There are 5.5 Million ‘Family Businesses’ in America That Employ About 98 Million People.
Family Business is a very tricky dynamic says Joe Armentano, CEO of Paraco Gas Corporation, one of the most highly recognizable brands in the propane industry. Joe is about to release his first book, detailing the incredible entrepreneurial journey of Paraco Gas that started with his Dad Pat back in 1968 in Mt Vernon, N.Y.
“A Helluva Ride” includes the inside stories of his family-owned and operated company which he has overseen over the last 40 years and shares some important lessons learned in business and in life.
With more than 425 employees, 28 locations, and $150 million in annual revenue, Paraco is the largest independent propane marketer in the Northeast. Over the last 40 years, Joe has overseen Paraco’s tremendous growth, acquiring 53 companies primarily independent propane companies and family businesses. Today, Paraco services over 110,000 residential and commercial customers. Through its barbecue exchange program, Paraco’s cylinders are found in the homes of over one million consumers.
In our candid and warm conversation Joe Armentano and I discuss growing up in family business, passing the torch to the next generation and about employees who work for family businesses. We also discuss candidly the often painful internal struggles of family business dynamics, like the hard decision about ‘who’ of the family members should be next in charge to run with that business.
In this podcast of our entire live radio show we hit on topics like ‘are you born an entrepreneur or do you become one?‘ (hmmm), and we run through Joe’s ‘Top Ten Family Business Lessons’. A very ‘real’ been there, done that, list, that will surely benefit anyone involved in a ‘Family Business.’
By the way, Joe Armentano doesn’t consider himself an entrepreneur because he didn’t start the business from scratch, his father did. More of a Professional CEO/ Manager than entrepreneur, Joe admits he didn’t originally intend to go into the family business. He’d made a commitment to self development and went off to NY’s Fordham University (with the intent to be a lawyer) then to NY’s Iona College for an MBA in Finance when he was 30.
Joe feels it’s critical for family business members to get work experience outside the company.
His own job is to make himself ‘replaceable’ knowing if something should happen to him the business could and would carry on.
Our conversation is packed with genuinely valuable information for family business owners.
Enjoy,
Debbie
Vector Image by OpenClipart-Vectors from Pixabay
Image by Gerd Altmann from Pixabay
