The Family Business Forever
Whatever the size of your family business, and whatever your race, creed, religion, or nationality, one of the best investments you can make is cultivating a loving, high functioning family. After all, a person’s deepest pains and deepest joys are likely to come from our families. In a family business, that’s true whether we’re in our 20s or 90s.
In theory, you can’t put a price on family harmony. You want to make sure you are always putting the family first. Avoiding public disagreements are important to developing a successful multiple generation business. Only about 30 percent of family-owned businesses survive into the second generation, according to the Family Business Institute. Twelve percent are still viable into the third generation, and only about three percent of all family businesses operate into the fourth generation or beyond.
Joining us for our discussion on The Family Business Forever is Mitzi Perdue who is calling in from her Salisbury Maryland office. Mitzi Perdue is the daughter of one family business titan (her father founded the Sheraton Hotel Chain) and the widow of another, (her late husband was the family business poultry magnate, Frank Perdue), and she is also a businesswoman in her own right. She started the family wine grape business, now one of the larger suppliers of wine grapes in California. Mitzi likes nothing better than to share insider tips for successful family businesses. Her family of origin (the one that started the Sheraton Hotels) began with the family business, Henderson Estate Company, in 1840, and her Perdue family started in 1920 in the poultry business. These two families have a combined tradition of 276 years of staying together as a family. Mitzi is happy to share actionable advice on how they created and maintained their family businesses. Her latest book is How To Make Your Family Business Last: Techniques, Advice, Checklists, and Resources for Keeping the Family Business in the Family. Welcome To Mastering Your Money, Mitzi Perdue.
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