Family Matters

I work in an anomaly in the business world. Along with my brother, I manage our family business. That by itself is not too unusual, but we are the third generation of our family in the same location running a strong and robust company in a dynamic industry. What makes our story even more unique is my son, Brian, is the fourth generation of our family to be involved in our business.

Even though more than 90% of businesses in the United States are family owned, less than 3% make it to the fourth generation. Those are some staggering statistics. What is it that makes some family businesses viable over the years while others falter?As I grew up in our business, I watched our family develop certain qualities that have served us well and allowed for the succession of future generations.

First, we have been able to keep our family and business rolls separate. It is not often easy, but it has enabled us to balance the needs of our families with the needs of our business. We are able to make family decisions for family reasons and business decisions for business reasons.

Second, we are flexible within our roles in our company. Although we each have defined responsibilities, our structure is still somewhat informal, allowing us to step up in rank if and when the need arises.

Third, the older members of our family have patiently mentored the younger members, encouraging them to learn current trends in our industry while creating an atmosphere that is creative and adaptable.Hopefully, we have built the framework for succeeding generations to prosper and continue the legacy of the founder of our business, my grandfather, Howard Tocker.
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