In this issue
Faith can bring a family together in powerful ways. The communal rituals and meals, the traditions that continue year after year, the hymns and verses that grab the heart, the comfort of prayer in times of sorrow, the subdued giggles over little ones' misbehavior in the pews—these are just some of examples of how religion strengthens family bonds.
Will future generations be able to keep your family business in the family? As a reader of Family Business, you probably already know that the odds are against this. Still, Frank Perdue had some ideas that can help you beat those odds.
In estate planning and wealth transfer, various financial tools—including trusts and partnerships—are available to help the next generation "test the waters" of sound money management.
At some point, however, the heirs take over and the risk of errors increases. Responsible heirs follow two simple but critical rules of fiscal stewardship: Quantify what you really need to live on, and qualify what a rewarding or comfortable lifestyle means to you.
In 2014, members of the family that owns Sycamore, Ill.-based IDEAL Industries participated in what was to be a routine telephone meeting to discuss arrangements for an upcoming Family Business Network conference. "It was the first time we were going to a conference as a big group," recalls Jamie Tucker, a fourth-generation family council member. The family's Development and Education Fund planned to cover the cost of conference attendance.
The candy known to its fans as Bulls-Eyes was born in Baltimore. Goetze's Candy Company has made its products there since 1895, when Augustus Goetze bought a chewing gum company and started crafting sweets. His descendants automated operations and expanded distribution. Today, Goetze's has 90 employees and markets its confections worldwide.
When six brothers and sisters are involved, managing a family business can be complicated. Not so for Smyth Automotive—at least not according to Steve Smyth, 48, who manages store operations at the Cincinnati-based company. Although he declines to reveal sales figures, Steve says the company's revenue increased 10.5% during the first quarter of 2015.
The Business: German immigrants Gustav and Bertha Reiner opened a small garden center in Columbus, Ohio, in 1940. Two of their four sons, John and Paul, became the second-generation leaders.
The Business: Robert M. Beall opened the Dollar Limit, a dry-goods store in Bradenton, Fla., in 1915. Because inflation forced him to raise prices, in 1918 Beall changed the name to V ("Five") Dollar Limit. A bank took ownership of the store during the Great Depression, but Beall continued to operate it and regained full control in 1940. That same year, second-generation member E.R. Beall joined the business; he left for four years to serve in the Army Air Forces during World War II. In 1946, E.R.