NAG’s Leadership Panel in September will feature Joe Sheetz, Allison Moran and Jeff Miller who will discuss the Impact of Family Business on Convenience Retailing.
According to the Small Business Administration, family businesses comprise 90% of all business enterprises in North America, and 62% of the U.S. employment. Yet, only a third of these businesses make it to the second generation, 12% to the third generation, and only 3% are a fourth-generation entity.
These are surprising figures when you consider just how important family businesses are to the convenience store industry, many of which are second, third and even fourth-generation operators. While bigger corporate entities have their sights set on family-owned chains—as much for their outstanding corporate culture as for their balance sheets—family businesses will remain the backbone of the convenience store industry for many years to come.
No industry values family businesses more than the convenience store industry. Since the inception of the modern convenience store industry more than 75 years ago, c-stores have provided the foundation for retailing excellence. This commitment to excellence begins with the outstanding corporate cultures created by companies such as Sheetz, RaceTrac and Miller Oil.
The 2017 NAG Conference in Nashville, will kick off its educational sessions on Sept. 11 featuring three of the industry’s leading family executives who will discuss the hard work it takes to build a successful convenience store chain. This session will include:
* Joseph Sheetz, President and CEO, Sheetz Inc.
* Allison Moran, CEO, RaceTrac Petroleum Inc.
* Jeff Miller, President and CEO, Miller Oil Co.
The session will be moderated by NAG Executive Director John Lofstock.
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When contemplating just how important family business are over all in the U.S., understand that family leadership often serves as the brains behind innovation, the heart behind local philanthropy, a vital employer in the communities they serve and the general nerve system of the nation’s entire free enterprise system. Over 90% of all US firms are family owned and they create 78% of the nation’s new jobs. Furthermore, family businesses contribute some 64% of our total GDP.
A University of Connecticut study showed that 79% of family owned businesses incorporate socially responsible practices into their business, and 80% of them emphasize family or core values in the operation of their firms. They are less likely to lay people off when times are bad, looking instead for other ways to keep the “family” together such as reduced work hours and even reducing company profits.
This NAG session will offer attendees a special look inside three companies noted for their outstanding leadership, innovation and their across-the-board commitment to employees, customers and the convenience store industry. They have a great message that you won’t want to miss.
To register for the 2017 NAG Conference or to see the full agenda, visit www.nagconvenience.com. For questions about NAG, the Young Executives Organization (YEO) or membership, contact John Lofstock at [email protected].