Local First: Shop the Cedar Valley

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SUNDAY, JULY 31, 2016 |

LOCAL FIRST SHOP THE CEDAR VALLEY

Sunday, July 31, 2016

Q1

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LOCAL FIRST

Local businesses provide jobs, community support nesses across the Cedar Valley: Shop local. Buy Local.

The signs are displayed ‌ Translation: Your loyalty is prominently on many doors vital. and windows of small busiFrom retail stores to restauMELODY PARKER melody.parker@wcfcourier.com ‌

Locally Owned and Operated Since 1980 The Area’s Largest Selection of the Highest Quality Meat!

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rants, farmers’ markets to coffee shops to plumbers, heating and cooling specialists and hearing aid services, patronizing locally owned businesses keeps the local economy moving. It creates local employment, and the sales taxes generated support schools and the community.

“As a business owner, shopping local keeps me in business and employing local people, and continuing to offer a broad choice of products and services,” says Heidi Tietz De Silva, owner of Petersen & Tietz Florists and Greenhouses.

“We know our customers beyond just a customer level. We will get things in and a specific person will come to mind, ‘So and so will love that.’ We get to know our customers. It’s also the whole relationship of community that brings us all closer

together.”

About half of all private sector workers are employed in small businesses, according to the Bureau of Labor. Choosing a locally owned store for your shopping needs generates almost four times as much economic benefit for the surrounding region compared to shopping at a chain, according to the Institute for Local Self-Reliance.

Local businesses are owned by your neighbors and friends, and the wages they pay to employees are spent in the Cedar Valley for housing, food and fuel, for example. They pay taxes that provide necessary public services like police, fire, roads and schools.

If shoppers tell themselves “a couple of local purchases won’t make that big a deal, or it’s easier to go to the big box store, or I

can save time shopping online,” those are the thoughts small businesses are up against.

But local businesses can cater to their customers’ tastes and preferences better than a national chain store or shopping online. At the same time, a practice called “showrooming” — visiting a store or stores to see a product or try on a garment before tracking it down online for a lower price — is a challenge for locally owned retailers.

From a personal perspective as a consumer, Tietz De Silva appreciates shopping at favorite stores that know her likes and needs, and offers a sense of individuality.

“If everyone dresses alike, decorates their homes alike, cooks alike because that’s all Please see Businesses, Page 4

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4 | Sunday, July 31, 2016

Local first

“As a business owner, shopping local keeps me in business and employing local people, and continuing to offer a broad choice of products and services.”

Heidi Tietz De Silva, owner of Petersen & Tietz Florists and Greenhouses.

Businesses From 2

that’s available, regionalism and what’s unique to your community goes away. Not everything benefits from

standardization. There’s a sense of frustration that as more and more people shop online, there are less choices locally.”

Not surprisingly, small businesses are part of a more extensive business network

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in a community. The success or failure of one business can impact the others. Closed businesses or a gutted downtown block can reduce property values, for example.

Kevin Schreiber, general manager at Roth Jewelers, believes anything he can purchase locally makes a better community to live in.

“Independent businesses give so much value to a community. Sometimes it seems like there’s a price difference in buying locally, but it’s worth it because if there’s a problem when you purchase something, it’s easier to get satisfaction with warranties and repairs,” he explains.

Roth Jewelers has been in business 85 years and plans to make it to their 100th anniversary and beyond. Buying jewelry isn’t an everyday transaction for most people, Schreiber points out, and when that purchase is made, a long-term relationship begins.

“And we take care of the jewelry they purchase from us with cleanings and repairs. They feel comfortable trusting us with their treasures, and we make sure we’re treating it with respect.”

A busy local shopping area also can be an advantage when selling a home or luring new companies to settle in the Cedar Valley.

More money staying local also means more funding for important organizations such as charities and fundraiser events. Small business owners are more likely to make these types of social investments in the community, according to research by The American Small Business Coalition.

From local art groups to youth sports teams, small business owners are quick to offer their sponsorship and money to help support community groups. This helps create customer buy-in for business owners, as well as a reputation for genuinely caring about their communities.

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6 | Sunday, July 31, 2016

LOCAL FIRST

Consider these 13 reasons to buy local T‌ hink local first + Buy local when you can = Being a local!

1

Creates good jobs: Small local businesses are the largest employer nationally and in our community, provide the most jobs to residents.

2

Get better service: Local businesses often hire people with a better understanding of the products they are selling and take more time to get to know customers. Local shops and businesses value their customers.

