In this issue
The Ritter family has been in business together for five generations, with our sixth generation now blossoming. The longevity of this business is a great source of pride but also presents challenges related to educating and engaging our newest family members.
How do you explain the family real estate business to young children? The Golub family has used the board game Monopoly to help illustrate basic real estate concepts and strategy — and to introduce fun and friendly competition.
There are two aspects to transferring a business to children. Of course, there’s the technical aspect: transferring ownership in a tax-efficient manner and as part of a business continuity plan. There’s also the emotional aspect: preparing your children for the wealth and responsibilities that come with this very special family asset.
Human resources is a essential component of any well-functioning business, but in many family companies, HR is merely an afterthought. Even those family business owners who recognize the importance of the HR function may take an informal approach to fulfilling it.
At our Transitions Canada 2018 conference in September, attendees from second-generation businesses were eager to learn about the challenges they would confront when they transitioned to the third generation. Several were unaware of the monumental changes that occur when a company moves from a sibling partnership to a cousin consortium, a term often used to refer to a third-generation business.
Here are a few of the issues families face in their third generation of business ownership:
Could anything evoke a greater sense of permanence than the phrase “carved in stone”?
A hammer and chisel are still part of a monument maker’s toolkit. Yet monument building, like virtually every other industry, has changed over the years to incorporate technological advances. Modlich Monument Company of Columbus, Ohio, founded in 1936, discovered technology offered a route to diversification.
In commemoration of Family Business Magazine’s upcoming 30th anniversary, later this year we will honor 30 family businesses that have exhibited exceptional progress in business governance, family governance, business growth and family engagement. This has given me the opportunity to reflect on how our magazine has helped shape the development of the family business field in general and its corporate governance in particular.
Robert “Matt” Beall has been named president of Bealls Stores Inc., headquartered in Bradenton, Fla. Beall, great-grandson of founder Robert M. Beall, began his retail career at Ross Stores and joined the family business in 2004 in an entry-level buying position. He has held several leadership roles at Bealls Stores, Bealls Outlet Stores and Bealls Inc., in buying, planning, logistics, finance and store operations.
One challenge for family members who work together is recognizing the difference between family and business roles, and knowing which “hat” to wear when. When everyone gathers around the dinner table or at a family reunion, there should be a balance between “shop talk” and catching up on family news.
Longo Brothers Fruit Markets Inc., based in Vaughan, Ontario, was founded by brothers Tommy, Joe and Gus Longo in 1956 with a single location and today is a chain of 32 grocery stores.