FAMILY All in the

Generational businesses matter in the southeast

By Refined Staff

Southeast Saskatchewan is known for many things—rolling fields, open skies, and of course, agriculture and energy. It’s also home to a long-standing business community that has developed over the decades—with many ventures passed down from one generation to the next.

Family-owned generational businesses often have a long and sometimes storied history that is tied to the community they serve. They are special in that they are often built on a foundation of family values and traditions, which can be traced back for generations.

One of the biggest advantages of these enterprises is that they have a strong sense of continuity and stability. Because the business has been passed down through multiple generations, there is often a deep connection to the company’s history, culture, and values. This can help to create a strong sense of loyalty and commitment among employees and customers alike.

Another advantage of family owned generational businesses is that they often have a long-term perspective. Because owners focus on passing the business down to future generations, they are often willing to make investments and decisions that may not pay off immediately but will benefit the business long-term. This perspective can be a valuable asset in today’s modern marketplace.

However, like with anything, challenges can arise within family owned generational businesses. The biggest can be succession planning. It can be hard to decide who will take over the business when the current owners or leadership are ready to retire. This can be especially hard when there are multiple family members who are interested in taking over or if there are issues about the direction of the company.

Also, balancing the needs of the family with the needs of the business can be a challenge. Family relationships can be complicated and personal issues can spill over. It is important for family members to separate personal feelings from their professional relationships and establish good boundaries and expectations.

Despite the challenges, family owned generational businesses can be incredibly successful. Many of Canada’s largest companies—Parrish & Heimbecker, Canadian Tire and Jim Pattison Group, for example—are family owned generational businesses. These companies have been able to leverage their family’s business strength, knowledge of their customers and their long-term perspective to achieve their remarkable success.

Family owned generational businesses are a unique and valuable part of the business landscape, and we’re lucky to have so many here in the Southeast.