it’s hard to let someone else come in and tell you how to
It’s a sentiment shared by nearly half of family business
leaders, according to a PwC survey of U.S. family businesses,
“The Missing Middle: Bridging the Strategy Gap in US
In the survey, 46 percent of family business leaders said
they are reluctant to pass the baton to the next generation.
Meanwhile, according to the report, “Without taking
risks in the medium term, companies cannot effectively
bridge the gap between entrepreneurial vision and a
Paola Bravo took the right risks to defy the odds.
Only 30 percent of family businesses last into a second
generation, 12 percent make it into a third generation, and
3 percent progress into a fourth generation, according to the
Family Business Institute.
Paola Bravo knew she had to grow business to have a busi-
ness. The PwC survey shows that 87 percent of family ;rms
said they plan to achieve their growth goals by continuing to
sell the same products and services that they do now. Eleven
percent said they intend to diversify.
“It does make us wonder whether they’ll still be in
business a few survey cycles from now,” the report states.
“The 42 percent of ;rms that told us they plan to start new
entrepreneurial ventures look better poised for the future. But
an entrepreneurial venture needs legs, and that is where good
medium-term strategic planning is needed.”
For Paola Bravo, that meant getting on airplanes and
knocking on doors to grow Bravo from 12 employees to 170.
“I just opened up my third location,” she said.
Her father rests easier these days.
“Paola has done an amazing job of building the company
to what it is today, and I can’t help but be so proud of her
for that success,” he said. “She has a great team, including
Don Mukai, an avid inventor and with the company for 23
years, Ed Panconi, COO and in charge of overall operations,
and Micah Nelson, lead salesperson and an expert in ;eld
installations. Our engineering team, including Max Cohen,
Juan Manuel Pelayo and Adam Macas, has prepared our
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