Zoey Thompson, Features Editor
Yorba Linda, CA – “I have always been driven to buck the system, to innovate, to take things beyond where they’ve been. You can’t just keep doing what works one time, everything around you is changing. To succeed, stay out in front of change. We’re all working together; that’s the secret.”
This Sam Walton quote is one of many that executive Ivan Polic will drop when discussing running his family’s business, Loutech. Loutech is an Aerospace Manufacturing firm, highly respected among its competitors. The company has not only exceeded expectations in its industry, but is also a company that is famous for its motivated and skilled workforce. Loutech’s ability to stay on top in its market space is something that the family attributes to their management style. Polic believes that multi-generational family businesses are unique and have their own set of challenges and benefits. When his father Lou handed him over the title of CEO it was with confidence, knowing that the business would be run by someone with shared values. Ivan and his wife still work closely with his father to make corporate decisions, but have also incorporated lessons learned from other highly successful family run businesses like that of the Walton’s. One of his favorite quotes from his father used in their business to this day is: “Under-promise and over deliver.” This motto is one of the many rules the Polics discuss in their new book, Family Business Mastery.
“Our book Family Business Masteryis focused upon a very specific type of business,” says Ivan Polic. “We wanted to write something very candid and detailed that would broach those subjects other books on business don’t always touch on, like family dynamics.”
The subject of family run businesses is very personal to them. Loutech was created by Lou Polic over 30 years ago and has been a family run company since its inception. The Polic family is committed to the firm’s survival and growing it for generations to come. As they explain in their book, having a legacy business requires training younger members early on, deciding how to adjust to management turnover, as well as, establishing very clear rules in regards to decision-making.
Their success has positioned the couple as family business thought leaders and awarded them the opportunity to work with other family businesses providing them with the tools and mentoring it takes to become successful. This fall they are co-teaching a business undergraduate course at California State University Fullerton on Family Business Dynamics.
“Businesses are hard to start and require a lot of effort, but so do families,” says Mariana. “Building one at the sake of another is usually how it goes and we want to prevent that. This is why we work with families to build processes and procedures into their operation that will add layer upon layer of respect and appreciation. We want our students and clients to be successful in business and in their family relationships.”
The techniques the couple has used with their clients have helped many business owners maintain both a healthy family and business life. Their story and the lessons they have learned working in a family business have been collected and put into the book. Family Business Mastery is now available for sale and will be supported by a national speaking tour.
Learn more about how to master your family business, by going to www.familybusinessmastery.com.
To find out if your family business is healthy, productive and positioned for the future, take the assessment at here: http://www.futurereadinessassessment.com/
Company Name: Family Business Mastery
Contact Person: Ivan Polic
Country: United States