3

More products, affordable prices. Local shops sell a wide range of great products at affordable prices. Many all cost is often much higher. people fall out of the habit of shopping locally and are then surprised by the range of Shopping local retains products and gifts available. our communities. People don’t like losing shops and services in small towns but Shopping local saves don’t equate this to how they you money. Marketers spend their money. Most peohave done a good job of convincing us that local busi- ple can get to their local shops easily, and this is especially ness equals expensive. If you important for the elderly and add travel, fees to transfer items and your time, the over- young generations and those

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6

Buy local and support yourself: Several studies have shown that when you buy from an independent, locally owned business, rather than a nationally owned businesses, significantly more of your money is used to make purchases from other local businesses, service providers and farms — continuing to strengthen the economic base of the community.

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Support community groups: Non-profit organizations receive an average 250 percent more support from smaller business owners than they do from large businesses.

8

Keep our community unique: Where we shop, where we eat and have fun — all of it makes our community home. Our oneof-a-kind businesses are an integral part of the distinctive character of this place. Our tourism businesses also benefit. “ When people go on vacation they generally seek out destinations that offer them the sense of being someplace, not just anyplace,” says Richard Moe, president of the National Historic Preservation Trust.

Sunday, July 31, 2016 | 7

Local first

SHUTTERSTOCK PHOTO‌

9

Reduce environmental impact: Locally owned businesses can make more local purchases requiring less transportation and generally set up shop in town or city centers as opposed to developing on the fringe. This generally means contributing less to sprawl, congestion, habitat loss and pollution.

10

Invest in community: Local businesses are owned by people who live in this community, are less likely to leave, and are more invested in the community’s future.

the long-term. A multitude of small businesses, each selecting products based not on a national sales plan but on their own interests and the needs of their local customers, guarantees a much broader range of product choices.

13

Encourage local prosperity: A growing body of economic research shows that in an increasingly homogenized world, entrepreneurs and skilled workers are more likely to invest and settle in communities that preserve their one-of-a-kind businesses.

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11

Put taxes to good use: Local businesses in town centers require comparatively little infrastructure investment and make more efficient use of public services as compared to nationally owned stores entering the community.

12

No cookie-cutter approach: A marketplace of tens of thousands of small businesses is the best way to ensure innovation and low prices over

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8 | Sunday, July 31, 2016

LOCAL FIRST

Hit the streets to explore local shops, boutiques ‌Once you look beyond the big box retailers, it can sometimes be amazing to discover the unique, local businesses that have been your neighbors for years.

From looking beyond the major coffee chain for the local

place off Main Street to hitting Get to know the the downtown boutiques in- Chamber of Commerce‌ stead of the major department stores, shopping local is a great Most communities — even way to support your community small and mid-size cities — have — and maybe even track down a Chamber of Commerce. Take some unique deals. advantage of them.

But, where do you start?

A good Chamber of Commerce should be at the heart of the local business climate in your community, and many publish directories and brochures designed to spotlight the local businesses in your area.

Drop by one day when you’re in town, or just pull up a business directory online. Flip through the categories and see just how many businesses you don’t recognize — but might want to check out.

Keep eye on local news ‌

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Many local papers also provide coverage of unique businesses, so keeping an eye on the happenings in your hometown is an excellent way to discover some new, local businesses.

Social media also is an excellent tool for discovery. Like or

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follow one local business and it Just start exploring‌ stands to reason you’ll get recThough all those routes are ommendations to check out a a great way to get primed on few more. Also, see which busi- your local shopping landscape, nesses your friends follow. nothing beats just getting out and strolling the streets to see what’s available.

The best approach: Devote an afternoon to your own walking tour, paying attention to the businesses you probably drive by every day without a second thought. It’s operated with over amazing what you might find.

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Find more options ‌

Small businesses offer great year-round options for gifts and home décor. From locally produced furniture and decorations to unique homemade crafts, local shops are churning out amazing products that make great gifts for friends and family members.

The biggest push to shop local comes around Christmastime every year — on the last Saturday of November. Launched by American Express in 2010, Small Business Saturday has rapidly become part of the national narrative on Christmas shopping.

This year’s Small Business Saturday is Nov. 26.

Sunday, July 31, 2016 | 9

LOCAL FIRST

Eat local at restaurants and farmers’ markets ‌The phrase “Shop Local” typically evokes images of strolling down Main Street with boxes and bags in hand. But shopping local doesn’t just mean hitting the local boutiques and antique shops; it also means eating local.

