Tom Bellia joins Michael Pallozzi to share how his family-owned business beat all the odds to now become a third-generation family-owned business. Tom retired from his family business Bellia Enterprises at 64. The company was founded in 1973 by Tom’s parents. Today, it is run by Tom’s children and their cousins.
Did you know: Only 8% of family businesses survive long enough to be handed down to the third generation.
Tune in until the end to learn:
● Key skills and traditions to pass on to your children.
● How to create a balance between family and business in a family business.
● Best practices for transition and succession planning in your family business.
[00:56] Who is Tom Bellia (Bellia enterprises and more...)?
[04:32] The story of Bellia Enterprises (moving from first-generation to second-generation family-owned business).
[08:32] How the family business worked and kept the family together.
[10:14] How to prepare your family members for success in the family business.
[12:49] Principles to help you separate business issues from family issues.
[15:37] The process of creating a transition plan for the family business.
[21:41] Don’t forget to do this when creating your business succession plan.
[23:56] Bellia Enterprises after the transition.
[26:23] The most important element of ANY family business (and its biggest challenge).
[29:30] Tom’s retirement bucket list advice.
5 Key Highlights
Family business planners can help you prepare transition plans for your family business. For example, they can help you set up requirements for your children (or other family members) to fulfill before they can be part of the family business. This way, you can future-proof your family business.
Not only is it important to learn how to strike a balance between business issues and family issues, but it is also just as important to pass down these skills and traditions to your children and other family members who will be in charge of the business in the future.
Successful family businesses require that family members be serious about their roles and respect the boundaries of their roles.
There are many considerations to keep in mind when you are designing a transition plan for your family business. These include: what are your children’s (or other successor’s) strengths, what are their plans for the future, what work you would need to hand over, and what you will do once you hand over your work.
Transparency and honesty are the most vital elements of successful family businesses. This is important even after succession has taken place. For example, you can hold annual meetings to discuss the state of the business with the family.