Anthony Bellia joins Michael Pallozzi to discuss what it’s like to be a third generation family business owner. He discusses what it was like to grow up in a family business environment and shares what was naturally expected of him as a child as well as details of the transition process of the family business from the second to the third generation. Only 8% of family businesses make it to the third generation. In their conversation, Anthony shares several success factors that makes a family business beat the odds and last three generations.
Anthony Bellie is the president of Bellia Furniture. Bellia enterprises has now been in operation for 49 years. When Anthony was still a child, Bellia enterprises had already been in business for 30 years.
Tune in until the end to learn:
The significance of having a thorough exit and transition strategy when running a family business
What makes a family business last three generations.
Why all family members in a family business should understand business financials.
[00:58] Who is Anthony Bellia? (Bellia enterprises)
[03:49] What’s it like being a child in a family business?
[04:48] What’s the training like for children in a family business?
[07:31] What’s it like to be interviewed for a job by your father?
[08:55] What was Anthony’s work like in Bellia enterprises and how does diversification help them thrive?
[11:16] Roles of other family members in Bellia enterprises.
[15:00] When the first generation family members wanted to transition the business to the next generation (exiting a family business).
[16:39] What makes a family business last 49+ years?
[18:34] Having sensitive and strategic family business discussions with trusted advisors - why it helps. OR The two-year transition process that helped solidify the Bellia family business.
[22:26] The biggest dangers of a transition process in a family business.
[23:46] Why adaptability is key for success in a sales role.
[24:57] What makes a family business defy the odds (3 things to always remember)?
[26:32] How has the business development process changed in Bellia enterprises?
[27:29] What every family member in a family member should understand.
3 Key Highlights
Growing up and seeing your family own a family business is a unique experience. You get to meet many different types of people even just as a child. You feel you are part of something special that other people don’t get to experience.
In a family business, it’s important to create a space where different family business can discover their strengths and passions - even if those strengths and passions ultimately lead them out of the family business. You only want to keep family members who absolutely want to be there in your family business.
There is a blanket of trust in a family business. This can create some legal or financial risks that you don’t carefully study.