What's Happening?
Michael Petri, a 72-year-old from Brooklyn, New York, has been a part of his family's plumbing business, Petri Plumbing, since he was 12. The company, founded in 1906, has been a central part of his life. Michael officially joined the firm in 1977 after
graduating from Villanova University. Over the years, the company has weathered significant historical events, including the Spanish Influenza and both World Wars. Michael's son, Chris, joined the business in 2015 after leaving an internship on Wall Street. Chris now owns 49% of the company and serves as vice-president and operations manager, bringing technological advancements to the business. Despite the company's long history, Michael acknowledges that legacy is less important to younger generations, but he remains proud of the successful operation his family has built.
Why It's Important?
The story of Petri Plumbing highlights the challenges and opportunities faced by family-owned businesses in maintaining relevance across generations. As younger family members like Chris Petri take on leadership roles, they bring new perspectives and innovations, such as embracing technology, which can help sustain the business in a competitive market. This transition is crucial for the survival of family businesses, which often struggle with succession planning and adapting to modern business practices. The Petri family's experience underscores the importance of balancing tradition with innovation to ensure long-term success.
