Strategies to endure

Jennifer Eastman
President
Merchants Moving & Storage Co.
Racine
Industry:
Professional household moving
Employees:
120
www.merchants-moving.com

Merchants Moving & Storage Co. was founded in 1922 by E.W. Eastman. New president Jennifer Eastman represents the fourth generation to lead the family business. Here she shares the strategies that have contributed to the company’s longevity.

“Growing businesses and creating jobs is a top economic development priority in our region today. As the new president of Merchants Moving & Storage in Racine, it’s also top of mind for me.

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“In January, I became the fourth generation of my family, and the first woman, to run our company. Fewer than 3 percent of family owned businesses survive beyond the third generation. The smart business strategies that enabled Merchants to make this transition are extremely relevant today.

“They include:

  • Innovate: Leaders need to create environments where new ideas, including suggestions from customers, can flow into new products or services. My great-grandfather started new divisions based on customer needs. Today, Merchants is launching a new service because of what our customers want.
  • Keep your friends close: When times are difficult, solid relationships with those important to your business are critical. Because of our close partnerships, Merchants weathered the economic recession without any layoffs.
  • Know when to say when: Monitor your costs and the business environment closely. If your margins aren’t there, it may be time for a change.
  • Engage employees: Your company may have the best product or service in the industry, but if employees don’t understand their role in your business’ success, you may not get their best efforts.

“And one more thing: mentor good employees. As I look back, my father created critical learning experiences that enabled me to develop the skills I need to lead Merchants Moving & Storage into the next generation.”

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