Now a third generation business, Interiors by JC Landa, LLC continues the tradition of excellence as her son's work can be found in the most important house in the world, the Presidential White House in Washington, DC.
11 P.M. (CUNY) THE STOLER REPORT "Third & Fourth Generation Businesses: Growing & Thriving" explores the danger — or, in some cases, the lack of it — in working with relatives.
Mr. Clapper's sentiment is consistent with those of many second-generation business owners, according to Thomas William Deans, a third-generation business owner and author of "Every Family's Business: 12 Common Sense Questions to Protect Your Wealth".
The Lido Kosher Deli is a second-generation business, with a family-owned kosher meat factory in the Bronx that has been supplying the restaurant for nearly 30 years.
For another sweet (or savory) choice, wander into the Poseidon Bakery, 629 Ninth Avenue, (212) 757-6173, a fourth-generation business.
Yet many first-generation business people know that the odds are against giving their children a chance to carry on the family trade.
In its report on high-net-worth business owners, U.S. Trust said 95 percent of the baby boomers surveyed were first-generation business owners, but just three-quarters of younger business owners were the first in their families.
ADI GODREJ India $1 billion Age: 57 The eldest of a third-generation business family whose Godrej diversified consumer products company is a household name in India.
George joined, expanded and ran his family's second generation tobacco business, G.A. Georgopulo, Inc., NYC, specializing in manufacturing, importing, exporting, distribution, and created the generic cigarette.
Shelly ran a second generation manufacturing business with sales just under $5 million per year.
"There is a story that the first generation builds the business, the second generation consolidates the business and the third generation destroys it," explains Roberto Irineu, adding that they saw it happen to others.
