This year was the most competitive yet for the New Jersey Family Business of the Year Awards luncheon, which is celebrating its 25th year, according to the judges.
That could come as a surprise, considering the perception of small, family-owned businesses in corporate America.
Al Titone, New Jersey district director for the U.S. Small Business Administration, said at least 64 percent of the U.S. gross domestic product comes from family-owned businesses, and these businesses return 6.6 percent more in assets than non-family owned businesses.
The challenges are mostly internal, typically a generational issue.
Whether it’s accepting changes and new ideas, or succession planning — and handling the sibling rivalry that comes with it — the survival of family businesses is a significant task, Titone said.
The annual event, coordinated by Fairleigh Dickinson University’s Rothman Institute, was held at the Crystal Plaza in Livingston, and honored 16 family-owned businesses in the state.
Sally Glick, principal and chief growth strategist at Sobel & Co., said the awards are an example of how these businesses develop on family legacy and pride.
Honorees were selected in two categories: over $10 million and under $10 million in annual sales.
Under $10 million:
- Bellia Enterprise;
- Beneduce Vineyards;
- Boyle Hotels Management Group;
- Chatham Moving and Storage;
- Intac Actuarial Service Inc.;
- Jarmel Kizel Architects & Engineers;
- Key Properties;
- McRae Capital Management Inc.
Over $10 million:
- The Andersen Cos.;
- Borden Perlman Salisbury & Kelly;
- Calandra Enterprises;
- Garden State Tile Distributors Inc.;
- Huntington Learning Center;
- Norwalt Design Inc.;
- Russell Reid;
- Wellshire Farms Inc.