LAST WORD

the LASTWORD

PHIL ROSE | PRESIDENT

How to beat the odds as a family business

Phil Rose is president of Roman Electric Co., a third-generation family business that provides electrical contracting services for industrial, commercial and residential markets, along with commercial and residential plumbing and residential heating and cooling. Rose offers advice of how to beat the odds when it comes to passing the family business on to the next generation.

“Only 3% of all family businesses make it past the third generation. Not great odds when making a career choice to join a second-generation family business. Here are three suggestions to help beat those odds: Get some relevant work experience outside the family business, obtain some additional education and work in the family business before you try to run it.

“That advice proved to be critically important

42 / BizTimes Milwaukee FEBRUARY 17, 2020 to our business. The need for new methods and technologies was evident from the day we joined our family business. It was clear that what served gen 2 would not be sufficient in gen 3.

“When my brother and I joined our family business in the ‘90s, we brought in additional construction and engineering experience along with an MBA. We were able to help the company focus on the design/build market and change its focus

Roman Electric Co.

Milwaukee Industry: Electrical contracting Employees: 150 romanelectrichome.com

from ‘growth at any cost’ to controlled growth in targeted markets. We also started to focus on cash flow and not just revenue and profit. The best advice I ever received was from a mentor. He said, ‘Financial losses are weathered every day by businesses. It’s poor cash flow that will take a company down.’” n

INNOVATE WISCONSIN MANUFACTURING & BEYOND

Position Your Company as a Leader to Top Executives Throughout Wisconsin!

Innovate Wisconsin: Manufacturing and Beyond, publishing on June 22, 2020, highlights how the state’s industries are changing and offers readers ideas to propel their own companies to greater heights.

PUBLICATION INCLUDES (PARTIAL LIST): • Companies/People/Projects to Watch • Best practices and operational insights • Partnering for Success: How companies and higher education are working together to do more than they could on their own, plus keys to a successful partnership • Manufacturing company transformations: utilizing a strong foundation and new thinking to grow a business. • Companies leveraging sustainability for environmental good and sales and profit • Workforce creativity: Finding the employees who will take you to the next level

Enhance your company’s brand AN ADVERTISEMENT OR SPONSORED CONTENT WILL:

PUBLICATION DATE: June 22, 2020 RESERVATIONS DUE: May 20, 2020

Create awareness for your services

Demonstrate your expertise and thought leadership

Support your sales and business development team throughout the sales process

Position your company as an employer of choice

BRINGING THE FUTURE INTO FOCUS

We’re looking for companies who have their sights set on success.

The process is simple. If your company meets four basic criteria, visit www.mmac.org/F50.html to fill out the 12-question application. Winners will be announced in May and formally recognized at the annual awards luncheon on Friday, September 18, 2020.

CRITERIA 1| Growth of sales and employment (averaged over the past three years)

2| Headquartered in the 7-county Milwaukee Region

3| Independent, private ownership (not a subsidiary, franchise or division)

4| In business for at least three years

APPLY TODAY FOR THE MMAC/COSBE FUTURE 50 AWARD! APPLICATION DEADLINE: MARCH 13, 2020 For more information, contact Karen Powell at 414-287-4166 or kpowell@mmac.org

WWW.MMAC.ORG/F50.HTML

Presenting Sponsor Media Partner