"According to The Family Firm Institute, only about 30 percent of family businesses survive into the second generation, 12 percent are viable into the third generation, and only about 3 percent of all family businesses operate into the fourth generation or beyond." Evolution is critical to success, as well as strong processes and consistent vision.
Masterson's Food & Drink Group has successfully evolved into just that legacy. Initially established as a restaurant, they have expanded into the Number One catering seat in Louisville and now they are growing in the manufacturing world. In addition, they have diversified into an event facility (The Olmsted), a waterfront restaurant (Captain's Quarters), and a chartered yacht (CQ Princess).
While discussions to migrate more into the manufacturing arena were already underway, COVID definitely escalated that plan to a top priority. However, changing business lines is not an easy task. It takes a lot of collaboration, a common vision, and lots of effort!
Join us as we discuss the dynamics of family business with Sueanna and how success continues into a third generation family business!
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