Talk to a family running a business, and family members most likely will tell you that they wouldn’t want their lives to be any different. They love their families, and they love their businesses. They’ll talk about how proud they are to be a part of something that goes back a generation, and often many more. In short, family and business in a family business are intimately entwined. Both are expressions of love, a love that typically extends to employees and the community in which the business operates.
Twin Cities Business’ coverage of the Minnesota Family Business Awards takes a close look at how five notable Minnesota companies handle the joys and challenges of maintaining a family-owned, family-run company. How do these businesses prepare the next generation for leadership? What roles do various family members play in the business? How do they work together? How do they maintain a sense of family while running a business in a competitive industry? What values sustain them? Honorees follow, and finalists are listed on page 110.
The selection committee for the 2014 Minnesota Family Business Awards comprised Brian Adams, senior vice president, business banking, Bremer Bank; Sally Grossman, principal, Gray Plant Mooty; Tom Hubler, owner, Hubler for Business Families; Farley Kaufmann, CPA, Lurie Besikof Lapidus; Dale Kurschner, editor in chief, Twin Cities Business; Paddy McNeely, chairman and CEO, Meritex Enterprises; and Ritch Sorenson, professor of entrepreneurship, University of St. Thomas.
Twin Cities Business and its partners recognize these successful Minnesota family businesses and the values they perpetuate.
Its growth has nurtured five generations.
Tom Hubler, who founded the Minnesota Family Business Awards in 2008, helps families pursue their financial and emotional future.
A strong family has built a strong business, overcoming personal tragedy and financial setbacks.
The company may no longer make Maud Borup’s famous chocolates, but the new family ownership reflects her entrepreneurial spirit.
An entrepreneur prepares to pass on his company to a new generation with new approaches.
Go overseas to make its products? The family behind the Bundt pan never considered it. And their company’s thriving.