Before starting that business, you probably have asked, “What is the oldest family-run business in the US?
The US gained independence in 1776 when many businesses emerged. Some hotels, farms, and companies run by settlers are still operating.
The businesses have expanded, playing a crucial role in the global economy. It is estimated that family businesses account for more than 70% of global GDP, making them significant employers and innovators.
What are the secrets to the success of these family businesses? How did the business manage to conquer the scariest great depression? We’ll look into the success factors later in the article.
So, What Is The Oldest Family-Run Business In the US?
The oldest family-run business in the US is Zildjian Cymbal Co., founded in 1623 by Avedis Zildjian. The company is 400 years old and specializes in musical instruments.
According to the company’s website, they produce instruments with infinite sound capabilities. The Zildjian cymbals were the first instruments to be manufactured by the family.
The instrument made of metal could produce sounds without shattering. The family kept the manufacturing secret and passed it down to generations.
Exploring the History of Zildjian Cymbal Co
Zildjian Cymbal Co began in the 16th century and has lived the test of time. The first establishment was in Istanbul, Turkey.
Later, in 1929, it moved to Quincy; in 1973, it was in Norwell. In the United States, the business began in 1929.
Avedis I was an alchemist in the 17th century based in Ottoman. He was attempting to make gold and created a special alloy that produced a melodious sound. The alloy would later be used to make cymbals for military band matching.
The Zildjian cymbals became very popular in Istanbul, leading to the rise of opera and classical music. The instruments were later manufactured for two centuries.
In 1900, Italy faced religious and political tensions, forcing MacPherson’s great-grandfather to migrate to Massachusetts.
He brought with him the business marking the entry into the USA. During its entry into the USA, the company met a lot of challenges, including the great depression. Also, metal rations were not available because of WWII.
According to MacPherson, his grandfather endured the challenges, and later, the company grew with the rise of swing music, jazz, and big bands. Currently, Zildjian makes the same product but catalogues different sounds and effects for buyers.
Zildjian has three generations (14th,15th&16th) as the shareholders of the business. The 14th generation features Deborah Zildjian, the head of human resources, and Craigie Zildjian, the chairwoman of the board and president.
The 15th generation comprises three shareholders: MacPherson, Emily Zildjian-Hill, and Samantha Zildjian. All three 15th-generation shareholders have children who make up the 16th generation of Zildjian.
Revealing the Secrets to the Success of Zildjian Cymbal Co
Zildjian Cymbal Co has grown through 400 years. Many factors lie behind the company’s success.
Conquering the great depression was a milestone for the company. Below are the key factors that led to the success of Zildjian Cymbal Co, according to MacPherson.
1. Good Employees
MacPherson revealed the company has been successful throughout the years since they employ and retain the best workers.
The business has a rigorous way of recruiting employees who align with the vision of the business to promote growth and expansion.
He noted that the business values all the employees and treats them as part of the Zildjian family. This aspect has contributed to outstanding results for the business.
2. Demand for Acoustic Cymbals
The business has existed for 400 years and each year comes with new demand for more instruments. Global supplies have increased, leading to the acquisition of Vic Firth drumsticks and Balter Mallets.
The two companies have had a similar selling model, hence complementing Zildjian. The growth opportunity has put Zildjian on a global scale.
3. The Passion to Work with Family
The Zildjian family business has been solid, as each family member shows passion for the business. The shareholders note that separating is hard, and they all feel satisfied sharing the connection.
The family believes the business is more prominent than one family member, and they take themselves as the company’s stewards to push it through decades of growth and be part of history.
4. Learning from Other Family Owned Enterprises
Zildjian’s family-owned business has not been relying on its own ideas. According to MacPherson, the family relies on plenty of resources, including learning the best practices from other family-owned businesses.
5. Experienced Board of Directors
Zildjian family business has appointed an experienced board of directors who assist in solving issues and finding solutions to daily challenges. The company has hired non-family managers to propel the business to new heights.
6. A Developed Long-Term Strategy
MacPherson reveals that the company has developed a long-term strategic plan that guides in making critical decisions about the business.
He further notes that the family has hired a consultant who advises them on matters to do with good governance.
He also helps the family incorporate all 16 generations into the business. In addition, the Zildjian family has established a family council that meets quarterly to brief the shareholders about the business progress.
7. Change in the Manufacturing Process
Even though the product has not changed in the last 400 years, the shareholders acknowledge that there has been a change in how the manufacturing process occurs. The company has embraced robotic technology and other latest manufacturing practices.
The manufacturing process utilizes handcrafting and automation, making clear and beautiful-sounding cymbals. The method minimizes labor and improves the delivery time.
Other 5 Oldest Family-Run Businesses in the US
Besides the Zildjian Cymbal. Other family-run businesses have existed for years. Follow to learn about the businesses and the states that host them.
1. Alaska Commercial Co
The Alaska Commercial Co. is based in Alaska. It was founded in 1867. It is a general store with over 30 stores across the Alaska State. It traces its roots to Catherine the Great, who later sold it to Lewis Gerstle and Louis Sloss. The store has been successful for centuries.
2. Rose Law Firm
Rose Law Firm is the oldest law firm in the US. The business existed even before the creation of Arkansas state. It was founded in 1820 and is located in Little Rock. The founders, Robert Crittenden and Chester Ashley, are pioneers of law.
3. Ducommun
Ducommun is in California. It was founded in 1849. Initially, Ducommun was a general store before becoming a top Aerospace manufacturer. The company has grown and is one of the leading electronics producers for heavy-duty American industries.
4. Field View Farm
The current location of Field View Farm is Orange County, Connecticut. The business is a dairy and farm equipment manufacturer founded in 1639 and run by the Hine family. Moving through 12 generations, the business takes a spot in the most prolonged family businesses category.
In the 1990s, the business almost closed as fire razed and destroyed the barn and key parts of the dairy operation.
5. Joyce Livestock Co.
The Joyce Livestock Co. is a family-run business located in Idaho. The business began in 1865 and is currently under the Joyce-Nettleton family. The family runs a cattle ranch on an 11,000-acre land.
The company has conflicted with the government for decades, with the last case against the government being the ranchers’ water rights. In this case, Paul Nettleton won against the government, benefiting other ranchers in the West.
FAQs
1. What’s the Largest Family-Owned Business in America?
Walmart is the largest family-owned business, with the Walton family owning 48.9% shares. The retailer operates a chain of hypermarkets, stores, and grocery stores. The headquarters are in Bentonville, Arkansas.
2. What Are the Most Popular Family Businesses?
The most popular family businesses are retail stores, restaurants, saloons, and hardware. The businesses are easy to manage and found in most locations.
3. How Long Do Most Family Businesses Last?
Most family businesses have a lifespan of 24 years. In many instances, the family businesses have succession issues.
4. What Are the Three Types of Family Businesses?
The three types of family businesses are the sole owned family business, the sibling-managed family business, and the diffusely-owned family business.
Conclusion
What Is the oldest family-run business in the US? The Zildjian Cymbal is the oldest family-run business. It specializes in musical instruments and has lately adapted to the new technology to advance the production of modern equipment.
Some secrets that have seen the company succeed include harmony in the family, good workers, a clear vision plan, frequent family meetings, and learning from other enterprises.
Other similar family-run businesses include the Alaska Commercial Co. and Joyce Livestock Co. The companies have faced challenges to succeed in the ever-changing landscape of challenges and are still existing.
