Do families still hand down businesses to their children?
The Generational Legacy of a family business: Insights from business owner Justin Young
In the tire and auto service industry, the passing down of businesses from one generation to the next is a common phenomenon. Lakeside Tire, a longstanding establishment in Branson, Missouri, epitomizes this generational legacy. With its roots dating back to April 1985 when Justin Young's father first launched the company in Forsyth, Missouri, Lakeside Tire has successfully transitioned from one generation to another. In this article, we delve into the insights shared by Justin Young, the current owner of Lakeside Tire, shedding light on the generational aspect of the business and the value of experience in this industry.
Reflecting on the generational element, Mr. Young emphasizes the importance of bridging the gap between older and younger generations in the tire and auto service business. Young acknowledges that while it may not always be the case, the next generation can bring fresh perspectives and innovative ideas that drive the growth and success of a business.
Lakeside Tire's commitment to nurturing talent is evident in its employment practices. Young recognizes the value of experience, employing staff members who have dedicated several years to the company. However, he also acknowledges the importance of investing in younger talent, offering opportunities for growth and development. Young understands that to maintain a thriving business, it is essential to strike a balance between experience and the fresh perspectives brought by the younger workforce.
In the tire and auto service industry, experience plays a crucial role. Justin Young stresses that the accumulation of knowledge and expertise over time is vital for ensuring the highest level of service and customer satisfaction. From diagnosing complex issues to providing effective solutions, the ability to navigate the intricacies of the trade comes with experience. Young's emphasis on experience highlights the importance of preserving the accumulated knowledge and passing it down to the next generation.
As with any business, Lakeside Tire faces its fair share of challenges and opportunities. Justin Young discusses the ever-evolving nature of the industry, where staying abreast of technological advancements and market trends is crucial. He acknowledges that the younger generation often brings a natural affinity for technology, which can be leveraged to enhance business operations, improve efficiency, and deliver better customer experiences.
Justin Young's dedication to preserving the legacy of Lakeside Tire is evident. As a second-generation owner, he understands the significance of passing down the knowledge, values, and work ethic instilled by his father. Through mentorship and continuous learning, Young ensures that the next generation is well-prepared to carry on the tradition of excellence.
Lakeside Tire exemplifies the generational nature of tire and auto service businesses. Justin Young's insights shed light on the importance of bridging generational gaps, nurturing talent, and valuing experience in this industry. As the owner of Lakeside Tire, Young actively invests in the next generation, recognizing their potential to drive innovation and continued success. By embracing both tradition and innovation, Lakeside Tire maintains its position as a reputable establishment, carrying its generational legacy forward into the future.