On Thursday, July 15th, 2021, the Skandalaris Center partnered with the Koch Center for Family Business for a panel discussion on the advantages and pitfalls of family-owned businesses.

Cam Loyet, founder and owner of Honeymoon Chocolates; Ayana Klien, co-founder of 3DuxDesign; and Kristi Tacony Humes, owner of Tacony Corporation, joined the Skandalaris Center to share their experiences of running a family-owned business, and the challenges that come with it. Moderated by Peter Boumgarden, Koch Professor of Practice of Family Enterprise at the Olin Business School, these family business owners provided insight into how family can be used as a core value for a business. 

Cam Loyet shared his story of how he started Honeymoon Chocolates in his dorm room kitchen with his three roommates and future wife, Haley. Eventually, Honeymoon Chocolates morphed into a husband and wife business, with Cam and Haley running the company’s operations. Cam shared how being a husband and wife business is a valuable aspect of their entrepreneurial pursuits, and that it is a value proposition that customers resonate with: “The fact that we are a duo adds value to the name Honeymoon Chocolates and the effort that Haley and I have put into this business.”

Ayana Klein similarly echoed that the fact that 3DuxDesign is a family owned business resonates with many of their customers. Ayana started 3DuxDesign with her younger brother four years ago, and her mother eventually quit her job as a pediatrician to work for the company as well. Ayana said that one of the many advantages of running a company with other family members is that you know each other’s strengths and weaknesses. Ayana and her brother were able to distinguish each other’s unique skill sets before they started 3DuxDesign, something that other companies that are not family owned may not be able to do. When asked what strategies her family uses to create family harmony in the midst of running a company together, Ayana shared that “One of the big things is setting aside specific time to talk as a family about the company, where you aren’t going to talk about other things at the same time.” Even though it may come up in everyday family discussion, having a separate designated time to talk about your business is important for family owned businesses to create a healthy family and work balance. 

Kristi Tacony Humes shared that family is a core value of Tacony Corporation, and that it is how they attract employees, suppliers, and customers. She shared that the fact that Tacony Corporation is family owned helps them stand out more and is a unique selling strategy, giving them an edge against their competitors. When asked about the challenges of innovating in a family owned business, especially among businesses that have been in families for generations, Kristi said that her job is to blend the histories and traditions of her dad and grandpa who were previous owners of the business, while also bringing in new ideas and perspectives. Because new ideas and change can be seen as a critique amongst older generations in a family-owned business, Kristi said it is important to keep lines of communication open, and be transparent in the changes that are being implemented. Kristi shared that innovation and fresh perspectives can bring professionalism into a company and that “You have to be able to separate how you used to do it, and evolve to how we need to do it today, and be open to that.” In her closing remarks, Kristi gave some valuable insight into creating the proper balance between family and work while running a family-owned business: “The business is providing for the family, but it really needs to be treated as its own business and run that way versus the family running the business. You have to separate those, otherwise you won’t make the best decisions based on what the business needs versus what the family needs.”