To provide a legacy for future generations, a family business needs to not only thrive, but to grow and evolve. For a working model on how to adapt with successive generations, we heard the story of Beaverton, Oregon based R.M. Wade & Co., a 150-year-old, fifth generation family business.
From its pioneer beginnings navigating the Oregon Trail, to setting up shop in the Dalles in 1862, to its recent expansion into the international marketplace with interests in Mexico, South America and Africa, R.M. Wade & Co. has taken advantage of opportunities and survived and thrived by acquiring other companies, developing new products, and expanding into underserved markets.
Fourth-generation family representatives Ed Newbegin and Susan Russell shared their thoughts on the challenges of preserving the viability of a multigenerational family business. Participants learned how R.M. Wade has survived financial hardships and evolved through acquisitions, the division and sale of parts of the business, outsourcing manufacturing, and changing family dynamics.
From its pioneer beginnings navigating the Oregon Trail, to setting up shop in the Dalles in 1862, to its recent expansion into the international marketplace with interests in Mexico, South America and Africa, R.M. Wade & Co. has taken advantage of opportunities and survived and thrived by acquiring other companies, developing new products, and expanding into underserved markets.
Fourth-generation family representatives Ed Newbegin and Susan Russell shared their thoughts on the challenges of preserving the viability of a multigenerational family business. Participants learned how R.M. Wade has survived financial hardships and evolved through acquisitions, the division and sale of parts of the business, outsourcing manufacturing, and changing family dynamics.
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