They’re the often overlooked, rarely covered side of our economy. Yet an estimated 90 percent of U.S. businesses are family owned and operated, and they produce nearly half of our nation’s annual GDP. And of equal if not perhaps greater value, they exemplify the best of the entrepreneurial spirit and American values in action.
Twin Cities Business’ Minnesota Family Business Awards coverage delves into this subject by honoring five outstanding companies that demonstrate how family values, dynamics, idiosyncrasies and traditions can help a business succeed; and how the emotional side of family relationships can help counter the sometimes cold, hard realities faced when making critically important business decisions.
Each honoree has a positive family business structure with a strong record of success, family involvement, and community service. Each also brings significant value to Minnesota’s economy.
The panel of judges for the 2013 Minnesota Family Business Awards consisted of Sally Grossman, principal, Gray Plant Mooty; Farley Kaufmann, CPA, Lurie Besikof Lapidus; Ritch Sorenson, professor of entrepreneurship, University of St. Thomas; Brian Adams, senior vice president, business banking, Bremer Bank; Tom Hubler, owner, Hubler for Business Families; Paddy McNeely, chairman and CEO, Meritex Enterprises; and Dale Kurschner, editor in chief, Twin Cities Business.
Twin Cities Business and its sponsor partners also recognize these successful Minnesota family businesses and the values they perpetuate.
Strong winds carry a century-old construction company in a highly lucrative new direction.
A family company becomes a national food distribution powerhouse, while passing on a family-firm culture from father to son.
This collections agency has succeeded by using a family touch in its work and a more formal approach in business succession.
In an industry that changes faster than a racecar at a pit stop, the Latuff family has managed to keep its business engine running.
A death in the family could have meant the end of a family business. But the family has kept it rolling.