issues, related to a shrinking company and shrinking income. So, I got to be a part of the last days, made sure everyone was paid, helped take care of the historical documents, along with other family members. One cool thing is that students at RSDI get to study the design archive. The whole thing is a huge long story with a tough ending. But good came out of it, and we had a really long run.

[MattTuck]

I was part of a family manufacturing business that was founded by my Great-great grandfather in 1826. We made flatware, primarily. It went under in 2015, so it only lasted 189 years. We were working hard to adapt to the changing times, and what people wanted to buy with their disposable income.And we were caught by pension fund issues, related to a shrinking company and shrinking income. So, I got to be a part of the last days, made sure everyone was paid, helped take care of the historical documents, along with other family members. One cool thing is that students at RSDI get to study the design archive. The whole thing is a huge long story with a tough ending. But good came out of it, and we had a really long run.

Was it founded by John Weeks' father? or is that another side of the family. You come from an interesting lineage :)

[Ozz]

Ranching

tough business.....

I have cousins with a ranch down south of King City

[joosttx]

tough business.....

I have cousins with a ranch down south of King City

Yes it is.... We are outside of Odessa, Tx and Levelland, Tx. As my Mom said it has taken a lot of sweat to keep it.

[572cv]

Was it founded by John Weeks' father? or is that another side of the family. You come from an interesting lineage :)

Hah, good memory. No, JWW's son, my grandfather, married into this family through my grandmother, whose father married into it too.... :). So, two very interesting branches, one from the north country of the Coos, the land of the pointed firs, and the other from MA, a lineage of what were called 'whitesmiths'. I'm of course being a little vague since, well, this is the internet.

[kramnnim]

I’ve worked for the same family business for ~20 years, it has grown from the owner and his sons and me, to me bossing his sons around, to where we are now with dozens of workers and sales around $10m. The current GM has been working hard to turn it from a family business to a proper company. There have been quite a few growing pains.