An Independent Family Business

Entrepreneur magazine today tells the story of the Gruccis, a family that has built a multimillion-dollar fireworks business while keeping the ownership in the family.  I thought this was an especially appropriate tale to tell in light of the Fourth of July holiday.

"For me, the dream my father and mother had—one of independence without outside investors—is the dream I wish to keep alive today," says executive vice president and chief financial officer Felix Grucci Jr.

Entrepreneur also took the time to spell out the three rules the Gruccis have established—rules that have led them to experience success for 150 years. I’ve outlined them below, but jump over to the Entrepreneur article to get the fuller story. It’s worth a read.

1.    Always look for ways to trim costs.
2.    2. Seize opportunities to diversify the business.
3.    3. Stay resilient and count on each other.

OK, I’ll keep this short and sweet on the holiday, but be sure to ponder these three business rules when you have the time—and share some of your own with us in the comment box below.

And just for fun, check out some of Grucci's fireworks in action:



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