Party Time

Past, Present And Future

Milestone anniversaries give family businesses a chance to reconnect to the founding, recall the company's highlights, and reflect on what should endure and what should change--"all vital for family businesses over the long haul," says Gersick.


  • Honoring the past: "Celebrations of family businesses can take many forms, but rarely does one slip by without a retelling of the legacies and myths of how a great-grandfather [or whoever started the company] rolled up his sleeves and labored around the clock," says Gersick. The Furmans asked members of the second generation of family members, now between 70 and 91 years old, "to tell assembled guests what it was like when the company started. After all, they were the ones who canned tomatoes alongside my grandparents," says third-generation president Geise.

Michael G. Koelzer, co-owner of Kay Pharmacy in Grand Rapids, Michigan, had a flier inserted in the local paper that, instead of promoting a sale, highlighted the pharmacy's continuing commitment to neighborhood families by telling how "Grandpa Frank and Grandma Katherine Koelzer began helping people find solutions to their problems rather than just selling health-care products" 50 years ago, and reprinting their original mission statement.


  • Coinciding with a present change: Anniversaries give family businesses the impetus to chart new courses. A major expansion of Kay Pharmacy coincided with its anniversary; Fernley & Fernley used the milestone to set in motion an aggressive marketing plan. Other businesses mark the anniversary by handing the baton of leadership from one generation to another or introducing a new product line.

Even if the anniversary doesn't signal a change, it provides the family a time to reflect and appreciate the enormity of its accomplishment. Oak Brook, Illinois-based Deutsch Luggage's president, Howard Deutsch, whose grandparents started selling luggage 75 years ago, muses, "It's amazing that we've endured so many challenging times and are still going strong. It's amazing that walking through the door each morning is still an emotional experience. It's also amazing that even though [the business is] 75 years old, we still have to work as hard as when [it was] 10."


  • Hope for the future: The celebration allows the family to muse on the question 50-year-olds often ponder: "What am I going to be when I grow up?" Says Gersick, "Family businesses follow life cycles, much like people."

When a family business celebrates a 75th birthday, for example, the world knows it has survived a series of life cycles and has gone through periodic rebirths. "On our 75th, there was a lot of talk about celebrating the 100th," recalls Geise.

Geise also saw the celebration in terms of his own family's involvement in the business. "I have three sons--17, 16 and 13 years old--and all of them really enjoyed helping out at the fair," he says. "In fact, that day was the only football practice one of my sons ever missed. That made me feel good. I would love the boys to come into the business. But I would never force them, and it won't be given as a handout. They can only come in because they want to."

An anniversary celebration helps set the stage for the enthusiastic entrance of the next generation into the business. Linking the past through the present to the future is what gives family business anniversary celebrations their richness.

Like this article? Get this issue right now on iPad, Nook or Kindle Fire.

This article was originally published in the March 1997 print edition of Entrepreneur with the headline: Party Time.

Loading the player ...

Former Apple and Pepsi CEO John Sculley: Great Marketers Do This

Ads by Google

Share Your Thoughts

Connect with Entrepreneur