Mentors Magazine: Issue 3

MENTORS MAGAZINE | EDITION 3 | 19

the same mindset that builds strong family
work environments also empowers busi-
nesses to achieve more together.

According to the U.S. Bureau of the Cen-
sus, about 90 percent of American busi-
nesses are family-owned or controlled. So,
with all the benefits of a family business,
why aren’t more of them winning in their
industries? I believe it has a lot to do with
maximizing relationships

• and while it’s vital in
  family businesses, it goes
  a long way towards
  achieving success in any
  business model. That
  brings me to our five keys
  to success:
  1. Recognize the ad-
  vantages of family own-
  ership.

One of the most attrac-
tive benefits in a family-owned business is
fast, agile, nimble decision making. The era
of digital transformation is here. Quicker
decisions must be made whether it’s lever-
aging data, closing the gap with customers,
or something else. Now, more than ever,
businesses must make decisions, as my fa-
ther would say, in a New York minute. It is
more than a trend; there’s plenty of re-
search to support an action-oriented busi-
ness model. In a review of traits linked to
organizational health, McKinsey research-
ers found that businesses scoring high for
agility also ranked within the top quartile
of overall business health. For their pur-
poses, agile companies were those who

could successfully combine speed and sta-

bility without sacrificing quality. The Har-

vard Business Review also reported that

decision-making windows are shrinking,

and managers must continually produce

results in less time.

Speed: In family-owned businesses, deci-

sions are often made immediately – with-

out lengthy approvals or formal votes. The

speed of change either

moves companies forward

or holds them back. For us,

our family is inherently a

team that wants to get

things done – we have al-

ways embraced change and

growth as being fundamen-

tal to our core values.

Stability: Many companies

struggle with balancing cur-

rent gains against business

longevity. In a family busi-

ness, stability is not in question when

words like legacy and heritage are used

daily. It simplifies decision making by es-

tablishing a preferred approach. For over

30 years, our company has thrived, and we

make decisions that let us continue that

story. Along the way, our leadership has

experienced longevity within the industry –

allowing keen insight into this now-passing

fad in the business world, and what is truly

a shift in the way business happens. That

kind of expertise is invaluable.

Commitment: With a family business,

there is a greater sense of commitment

and accountability. Younger generations

“about 90 percent

of American

businesses are

family-owned or

controlled”