According to national statistics, local restaurants re-circulate about 79 percent of their revenues locally, compared to 30 percent for chain eateries.

Local food is better for you‌ According to a Michigan state report, local food has a shorter time between harvest and your table, and it is less likely that the

nutrient value has decreased.

Food imported from far-away states and countries is often older from having traveled a great distance and sits in a distribution center before it gets to your store.

Right under your nose‌

Sure, most people like the comfort and stability of major restaurant chains. You know the menu, you know what to expect, and they’re typically easily accessible right off the highway.

Look a bit closer and you could have a whole lot more variety in your own backyard than you’d ever dreamed.

The easiest way to eat local is to be adventurous and pop into new and different restaurants around your hometown.

From the mom-and-pop diner to the downtown bistro, you will rarely go wrong by taking a few chances. Supporting new restaurants can be a great way to expand your palate, while also helping sustain local jobs.

Hit up the farmer’s market‌ This is arguably one of the biggest, and often most forgotten, ways to eat local. Definitely try out the cuisine at local restaurants, but, when it comes to fruits and veggies (and even honey and canned goods), it’s hard to beat the freshness of the stuff from your own county and state.

Local farmers fill up farmers markets every week, selling goods grown right in your hometown. Sure, it might cost a bit more, but it’s almost guaranteed to be fresher than what you might pick up at the grocery store — and that purchase will help ensure there are local veggies available in the years to come.

As demand for locally grown fruits and vegetables has in-

COURTESY PHOTO‌

creased, so too has the number of farmers markets in both rural and urban areas.

The U.S. Department of Agriculture announced that the number of direct-sales markets increased 9.6 percent in 2012, with California and New York leading the charge.

USDA-registered farmers markets topped 7,800 in 2012.

In 1994, there were 1,744.

Catalyzing some of this growth has been the USDA’s

work to make the markets accessible to people of all income levels, including by making many of them eligible to accept payments from the Supplemental Nutrition Assistance Program, formerly known as food stamps.

Fresh fruits and vegetables drive traffic to farmers markets, but other popular items include meats, artisan cheeses, homemade jellies, crafts and live entertainment.

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local first

Look for special ‘finds’ and unique items ‌The big box retailers might have more stuff, but you can almost guarantee they won’t have everything you’ll find at a local shop.

As The Guardian notes, independent shops often stock items made locally that might not be available elsewhere.

They make the example: “Buy a dress by a fledgling designer and there is little chance of turning up to the office Christmas party wearing the same as someone else.”

Along with clothing, the report also notes local business can be the best place to find one-of-a-kind items, such as toys and jewelry. Local entrepreneurs often team up with local stores to show off their wares, and it could make for an exciting and unique find.

Keep an eye out for local books and art

You can even meet new friends

Since local bookstores and shops are less beholden to corporate stocking issues, they often branch out and carry everything from books by local artists to the new album from a local band. It might be below the surface, but many communities have their own burgeoning art communities.

Local businesses are typically where they shine through.

These are things directly connected to your local area, with its own unique flavors and charms — things you won’t find anywhere else, other than your local community. Supporting those things can keep you plugged in to the world around you.

All kinds of groups are almost certainly already meeting up weekly and monthly at your local cafes and coffee houses — and your new best friend could be there waiting for you. Local restaurants often host local groups and clubs, so make a point to check out your local newspaper’s event listings, or the bulletin board (or Facebook page) at the coffee house, to see what they have coming up. Most shops host meetups for everything from book clubs to cycling enthusiasts. If it matches up with your hobbies (or if you’re looking for a new one) local businesses are the perfect conduit to getting plugged in.

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Sunday, July 31, 2016 | 11

LOCAL FIRST

Make shopping local a family affair, contest ‌It’s never too early to pass on the values that drive you to shop local and support your neighbors. The children in your life are impressionable. Make a good impression by explaining the importance of shopping locally.

Plant ideas‌

They may be future entrepreneurs, and it’s never too early to plant that business acumen. Teach them the basics of starting a business, and introduce them to shop owners.

Prompt them to ask questions about being a business owner and then keep discussions going even after you’ve left the store.

