You’ve probably heard the statistics on family business survival rates: only 30% make it to the second generation and of those, a mere 12% will survive into the third generation. Mrs. G TV and Appliance, in Lawrenceville, NJ is in that rare category, an achievement even more impressive when you consider that the company is an industry that’s been steamrolled by category killers like Lowe’s and Home Depot. The company was started in 1935 by Abe and Beatrice Greenberg and is now owned by their granddaughter. So how does a small, local appliance store survive and grow to $10 million in revenue in that climate? I recently spoke to Mrs. G’s third generation CEO, Debbie Schaeffer, who learned the business from her mother and grandmother. She shared five key ingredients in Mrs. G’s secret sauce.
via www.bnet.com
In my book, How to Jump-start Your Sponsorship Strategy in Tough Times, I recommend targeting small and medium-size companies which can benefit from sponsorship and involvement in your nonprofit just as much as larger corporations.
While this example is not sponsorship per se, it does provide insight into the mindset of business owners who value serving and participating in their communities.
What family or locally owned business could you partner with?
