Near Death Experience Fuels Successful Family Owned Business

Attila and Boldijarre KoronczayAnother inspiring family owned business who were runners up in this year’s Ernst & Young Entrepreneur of the Year Award is Eminence Organic Skin Care Inc., founded by Attila & Boldijarre Koronczay. Great guys. Perfect straight man/ funny guy comedic team, but clearly serious when it comes to business.

These two brothers emigrated to Vancouver from Hungary in 1998 with their mother, a driving force in their business concept. Boldjiarre was stricken with cancer when he was a child. His mother insisted that herbs and other organic medicines be part of the healing regiment. It is this immersion in a culture that openly accepts “alternatives” to health care that fuels the passion within both these charismatic leaders.

Today, Eminence Organic Skin Care offers over 180 products and employees 50 people in Vancouver and 200 around the world. Their products are in close to 3,000 spas and they anticipate further significant growth. “When we came to Canada with this ‘green’ idea, we were ahead of the curve,” states Boldjiarre in BC Business Magazine. “Each spa has five to 10 aestheticians and do five to 10 facials a day. How many millions of facials have been done with our product? It’s hundreds of millions by now.”  I’m no stock advisor, but if these two ever go IPO, I’m investing. They see the power of their dream intersecting with the future very clearly.

How Does Business Development Fit Into Succession Planning?

family business partners“Family-owned businesses provide 60% of the GDP, create 70% of new jobs, and generate annual revenues of $1.3 trillion. And while one-third of family business leaders will retire in the next five years, only 32% will have a succession plan,”states Sauder School of Business, University of British Columbia earlier this year.

Succession planning answers the question, “What’s next?” Some entrepreneurs create a business to sell. This is either their retirement or leverage plan towards another phase in their life. With the assistance of good accountant and strong legal advice, any business can be sold for what it is worth. With a solid business development process that consistently brings in revenue without the owner’s assistance, a company can be worth double or triple its value.

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