Do you have a business degree or some kind of training in

marketing? Why not lend your or create clever social media expertise to a small business in content. need of some brand improveHelping small businesses with activities like this is not ment. only a sign of solidarity from a veteran businessman or Reach out to help‌ Small business owners are woman, but also a great way to busy and can run out of time gain free, intern-like experiat the end of the day to launch ence for college students. an email marketing campaign Build your clips now by of-

fering to handle all social media accounts for a local business owner who agrees to put you in charge. You’ll be gaining valuable hands-on experience that will look strong on a resume.

friends. Start now by tallying up how much money you spend in local businesses. You can even start a blog or spreadsheet to track spending.

At the end of the year, see who spent more locally. The winner gets treated to a $20 Have a contest‌ This year, make shopping gift card to her favorite small a contest with your closest business.

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14 | Sunday, July 31, 2016

LOCAL FIRST

Hometown shopping saves time, energy costs Not only can shopping ‌ local help keep your community vibrant and ensure more varied shopping options for the future, but, it can also save you time.

As an article in U.S. News and World Report notes, you must

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account for energy costs associated with shopping at major retail complexes or big box stores.

Jeff Milchen, co-founder and outreach director at the American Independent Business Alliance, noted Americans have been “increasing our driving

significantly over the past several decades, and it’s due almost entirely to shopping. Plus, time is money.”

Consider the local options before heading out of town.

Each community is different, but finding out what’s down

the road can certainly help save you some time. From a corner hardware store to a boutique in downtown, local shopping options can often help fill the gap that could be pushing you to drive outside your community to shop.

Perhaps the item you’re looking for at a big box store in another town could be found locally? Even if it costs a few dollars more, you’d almost certainly make up that difference in gas and time once it all evens out. Taking the time to learn a bit more about the business community in your own town can save you a lot of time in the future.

You might be able to get most of your shopping done at a specific big box store in a neighboring city, but look into how much of that you could get done in your own hometown. Even if it involves a few extra stops, you could still cut down your driving time quite a bit. Plus, that money stays in your local community.

Milchen also noted how local businesses tend to source and support other local businesses, meaning your patronage at one typically goes a whole lot further than you might think.

In the report, Milchen said he prefers to look at it this way: “Shopping at locally owned establishments can leverage community funds times three, on average. For example, by supporting a local clothing boutique, a consumer is also supporting a local attorney, tax preparer and printer. Local businesses tend to source small manufacturing and banking needs closer to home, as well.”

To be fair, big box stores do serve a purpose, and, yes, Costco’s prices can be awfully tempting. But the next time you think about getting in your car to drive across town, consider the environment, advises Charles Matthews, professor and executive director of the Lindner College of Business Center for Entrepreneurship at the University of Cincinnati.

Sunday, July 31, 2016 | 15

local first

Supporting local merchants helps community ‌Shopping local is the easiest ing. It flows out, like a wound.”

TIME that supporting local busi- eryone likes variety, right? sive community benefits on the Yes, the product at the big box nesses can be a way to “shift the way to help your community Though it might cost a bit more back end, from tax support to thrive. When you shop at local retailer might be a bit cheaper, but balance” to keep both local and on the front end, Boyle noted that keeping a downtown viable for stores, it creates and sustains lo- NEF researcher David Boyle told national options available. Ev- buying local can have those mas- future business growth. cal jobs and helps provide unique shopping options for your community.

Plus, supporting local merchants over major retailers is proven to keep substantially more WELDING SUPPLY CO. money in your own community.

According to the research firm Civic Economics, for every $100 Wapsie Pines you spend in a local business, Locally Owned approximately $68 stays in your and Operated! community. When shopping at a local branch of a chain store, just $43 remains in the community.

Yes, both purchases certainly help to by keeping tax revenue in your to save save town, so the local government can do everything from pave roads to keeping the sewer functioning properly. But for maximum bang M-Th 9-5 for your buck, its hard to beat the Fri & Sat 9-2 Excludes Excludes perennials, perennials, local corner store.

• Welding Equipment Sun – closed shrubs, shrubs,and and trees. trees.

A shift has occurred over the • Industrial, Medical and Specialty Gases past several decades, as the main shopping focus shifted away from • Safety Equipment and Related Supplies the down-town core of most towns and into larger shopping 900 Commercial St. Waterloo centers built on the outskirts (319) 232-6861 • www.SupWeld.com (largely due to the available space needed to build large developments). That’s not a bad thing, when done in balance, but the New Eco-nomics Foundation notes it can sometimes result in concrete & masonry downtowns becoming “ghost towns” over time, as shop-pers stop supporting local stores and they eventually have to shutter.

