All in the Family

The survey then asks: “If you are family-owned, how and when did you start?”

Respondents answer:

• “A father-son team purchased the business together for current ownership but we have been family owned since the 1940s.”
• “Three brothers born to immigrants from Greece began business together in 1946.”
• “I started when I was 17 years old when I helped press shirts and dry clean at my fathers plant — that was 59 years ago.”
• “Started full time in 1971 from college to help out my mother. I had worked during holidays and weekends over the prior years. Took over in 1972 upon my mother’s passing.”

The survey also asks: “Tell us what generation owner you are?” Fifty-one percent are first generation. Thirty-four percent are second gen. Twelve percent are third gen. Three percent are fourth generation. See graphic.

The survey then asks: “What is the key to continuing your family ownership?”

Respondents explain:

• “Hard work and open-mindedness. A family that works together needs to allow differences to pass.”
• “It’s mostly been luck in our case. We were all exposed to the business early in life and helped out to earn pocket change.”
• “It will not go to any of my three sons. All three have worked the counter during college and are not interested in the business.”
• “Accepting the responsibility after living the truth.”
• “Productive fights.”
• “Still trying to figure that out honestly.”
• “I’m training my kids to take over. It’s not easy if your kids don’t like the biz, but my luck is good, my kids like to continue, that’s a blessing.”
• “Loving what you do.”

The survey then asks: “Will there be a next generation owner in your family?”

Respondents share:

• “Not sure yet, my children are too young. Time will tell; part of me hopes so and, speaking honestly, part of me hopes not.”
• “Yes but doesn’t want it.”
• “I am third generation and plan to take over when my father retires.”
• “Possibly, but right now I would say doubtful. I think my father would have said the same thing....”
• “That’s the plan.”
• “Unlikely.”
• “My kids don’t want to work that hard and I doubt that the industry will survive 10 more years.”
• “Yes, both owners have children that may continue in their fathers’ footsteps.”