Consider these secrets from a fourth-generation company for managing a family business.
Q: How do you work with relatives without driving each other crazy?
A: OK, so the question comes with a built-in bias. Working with your next of kin needn’t drive everyone nuts. In fact, a family business can offer its own rewards. Just ask Lili Fable, whose family has run New York’s Poseidon Bakery, a landmark Greek pastry shop, for four generations. “With family,” she says, “there’s love and there’s trust that you can’t have with other people.”
The patriarch of Poseidon was Demetrios Anagnostou–grandfather of Lili’s husband, Anthony–who started the business in 1923. Today, Lili co-owns the business with her son Paul and is its heart and soul. While no family’s recipe for success will apply to every business, the lessons learned by the Anagnostou-Fable clan, having sustained Poseidon since Calvin Coolidge occupied the White House, are worth noting. When we asked Lili for three secrets to working with family, she didn’t hesitate.
…to read this article in full, visit leading US entrepreneurial site, Entrepreneur.com.