NEF researcher David Boyle said via TIME that “Money is like blood. It needs to keep moving around to keep the economy go-

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local first

Local vs. online, big box

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‌Big box and online retailers may seem convenient, but it’s important to see the impact these shopping methods have on your local community.

Though statistics show locally owned businesses typically reinvest more in the local community, shopping at big box retailers in your hometown still keeps those tax dollars flowing back into the area.

When you shop in different towns, those taxes go to pave roads and operate parks in those communities. When you shop at home, no matter the type of store, that tax money stays local. Those funds are vital to keeping your town up and running.

It’s hard to argue against the utter convenience of online shopping. Services such as Amazon Prime can have just about anything delivered to you in two days or less (often with free shipping).

In many cases, that can be a great

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way to go, but it’s important to realize the detrimental effect online shopping is having on local retailers.

Online sales are only getting stronger by the year, with ComScore reporting year-to-year increases of around 10 percent in online spending during the holiday shopping season. Many retailers are reporting strong growth on their sites, according to Forbes.

Are the savings worth it?

Online retailers are able to keep prices low because they cut out much of the brick-and-mortar overhead required for a storefront.

Plus, some online sellers aren’t required to add taxes to your purchase in some states, which also can help keep prices low. But like most things, finding balance between what you buy online and locally could be the best approach.

The Retail Alliance notes: “This situation is stifling local business growth and threatening small businesses nationwide. While public opinion continues to move in favor of equity through sales tax collection, some in Congress continue to fight against sound policy based on simple fairness, good economics and common decency.”

At the same time, businesses need to have a web site to provide customers with an online resource to learn more about what they offer and as a tool for making more money. So why do only 45 percent of small businesses have one?

That statistic comes from a 2013 survey of more than 3,000 small businesses conducted by Google and research company Ipsos.

If you’re intimidated by building your own website, don’t be.

It’s easier than ever. Think about the time you spend every morn-

ing coming in to work, starting the coffee and chatting with your employees.

In that timeframe — say 20 minutes — you could build and launch your own website. There are many online platforms that make it easy and free to create your own online presence.

You don’t need to be a coding genius to figure it out. Search for a “free website builder” and watch the options come to you. These platforms come with ready-made templates that you can fully customize with photos of your business and text that fits your business strategies.

Adding a blog to your website is a great way to build credibility with your audience. Use the space to give tips and thoughts on your industry, not sales pitches and coupons. Your readers will appreciate the free information and will remember your expertise when it comes time to make a purchase.

If you’re not collecting money through e-commerce on your site, you’re missing out on the chance to capitalize through online sales.

There are affordable e-commerce platforms that will basically build your online store for you — yet another benefit of today’s technology helping the small business owner.

Live chat immediately gives your website the feel of a bigger operation. Again, there are free and inexpensive services online that make the process of adding live chat to your site a breeze.

You can designate yourself or an employee to be at the ready for incoming questions from customers or even set up boilerplate responses to frequently asked questions.

Sunday, July 31, 2016 | 17

LOCAL FIRST

Work with local firms on home projects ‌Planning a home remodeling project can be a stressful experience. Why exacerbate that tension by relying on out-of-area distributors for your materials?

Before your project gets started, be sure to include local companies in your search for building materials, design pieces or custom furniture.

Local shop owners are always looking to add more business and projects and can be just as talented and stocked as major manufacturers. Instead of opting for the big box store for lumber, for example, you probably have a family-run operation in your neck of the woods that sells the same type of wood for comparable prices.

We’ve already discussed the financial impact that shopping locally can have on your community.

In this case, it also can help you take more pride in your remodeling project knowing your lumber came from right down the road.

Carbon footprint‌

Shopping local businesses can help you greatly reduce your remodel’s carbon footprint. By choosing nearby companies for materials, you’re cutting down on the energy required for delivery.

If sustainable flooring has to be shipped from China, is that really contributing to the “going green” movement? Check close to home first to help lessen your remodel’s impact on the environment.

No more waiting weeks for faraway manufacturers to ship your remodeling materials. Shopping locally means you can get your custom glass, doors, shower frames, mirrors or furniture in a quicker time frame.

Many local shops will cut the

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18 | Sunday, July 31, 2016

LOCAL FIRST

Small Business Saturday is Nov. 26 ‌Going up against Black Friday and Cyber Monday is no easy task, but Small Business Saturday continues to hold its own as a national movement.

The effort is celebrated every year on the Saturday following Thanksgiving, meaning this year’s edition is slated for Nov. 26.

