Traditionally, ours was an industry of small, family-owned businesses. Family was practically synonymous with the restoration industry for decades. That’s beginning to change as our industry consolidates and more family-owned companies sell to investors. Yet there are still family-owned businesses, many with deep roots in restoration, whose owners are working hard to improve our industry. My family’s company, ATI Restoration, is one of them.
My Dad, Gary Moore, founded ATI Restoration over 30 years ago. Dad still operates ATI together with me and my brothers Ryan and Scott. Our children (I have 4 children and 7 nieces and nephews) may someday help manage ATI. Or perhaps they’ll follow their own paths. Only time will tell. One thing for certain is our entire family is invested in our business, just like many of yours.
Whether yours is a million-dollar company or billion-dollar company, our family-owned businesses share many common challenges. I’m not talking about day-to-day operational issues, such as rising costs, scarcity of talent, or cash flow, but long-term strategic challenges. You know the ones I’m talking about. The ones always on your to-do list that never seem to get done. The ones that keep us up at night:
- Cash flow
- Client diversification
- Driving more commercial business
- Estate planning
- Technology and innovation
I hope you’ll join me each month as I explore these topics and more in my column, Family Circle. I’ll share some of the business and personal challenges my family faces and how we work through them together. I’ll also report on best practices from some of our colleagues who’ve successfully navigated challenges unique to family-owned businesses.
Of course, I also want to hear from you. What challenges does your family business face? What unique solutions have you successfully employed that other owners can try? Where do you turn for networking and best practice sharing?
Who knows, maybe together we’ll cross a few items off our to-do lists. Heck, we may even sleep better!
To get in touch with Jeff, reach out to firstname.lastname@example.org