Family businesses – whether they were founded more than 100 years ago or in the last two years – are unique to the economic landscape. Like all companies, they must generate revenue and achieve enough profits on a consistent basis to remain in business year after year, but they have a deeper commitment beyond dollars and cents. Family businesses have a commitment to each other, their employees and their community that reflects the strong ties and values they were founded upon.
Yet, while family values can remain relatively steady, the economic landscape is constantly changing. In order to survive – like all businesses – family-run companies must evolve with the times to stay ahead of the competition and still hold onto the values that makes them unique.
Like family-run operations, Worcester Business Journal must change with the times. To this end, we have modified our Family Business Awards this year. Previously, we honored a handful of companies – usually four or five – as winners of these awards. Unfortunately, this meant many worthy family businesses went unrecognized in these pages and at our awards ceremony. It had gotten to the point where the backlog of companies we wanted to honor had grown to several dozen.
So, this year – much like the Academy Awards – we are announcing only the finalists for our Family Business Awards: 10 companies that stood out from the rest. Then, at our event on May 25 in Boylston, we will announced the winners of each of the four categories, which includes a new category for companies founded less than five years ago. We also will give out additional awards to family businesses that have gone above and beyond for philanthropy, innovation and maintaining their family values in the face of increasing market competition. To find out these winners, we invite you to either attend the event or keep an eye out for our digital update on May 26.
Read more about the 2016 Family Business Awards nominees: