Party Time Make your business's anniversary an event.

Family businesses aren't known for their longevity. In fact,only about 10 percent make it into the third generation. So whenthey reach 25, 50, even 75 years old, it's cause forcelebration. But milestone anniversaries are more than just a goodreason to party. They have a positive, cohesive effect on employeesand family members. And they provide unparalleled opportunity toreflect on the past, take stock of the present and look toward thefuture.

Milestone anniversaries are moments of extreme satisfactioninternally. "When I hear family business owners discussingthese anniversaries, they most often talk about what it means toemployees," says Kelin Gersick, senior partner at Lansberg,Gersick & Associates, a New Haven, Connecticut, research andconsulting firm specializing in family business. The way theorganization celebrates often reflects the family's desire toshare the satisfaction of having "made it" with its"family" of employees. Fernley & Fernley Inc., aPhiladelphia-based firm providing management services to nationalindustry associations and professional societies, celebrated its110th year by holding a dinner-dance for employees and theirspouses or significant others. "It was a gloriousevening," says president G.A. Taylor Fernley.

Last year, when the Furman family celebrated its 75th yearpacking Furman Foods Inc.'s Italian and tomato products inNorthumberland, Pennsylvania, it expanded the term"associates" to all those involved with the company."We invited our suppliers, bankers, lawyers, researchcollaborators at Penn State University, state legislators andregulators, retired employees, families of employees, and thecommunity to join us in a country fair-type celebration," sayspresident David Geise. "The employees, especially, werethrilled that so many people were interested in touring the plant.And for the 60 or so family members who attended--the largestnumber of family members we've ever gotten together for anyevent--it was a source of great pride."