Reaching 100 years is quite a milestone for any business, let alone for a family plumbing business. Especially when you consider the average lifespan for a family-owned business is 24 years, according to Cornell University’s SC Johnson School of Business.
Businessweek reports only about 40% of U.S. family-owned businesses successfully transition to second-generation businesses, and only about 13% are passed down successfully to the third generation. That percentage drops to just 3% to a fourth generation and beyond. Bradley Corp. is beating the odds — the company celebrates its 100th anniversary this year, and is in its fifth generation of leadership.