This is a question that should instill a sense of pride. The entrepreneurial spirit that started the family business is both a touchstone for the family and a competitive advantage in the market place. It is a story generally built on clear values, creative problem solving, experimentation and hard work.
Regrettably, most family businesses fail by the third generation, not for want of any of these qualities, but from changes in time, place, and markets.
Family businesses that include ongoing innovation as part of their strategic planning, similar to the spirit in which the business was started by grandpa and his brothers, are ensuring their multi-generational longevity.