Electro Soft Inc. is proud to have been among the 98 family-owned businesses honored by The Philadelphia Business Journal during its inaugural Family-Owned Business Conference on Oct. 4.
In a September email announcing the honor, Business Journal Market President and Publisher William Smith called Electro Soft “part of that major economic engine” that is family business. “We’re thrilled that you will be included in the Largest Family-Owned Businesses list,” he wrote. “The economies of the United States and our region would come to a screeching halt without family business.”
The conference included panel discussions and interviews packed with tips.
During an interview with Bill Mignucci Jr., CEO of Di Bruno Bros., Mignucci said you need to be “respected first, liked second” when working in the family business. Respect is
important, he said, because you may need to someday fire a family member — like he did.
Mignucci said one of the things the family created is a 1-page Family Constitution that lays out expectations. Its purpose, he said, is to let family members understand that they will be “held to a higher standard” — and it includes an organizational/accountability chart. Di Bruno Bros. also has a Brand Book that “describes the DNA” of their business, he said.
Other speakers included Bill Yoh, owner of Day & Zimmerman and Chairman of Yoh; Benny Brownstein, founder of the Brownstein Group; Jim Wood, Executive Director of the Initiative for Family Business and Entrepreneurship; and many more.
Panel members included Adam Levine, Partner, Joseph Levine and Sons; E.F. Bud Hansen III, CEO, Normandy Farm; Amada DeCiello, Partner, Private Client Services Group Cozen O’Conner; and Christin Cardone-McClave, Chief People Officer, Cardone Industries.