The secrets behind a successful 9 figure family business
Rob Lachenauer, the CEO at Banyan Global Family Business Advisors in Boston, was quoted in Forbes as saying: “In a non-family business, you can quit your job, and it’s usually a career-enhancing move. In a family business, you sure can’t quit your family,” But family businesses are the backbone of most economies. In the US, the immigration waves during the first part of the 19th century brought new Americans seeking greater economic opportunity, and many began family businesses. In Europe, the family business has been the backbone of trade dating back to the middle ages. So what makes a family business so solid and sustainable? How and why are they different from public companies and enterprises, and what can we learn from them. In this episode, we speak with one of the owners of a 9 figure family business in its 4th generation to understand how and why family businesses flourish.
Charles Bailes IV is part owner of ABC Fine Wines and Spirits and is one of the 4th generation family members running this 9-figure family-owned business. Charlie is The Executive VP of distribution and logistics for ABC Fine Wines and Spirits. He oversees 126 stores and over 1600 employees in Florida, always with a focus on his employees and his customers. He is a husband, a dad of 3, an executive, an entrepreneur, a Cross Fitter, a health nut, and a lover of sleep, even though he doesn’t get much. He loves meeting new people and having meaningful conversations. His main goal is to inspire others to act to help themselves. Charlie is passionate about sharing his knowledge and expertise on running a family business, crisis management, succession planning and does so whenever possible.