By Timothy P. Murray
One of the most enjoyable aspects of my role as President and CEO of the Worcester Regional Chamber of Commerce is to witness how our Chamber team assists individuals in launching their businesses or in other situations helping them grow their business and adding jobs to our local economy and expanding our tax base. I often wonder, will these businesses grow into economic powerhouses both for the community as well as the owner’s family? Will they be a multi-generational local family business like Polar Beverages, Consigli Construction, or the Worcester Restaurant Group?
To help facilitate a conversation on tangible step family-owned businesses can take to ensure multi-generational growth and build sustainability plans, the Chamber has recently launched the Family-Owned Business Roundtable. The genesis of this idea came from Andrew Salmon, the Chief Future Officer for Salmon Health, a third-generation senior health and residential living business. Andrew’s idea was to use some of the stories and lessons learned from our local iconic multi-generational businesses as a sounding board for those aspiring to grow ttheir business in a similar way.
In that regard the Chamber recently hosted its third Family-Owned Business Roundtable discussion moderated by Andrew Salmon. The panel included Neil McDonough from Flexcon, a second-generation manufacturer that has expanded nationally, Joe Salois from Atlas Distributing, a second generation independently owned beer and spirits distributor, John Andreoli, Jr. from Sullivan Insurance Group, a second-generation independently owned insurance agency, and Eric Busenburg of Euro-American Worldwide Logistics, a third-generation life sciences logistics company. The discussion was fascinating and well received by those in attendance. Issues that were discussed included transition of leadership, earning the opportunity to lead, and the values that guide each business amidst the ups and downs of the economy as well as generational and technical changes.
These conversations are not only important to our Chamber member businesses but also vital to our local economy. According to the SBA’s 2021 data, 27% of all U.S. businesses are family owned. Family Enterprise USA data stated that family businesses generate 59% of the private sector workforce, accounting for 83 million jobs. There are currently 37.4 million family businesses in the U.S.
We look forward to this continued dialogue with the hope that many of our first-generation Chamber member businesses will continue to grow to benefit future generations both within the company ownership structure and in the broader Worcester community through jobs and career opportunities.
