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This is Chris Redgrave for Zions Bank Speaking on Business.
Did you know that very few family-owned businesses make it to the third generation? In fact, studies show that 65 percent of second-generation family businesses fail, and a mind-boggling 90 percent of third generation businesses fail.
That's why it's inspiring to talk to families like the Tanners that are now getting ready to introduce the third generation into their Spanish Fork company, Triple T.
In speaking with Brad Tanner, the company president, I learned he has a solid understanding on the benefits and challenges of working in a family-owned company. But, he does not have a problem in promoting employees who aren't family members.
This company specializes in heating and AC installation and sheet metal work. In 2001, they added a beautiful line of fireplaces that are built with a thermostat and the capacity to heat a room. This business move was to bring product diversity. It also supports their current business model of top quality at the best prices. The Tanners have numerous styles in their showroom you can check out at the company's store in Spanish Fork.
The current owners, Brad and his sisters, Vern and Diane, learned the value of a hard day's work at a young age, mowing the lawn, cleaning the store and stuffing direct mail pieces around the dining room table. They literally grew up in the business.
They are dedicated to the success of their business. In fact, a business principle for Triple T is the importance of empowering their team for "prudent risk taking" so they can make a decision in the field and not waste their customers' valuable time. They are also dedicated to their core customer base and guarantee their work and the product line they carry.
In case you're wondering what Triple T stands for. . . it's because the founding Tanners had five kids — three boys and two girls, so they named the company Triple T in honor of the boys. Their dad didn't think the girls would even be interested. Brad is very proud of Vern and Diane and the overall contribution they've made in the company's success.
For Zions Bank, I'm Chris Redgrave, speaking on business.
