Family Enterprise USA released recent results of their annual poll concerning growth and employment expectations in 2013. After polling 230 family-owned firms, an estimated 70 percent of respondents reported revenue growth in 2012 and the same number anticipate continued profit growth for 2013.
After big-box retail stores reported a modest 3.1 percent increase in sales for the 2012 holiday season, the shift may be moving back toward the family owned business, whose profits currently represent 50 percent of the Gross Domestic Profit, according to Inc. magazine.
Austin Rose, a second-generation family owner with the Yonkers, New York-based Randolph Rose Collection has seen these trends firsthand.
For more than 40 years, the Randolph Rose Collection has created bronze sculptures, fountains and statues for private and public display. Randolph Rose, the company’s founder, has three sons who now operate and grow the business.
“Our company identity is as a family business,” Austin says. “When someone calls our business, they know they’re speaking to someone from the Rose family, and that we take a personal interest in each and every project.”The “personal” may be one reason family-owned businesses are still seeing success in a tough economy. Austin says many customers are long-time customers who continue to return for additional public works projects or the installation of a sculpture in a new or renovated home.
Building a strong reputation within the art community is one of the reasons Austin says their family’s sculptures are seen around the world from some of New York City’s finest homes to a library in Ottawa, Canada, to a custom Davey Crockett sculpture for a Tennessee-based science museum.
Adjusting to Changing Times
Family-owned businesses are associated with tradition, which sometimes implies lack of willingness to change. It is the Rose family’s ability to adapt to changing times that lends itself to success, Austin says. For example, the business extends itself to custom creations, such as a sculpture of a beloved pet or a life-sized statue of an honored city official.
Customization represents a trend that’s been 15 years in the making, according to “The Los Angeles Times.” Companies such as Starbucks have worked to perfect it with drink modifiers such as skinny, double-shot or no-whip. The 2006 Burger King slogan “Have It Your Way” helped to revive its business while customized iPods and Nike shoes help to boost profit margins.
While often labor-intensive, customization represents a growing aspect of the family’s business. “Our motto is, 'we can turn your inspiration into our creation,'” Austin says. “The personalized aspect of our business reflects this and helps us hone our skills in customer service and idea execution.”
For more information on the Randolph Rose Collection, visit RandolphRose.com or call toll-free 1-800-462-5851. While you will get a family member, Bailey, the company’s Labrador retriever will not answer the phone.