Hamilton has always been proud to be a family-owned business. When you consider the fact that our founder, John Weigel, started Hamilton in 1907, we’re pretty grateful to still be family-owned and operating five generations strong today.
And as we prepare to open our next-generation corporate headquarters in April, it’s a perfect time to reflect on these six benefits of a family-run business, as outlined by Forbes.
You can reach more customers when you combine the experience and wisdom of older generations with the tech-savvy younger generation. One side shares the importance of structure and customer service while the other side leverages social media skills and emerging market trend know-how to grow the company. Here at Hamilton, we have more than your average 20- to 30-year veterans collaborating with a sizeable crop of Millennials. Both sides contribute their strengths to deepen problem-solving, foster innovation and ultimately create a better product and service.
Less turnover rates
According the Ernst & Young, family businesses have a 2% less turnover rate than non-family corporations—likely due to stronger familiar bonds. Family businesses are also less likely to reduce their workforce during tough times to maintain morale. We’ve been told that Hamilton’s corporate culture treats employees more like family, and we’ve been rewarded with an incredibly stable work force as a result.
Strong work ethic
Employees tend to have a more vested interest in the company, with a stronger sense of pride and responsibility in a job done right. Maybe it’s our German work ethic, but Hamiltonians believe in working hard and working smart. Thankfully, we also know how to play hard, too.
Many family employees tend to get exposure to the business at a young age, having been immersed in the culture since childhood. When the company needs new blood, the younger generation can step in already knowing the business inside and out. Most if not all Hamilton family employees started out working the production floor during their high school summers. That way, we could understand firsthand the level of skill and experience behind the quality that our customers have come to expect.
A shared sense of purpose, collaboration and camaraderie are three hallmarks of a family business. This can deepen trust and respect that reverberates throughout the organization. We at Hamilton believe that culture trumps strategy any day. When you consider our low turnover, our long view with capital investments, and our commitment to our customers, the result is a culture that values trust, commitment and know-how. It’s a competitive advantage we don’t take lightly.
More success, more staying power
When a family business is successful across multiple generations, that stability can fuel family members’ continued drive to succeed. Research shows that when the economy slumps, family-run businesses shine. Some say it’s because family businesses focus on resilience more than performance—frugal in good times and bad. The pandemic has given us a chance to work in the lab, build stuff and tune our engines. As a result, we’re opening a new state-of-the-art manufacturing facility and will be releasing major products in the coming months.
Exciting times ahead!