When family businesses take the time to share their stories, they create space for connection and connection. … [+]
Family businesses are home to a wealth of amazing stories spanning generations, but owners often don't take the time to reflect on and share these stories publicly. But when it does happen, the impact is powerful. Not only as a marketing strategy, but also to enhance the company's purpose externally and equip the next generation of leadership. The first annual VISbility rankings for 2024 show the majority of family-owned businesses committed to being a force for good, an important opportunity to share their story (and their character and values) with the outside world. It became clear that I was missing out.
In this article, we talk to three of the companies that chose to invest in storytelling to learn what happened when they did.
Boldly and Boldly talks to Radio Flyer's Robert Pashin
To celebrate the company's 80th anniversary, Radio Flyer's third-generation leader, Robert Pashin, built the world's largest Little Red Wagon in New York City and told his grandfather's story. We then asked customers of all ages to submit their favorite stories of Radio His Flyer His Wagon. The storytelling campaign was well received.
“This was the starting point for us to start articulating the story for the public and ourselves,” Pasin said. Storytelling has become a key part of the Radio Flyer brand. “Our product is really a way for people to tell their stories,” Pasin said.
But getting permission to tell this story wasn't easy. “Unless you have innovative stakeholders,” says Doug Gray, founder of Action Learning Associates. “It tends to be the next generation, not the older ones, who act as champions.” [of telling the family story]. There are two drivers I saw. One is the next generation that trusts digital.And the other person is a motherly figure – it could be your mom or your grandma. [who says] We want to document the story of how we built X and how we support this community and Grandpa's legacy. ”
Pashin had to fight upstream to tell his family's story. “We realized the power of our stories,” Pasin said. “We had never told the story about my grandfather publicly. My grandfather and father were very PR-averse. They didn't want any media coverage. So, on the 80th anniversary… When I was preparing for the movie, I had a big fight with my father.'' His father didn't allow him, so he got a job at a PR company.
His courage to go against his father's wishes paid off. Since their 80th anniversary celebration, they have found ways to tell their founding story again and again. “We've earned literally billions of media impressions by telling our story this way.” But Pasin's passion for storytelling goes beyond brand building.
The company is currently working with a manga artist to create an internal handbook that explores company values through playful stories. “This rulebook is actually the first time we codify storytelling about culture. [of Radio Flyer]” Pasin said. Pasin believes that employees would benefit from a written version to further enhance in-person development. “It would be great just to have a book that says, if you want to know how to succeed here, here's the recipe,” Pasin said.
Listen boldly to Jeff Moore of ATI Restoration.
ATI Restoration, a leading family-owned disaster recovery company, believes in storytelling. After publishing an organizational biography to commemorate his 30th anniversary of ATI, second president Jeff Moore decided to commission another book. But this time ATI was not the central figure. Rather, the book ConfluenceHere, we share the stories of the first five restoration businesses acquired by ATI from the seller's perspective. His unique M&A manual, this book shares his five different perspectives on divestitures, from wanting to retire, to dealing with complex ownership structures, to rescuing a business through a sale.
With a goal of growing through acquisition, ATI Restoration wanted a flexible way to engage with potential sellers. “I think it's our job to educate people about their decisions,” Moore explained. ATI Restoration is offering this book at conferences to industry professionals and those interested in sales. Feedback was positive.
“It was really helpful,” Moore said. “There's no pressure to jump on the phone. You can read a book and think, 'Oh, maybe this isn't for me,' or 'Maybe I want to know more.' This has been extremely helpful for some owners who are in the process of deciding when and if they are ready to sell their company.”
Selling a business is never easy, with legal procedures, inspections, negotiations, and communication with employees. It's stressful for everyone involved. This especially applies to their work. Restoration work can be physically and mentally exhausting, as it involves meeting customers in the midst of a disaster and working in buildings and homes affected by smoke, fire, and flooding. Most family-owned restoration companies liken their employees to family. Jeff Bronson is one of the sellers and says: Confluence, describes the process of selling as similar to grieving a loss. Moore is no stranger to the process, but most people only experience selling a business once in their lifetime. “It's a really tough decision. It's not all rainbows and unicorns,” Moore said. Ultimately, he hopes the acquisition process will be a net positive for the seller. For Moore, making sure the seller understands the process is the first step to building a successful and lasting relationship with the acquired company.
Electro Soft, Inc.'s Karla Trotman and her bold challenges that inspire you
While storytelling can have huge benefits for building your brand and growing your business, family business consultant Thomasina Williams points out that storytelling can also serve another purpose: honoring the inspirational qualities of previous generations and forging a connection to the present moment. “It requires vulnerability. And most of us are uncomfortable with that kind of vulnerability,” Williams said.
Carla Trotman, the second president of Electro Soft, Inc., understands this deeply. She set out to write a book about manufacturing and what the next generation would be like. But during her writing process, she realized that the real story was one of a family who persevered as Black entrepreneurs in a tough and high-barrier industry.
“I can't help but talk about how difficult it is to run a business while being black,” Trotman recalled. “It becomes a story of systemic racism. It becomes a story of why we couldn't put her father's face on the website for years.” Initially, the publisher told her I had some doubts about the choice of title. “I want to call this book 'Dark, Dirty, and Dangerous'…because that's what people think about manufacturing. And to be honest, that's what they think about black people.” By telling her family's story, she hopes to counter harmful stereotypes about both.
Additionally, for Trotman, it's a way to shine a light on the wealth disparity among Black people. “Owning a company is about creating wealth. It's generational wealth,” Trotman said. “It changed the trajectory of our entire family for generations. And when we don't talk about it and normalize it so that others feel like they can do it, [start a company]We will never change the black wealth gap. ”
Her book is scheduled to be published by Advantage Media in October 2024.
Take-out
When family businesses take the time to share their stories, they create space for connection and inspiration with customers, employees, and other business leaders. Whether stories honor heritage, combat stereotypes, or open meaningful spaces for empathy, the power of these stories has ripple effects that impact communities. What story do you have to tell? What are you waiting for?