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American Express started Small Business Saturday in 2010 and rewards consumers who use their American Express cards on the holiday. But is it working?

Supporters and coordinators offer a resounding “Yes!” and point to the following numbers.

In 2015, 95 million people went out to shop at small businesses, according to American Express.

Here are statistics from the Small Business Administration: There are 23 million small businesses in the country.

Small businesses have increased by 49 percent since 1982 54 percent of U.S. sales happen at small businesses.

Small businesses have created 8 million jobs since 1990.

Franchised small businesses employ roughly 8 million people, and make up 40 percent of all American retail jobs.

Small Business Stats from Other Sources Small businesses donate 250 percent more than larger businesses to non-profits and community causes (Source: Se-

SHUTTERSTOCK PHOTO‌

attle Good Business Network).

If you spend $100 at a local business, roughly $68 stays in your local economy. If you spend the same are a large business, only $43 stays in the local economy (Source: Civic Economics Study in Grand Rapids, Michigan).

As of 2014, Small Business Saturday has more than 3.4 million Facebook fans, growing by 100,000 since 2013.

More than $5.9 billion was reportedly spent on Small Business Saturday 2014, giving the day a $200 million year-over-

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year growth over the past two years.

American Express says it’s worth noting that even if consumers don’t spend on the actual Saturday, the publicity of Small Business Saturday has given heightened awareness to consumers. They’re likely to increase spend at small businesses on other days.

Statistics available from 2013 showed success, as well. Approximately $5.7 Billion spent, which was 3.6% more than 2012, according to American Express.

In addition: 41 governors gave proclamations supporting Small Business Saturday their support.

Small Business Saturday has more than 3.3 million Facebook fans. On October 14, 2014 there were 3,317,865.

77 percent planned to shop at small businesses on the holiday.

71 percent of people were aware of the holiday, compared to 67 percent in 2012.

294 cities made proclamations welcoming the holiday.

370 advocacy organizations endorsed the holiday.

Twitter saw more than 352,000 tweets about the day, which was 65 percent more tweets than 2012.

93 percent of Americans believe in supporting small businesses.

Sources: American Express, Small Business Administration, Businessweek

Sunday, July 31, 2016 | 19

local first

Innovation factor in family-owned businesses It’s no secret that there are ‌ countless challenges facing today’s family-owned businesses. In fact, less than one-third of family businesses successfully migrate from first to second generation ownership. Another 50 percent never survive the transition from second to third generation, according to Forbes.

While every organization has its own priorities and category-specific issues to manage, family businesses that fail to innovate run the risk of losing market share to competitors, losing key staff or simply operating inefficiently so that they cannot survive. Innovation is a key differentiator between market leaders and their rivals, and can ultimately ensure longevity.

IDEAL Industries, Inc., a manufacturing company based 60 miles west of Chicago, is consistently growing and expanding under four generations of family ownership, and is celebrating its centennial anniversary this year.

Their philosophy is simple: focus on the markets that exist today, while ensuring that they are poised to serve those of tomorrow.

“The beauty of being family-owned is that we have the freedom to make executive decisions with the long-term in mind,” said IDEAL Chairman and CEO Jim James. “We think ten years ahead—how will our family, board and business be different? What are the risks that lie ahead and how can we mitigate them now?

How do we put our core business out of business? Because if we don’t, someone else will.”

While IDEAL may best be known for their wire connectors, their innovations also touch the sky, as nearly every commercial jet flying today has been constructed using IDEAL wire strippers.

They’ve even reached the moon, as part of the critical equipment on NASA missions. Their Audacy advanced wireless lighting system is installed at major league ballparks, college campuses and airports.

Best of all, they touch the daily lives of skilled tradesmen around

In fact, less than one-third of family businesses successfully migrate from first to second generation ownership.

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the globe, who reach for IDEAL, Western Forge and SK brand hand tools to get the job done right.

However, innovation is not only about designing a new product or service to sell, but also focusing on the development of new business processes and best practices in order to improve efficiency, find new customers, cut down on waste, increase profits and keep employee retention rates up.

In order to prevent becoming another failing statistic, companies have no choice but to prioritize innovation. Family

stewardship must ensure their professional management team has the strategic alignment, patience and resources available to foster an innovative workplace environment—one that produces products and services that continuously cater to today’s competitive marketplace and consumer.

Family-owned businesses must commit to a high reinvestment rate in order to support a robust innovative pipeline that will allow them to survive and thrive into the next generation.

(Brandpoint)

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