Family businesses are often the backbone of communities. They combine personal relationships with professional pursuits, creating an environment that fosters connection, resilience, and long-lasting success. However, as I've learned through years of experience, family businesses are also a blend of the good, the great, and the ugly. Every high has its challenges, and every victory is often hard-earned. But through all the twists and turns, the lessons learned have shaped our family and our business journey in ways that are invaluable.
The Good: Foundation of Love, Learning, and Legacy
"The love of family and the admiration of friends is much more important than wealth and privilege," Charles Kuralt once said. This quote couldn't be truer for us. In the pursuit of building a business, the thing that has always sustained us is our commitment to one another—our shared goals and our deep love as a family. Over the years, as my wife and I worked to create our companies, we were never alone. Our five amazing children have been by our side every step of the way. They've helped shape the businesses, not just as employees but as integral parts of the team.
Family businesses have an undeniable impact, and the numbers speak for themselves. According to the Conway Center for Family Business, family businesses account for 64% of the U.S. GDP, generate 62% of the country's employment, and are responsible for 78% of all new job creation. The success of a family business extends far beyond the household—it impacts the economy on a large scale. But for us, it's not just about the bottom line. It's about instilling values and a learning mindset in our children.
Our annual road trips from Ottawa to Florida weren't just about getting from point A to point B. They were about creating bonding moments and fostering entrepreneurial thinking. During these long drives, we'd stop at various rental locations and take the opportunity to analyze and discuss the business practices, branding, and customer service strategies of other companies. These weren't just rest stops; they were real-life business lessons for the whole family. The most memorable moments included sitting together and analyzing a Starbucks employee manual—we were fascinated by the level of detail and the operational excellence that went into such a seemingly simple process.
Through these experiences, we taught our children communication skills, problem-solving, and critical thinking. These trips not only shaped their minds but also helped us grow closer as a family. This is the good in family business—the opportunities to build not just a company, but a shared legacy.
The Great: Strength in Unity, Resilience, and Growth
The great part of family business comes when individual talents and skills merge to create something larger than the sum of its parts. Each of our children brought a unique perspective to the table, which helped our businesses thrive. This combination of individual strengths created a robust ecosystem for creative problem-solving. The trust and understanding within our family business environment allowed us to push boundaries and take risks in ways that many traditional companies couldn't.
Interestingly, family businesses tend to outperform their non-family counterparts in times of economic turbulence. According to Harvard Business Review, family-owned businesses tend to be more resilient during financial downturns, largely because of the deep-rooted trust and adaptability that family units bring. In our case, the combination of shared goals, mutual trust, and an unwavering commitment to the business allowed us to stay strong and continue growing, even during challenging economic periods.
We didn't just stick with traditional ways of doing business. We adapted, shifted, and expanded our business offerings in response to market changes. Each family member had a voice and was encouraged to contribute their ideas, resulting in a more dynamic, flexible approach to business. This flexibility has proven to be one of the key factors in our family business success, allowing us to meet challenges head-on and thrive.
The Ugly: Loss, Regret, and the Realities of Family Business
Of course, no journey is without its hardships. In 2013, we experienced an immeasurable loss—the death of our son. The emotional toll of that year affected us deeply, but it also reshaped our perspective on the importance of time spent together. During this difficult period, I came across a shocking statistic: children spend 95% of their life allotted time with their parents' company by the time they leave home, and for entrepreneurs, that number is likely even higher. This realization hit me hard. It underscored the importance of being intentional about how we spent our time—not just in building businesses, but in building memories.
This pain led us to shift our approach. We didn't want to be just another statistic of parents losing touch with their children due to the pressures of work. So, we restructured our lives around our businesses, prioritizing time together as a family. While our entrepreneurial pursuits were important, the memories we built together and the moments of connection became our true measure of success.
Family businesses also bring their own set of challenges. Disagreements over direction, differing work ethics, and conflicting priorities are all part of the package. However, the ability to navigate these challenges together has been one of the greatest lessons of our entrepreneurial journey. The "ugly" moments—whether it's personal loss or business struggles—taught us that resilience is key, and that the family unit, when united, can weather almost any storm.
Conclusion: Family Business as a Lifelong Journey
Family business is not for the faint of heart. It's not a journey of smooth paths and easy smiles, but one filled with challenges, heartaches, triumphs, and growth. It's about rising above failures, celebrating the small victories, and learning from the losses. But more than anything, it's about the relationships we've built—not just in business, but within our family. Our family businesses have become a treasure trove of memories, experiences, dreams, and hard-won lessons.
It's true, the road has not always been easy. There have been struggles, disagreements, and moments of doubt. But as with any rite of passage, the journey has provided us with something priceless—a deep sense of unity, fostered by shared passion, mutual support, and resilience. And while not every family business is easy to manage, the rewards far outweigh the challenges. Through it all, we've learned one thing: in the grand scheme of life, it's been more than worth it.
Today, as we continue to grow our family businesses, we look forward to many more years of learning, adapting, and thriving together. We're not just building businesses; we're building a legacy—a legacy of love, growth, and unity, supported by the hard work of every family member who's been a part of this incredible journey.
Family business is about more than profits—it's about creating something that lasts, something that will carry forward through generations. And that's a journey I wouldn't trade for anything.