Lawson and Larry Thalmann, current president of Chalet , representing the 3rd and 4th generations of the family business with a truck paying homage to the generations before them
F rom Succession to Yellowstone , popular TV shows paint a dramatic picture of modern-day family businesses. While these portrayals are often highly exaggerated, the reality is that running a family company comes with unique challenges – especially when multiple generations are involved. In fact, statistics show that only 12% of these businesses make it to the third generation, and even fewer survive into the fourth. Yet on the North Shore, a handful of them have defied the odds, surviving (and thriving) across several decades. So, what’s their secret? We spoke with some of them to uncover the common threads behind their longevity. BUILDING on a LEGACY A strong legacy is the foundation of any family business, but long-term success depends on how each generation upholds and evolves it. For Lake Bluff-based Terlato Wine Group, that legacy began in 1938 with a small retail store in Chicago. “The first generation laid the groundwork, establishing quality and building a reputation,” says President and CEO Bill Terlato. “The second generation, led by my father, expanded those relationships with some of the finest wine estates around the world.” Since joining the business in the early ‘80s and stepping into a leadership role in 1994, Terlato has continued the family legacy while innovating and significantly expanding their portfolio. Today, Terlato Wine Group is recognized in nearly every aspect of the industry, from retail to distribution, importing, marketing, winery ownership and vineyard development. Terlato’s children are also involved.
Similarly, Loomcraft Textiles owes much of its success to being a trusted name that’s synonymous with quality. “Reputation is everything,” says Andy Frankel, President of both Loomcraft, the retail business, and Dorell Fabrics, which has wholesale operations nationwide. The business got its start when Frankel’s great grandfather began buying closeout fabric around the country and selling it. Frankel’s father expanded into retail, and today Loomcraft is a go-to destination for North Shore residents in need of fabric, upholstery and drapery/ window treatments. Over the past eight years, the fourth generation has continued to grow the business, keeping their focus on quality control.
Loomcraft Textiles: family friendly fabrics, custom roman shades, sun shades, drapery panels and reupholstery
BALANCING TRADITION with INNOVATION
While a legacy is the heart of a successful family business, the ability to adapt is essential to remain relevant and competitive. Take Chalet in Wilmette, for example. The company’s roots trace back to 1917, when L.J. Thalmann started mowing his neighbor’s lawn at 17 years old. Over the decades, Chalet evolved from a yard care business to a full-scale landscaping and lifestyle destination.
ASPIRE ON THE SHORE // 13
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