Last month, Growbiz reported on Key West Marine Hardware, a family business through and through. Business owner Nick Formico says his grandfather opened the store in the 1960s and then raised Formico’s mother and uncle in the business, as well as himself. “I grew up in the store. I used […]
Tag: family business
Grandson successfully takes the helm of Key West Marine Hardware, with the help of Florida SBDC at FIU
Key West Marine Hardware is a family business through and through. Business owner Nick Formico says his grandfather opened the store in the 1960s and then raised Formico’s mother and uncle in the business, as well as himself. “I grew up in the store. I used to work here every […]
How one family business navigates a big transition and sets up for more growth
Running a family business can be the same roller coaster ride as any small business. Yet there are different challenges too, much more personal ones. “With a family owned business, it’s not just the accounts payable, receivables and the bottom line. There’s also emotional capital, family, and that equation is […]
Do you have a succession plan in place for your small business? More than 70% do not.
Succession planning isn’t just for family businesses and large corporations. Many small business owners don’t plan for what will happen to their companies during a prolonged illness or after their deaths. Unforeseen circumstances could put their businesses at risk of shutting down. I’ve seen it happen, unfortunately. The young owner […]
Growth slows as a family business get passed through the generations, but does it have to?
Growth progressively slows down at family-owned businesses after the founder steps down. If you are the 2nd or 3rd generation of a family business, how can you reverse that reality? In a 2018 study, PwC found that in the first generation of a family business, 42% of family businesses have […]
Is there conflict in your family business? It can be good for the business.
We all may know of a family business torn apart by conflict. But a Columbia Business School professor writes in a Harvard Business Review article that, in fact, not enough conflict is also bad for business. Whether it is too much or two little conflict, “the business can suffer from […]
For family business success, follow these best practices
Even with the best intentions for a lasting legacy, family businesses find the odds stacked against them. Only about 30% of family businesses survive into the second generation, about 12% make it to the third generation, and only about 3% of all family businesses operate into the fourth generation or […]
Growth sprouts at this family business
For Olivia Wong, being a key player in the family agriculture business wasn’t always part of the plan – well, her plan anyway. When she chose her double majors at the University of Miami – motion picture production and history – it was about as far away from produce and […]