The news show 60 Minutes recently produced a short documentary on Tabasco, the hot legendary pepper sauce company now in its fifth generation, which makes them a very rare breed. Tabasco has beat-the-odds of passing a business on from one generation to the next, not once, but several times.
The family business is still the backbone of our economy and remains the largest employer in the United States. Despite how many family businesses there are the long-term survival rate beyond the original founders is dismal.
- More than 28 million small businesses in the U. S.
- Small business produces 65% of new jobs
- Only 50% survive for 5 years
- Only 33% of family owned businesses make it to second generation
- Only 12% make it to the third generation
This is what makes the story of Tabasco so incredible; it is now in its fifth family generation and started in 1868 right after the civil war.
John Manlove Marketing & Communications is now in its third generation started by Jim Manlove in 1961, the company was passed to his sons James Manlove and John Manlove in 1982. John Manlove took complete control of the family business a few years later and now his two daughters Melody Manlove Farkas and Leah Manlove Howard work in the advertising agency – putting the firm in its third generation. Working for an advertising agency that is now 53-years-old and also in its third generation makes this ad agency part of the rare 12%ers. While it is very rewarding to beat the odds we are not at rest but instead busily raising the forth generation to take the reins -look out Tabasco.