Family businesses need support system to survive, thrive
Being an entrepreneur and running a family business is challenging, even in the best of times. However, balancing those innate difficulties on top of a climate of increasing volatility and uncertainty tests even the most resilient leaders. While all companies are fighting the pandemic, inflation and workforce issues, family businesses face unique issues because members of the same family are also employees and shareholders.
Through the pandemic, we have all become more acutely aware of the importance of local, family-owned businesses to our regional economy. Across Florida, less than half of all businesses that opened five years ago — 49.3% — are still around today. Establishing a business is difficult. Staying open is demanding, laborious, stressful and sometimes exasperating.
Despite the challenges, hundreds of family-owned businesses across Southwest Florida have stood the test of time. They’ve endured recessions, housing booms and busts, natural disasters, labor shortages, inflation, changing consumer needs and other pressures.
Sunshine Ace Hardware is one of those success stories. Founded in 1958 by my grandfather, Don Wynn, the company now operates nine Sunshine Ace Hardware stores, two Crowder Bros. Ace Hardware and Crowder’s Gifts & Gadgets stores and Sunshine Commercial Paint & More.
Family-owned businesses are the lifeblood of our community. They provide jobs. They are significant contributors to community charities and causes. For every dollar spent with a local family business, almost 70 cents stay in the community.
We need family businesses to be successful for our community to be successful. Unfortunately, there are not many resources these operators can turn to in order to receive guidance tailored to the unique issues they face.
That’s why I am excited about an upcoming opportunity for family business entrepreneurs in Southwest Florida. John and Billie Resnick and myself are launching the inaugural Resnick-Wynn Family Business Conference on March 4 hosted by Florida Gulf Coast University. Titled “Family Business: Thriving in an Ever-Changing World,” the conference is geared toward owners of multigenerational businesses and offers insights and best practices from dynamic leaders who are running family businesses. The lineup of speakers includes:
- Steve Forbes: chairman and editor-in-chief of Forbes Media
- David Hoffmann, chairman of the Hoffmann Family of Companies
- Shelly Stayer, co-owner and chairwoman for Johnsonville Sausage
- Michael Wynn, president of Sunshine Ace Hardware
- John Resnick, principal of The Resnick Group
Forbes, the conference’s keynote speaker, notes that a family business isn’t just about the numbers or day-to-day operations — it’s personal. Blood, sweat and tears are just part of the investment. Family businesses need to offer products and services that are in demand, and fairly priced. They need to prioritize customers and consistently demonstrate a set of core values. They need short-term and long-term visions with a succession plan for the next generation of leaders. They need a sense of family pride because their name and reputation are on the line. And, of course, they need capital and business acumen to be successful in a competitive marketplace.
Speakers at the Family Business Conference will share their ideas to help family-owned, small businesses thrive during challenging times, as well as insight into governance, succession planning, purposeful culture, conflict resolution and more.
For more information about The Resnick-Wynn Family Business Conference, please visit FGCU.edu/FamilyBusinessConference, call (239) 745-4700 or email ResnickWynnFBC@FGCU.edu.
