In this issue
"Something my father did that was brilliant was that he included all of us in this process. He really handed it over to the four siblings and said, 'I want you to figure this out; it's going to be yours.' "
—Susan Curtin, describing how her father, Dave Power, deployed the wealth from the 2005 sale of J.D. Power & Associates to McGraw-Hill and encouraged the formation of family governance structures (May/June 2014).
Detroit-based Marine Pollution Control (MPC) has held steady through the industry's boom-and-bust cycles over the last 25 years. The company has continued its work to advance the field. It employs up to 65 people, depending on project staffing needs. Annual revenues, which were more than $10 million in 1989, have averaged $10.5 million annually over the past five years.
Every family that wants to sustain its enterprise must face the challenge of grooming its young people to be responsible stewards. The "twenty-somethings" and "thirty-somethings" profiled here demonstrate the high payoff of next-generation engagement efforts.
First profiled: Spring 2001
Houston-based Kanaly Trust was featured in Family Business Magazine twice in the past 25 years—once in 2001, when founder E. Deane Kanaly was struggling to develop a succession plan, and again in 2007, when a non-family CEO was appointed to lead the wealth management and financial planning firm after Deane's death.
Twenty-five years ago, I moved from the banking industry to join our family's chain of community newspapers. In 2005, I became publisher of Family Business Magazine, the leading resource for successful multigenerational business families. Now, as we celebrate our silver anniversary, I reflect upon our contribution in developing a body of knowledge that helps family businesses thrive.
In the fall of 1989—when the Dow Jones Industrial Average was 2,752 and gas prices averaged $1.16 a gallon—Family Business Magazine made its debut. "This magazine is both about and for family businesses," our first publisher explained in that inaugural issue.
In 2010, Family Business developed the concept of a conference series that would build on the ethos of the magazine: events bringing business families together to share the strategies that worked for them—and those that didn't.
In our quarter-century of service to multigenerational businesses, we've observed one key fact about the families who own them: No two are alike. Each family has its own unique history, values, cast of characters, way of doing business and points of contention.