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Keeping Business "All in the Family"

posted by Diane Eastabrook, Chicago Bureau Chief at 4:43 PM on 07/31/09

Diane EastabrookI'm not sure if it was destiny or DNA that led me to our new series "All in the Family." Like millions of Americans, I come from a family of entrepreneurs. In 1894, my great grandfather opened a general store and post office near Dixon, Illinois that remained in my family for nearly a century. My parents and grandparents owned a laundry and dry cleaners near Peoria, Illinois for forty years. Unfortunately, that dream died when it came time to pass the torch to my sister and me. She headed into the insurance industry, and I headed into journalism. The business was sold.

Still, I'm fascinated with family firms. They form the backbone of American business. Think Ford Motor Company, Walmart, Nordstrom, and Meijer. Ira Bryck, Director of the University of Massachusetts Amherst Family Business Center, estimates that 85% of all U.S. companies are family-owned. He says in parts of Europe and Asia it's as high as 100%.

Family businesses also face unique challenges. Succession is a huge issue for many companies, but it can be an even bigger issue for family businesses. Does the son, daughter, in-law, or nephew take over? Or, is it best to bring in an outsider? Many family-owned firms have difficulty integrating non-family members into their cultures. In family businesses, personal interests often intersect with professional ones.

In the months ahead, we'll explore these issues and many others with a number of companies. We'll talk to fathers, mothers, brothers, sisters, aunts, uncles, and cousins to see how they earn a living and still live peacefully with each other.

In my first profile of Louis Glunz Beer, three generations of Glunz are working together. They run the Chicago beer distributor during the week and have dinner together every Sunday. The Glunz family will tell you that family and business often intersect and it's hard to separate the two.

I'm very excited about this series, and I invite you to share your family business stories with me.

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