A Family Business’ Blueprint for Success (Howard Hurst Commentary)

Florals by Tipton & Hurst (Jason Masters, courtesy of Little Rock Soirée)

In today’s economic landscape, where businesses often wilt before they bloom, the ability to keep a family-owned business alive for more than 100 years is a rare feat.

According to research from Score, a nonprofit partner to the Small Business Administration, only 30% of family businesses transition successfully from first- to second-generation ownership. The numbers dwindle further with each subsequent generation, with a mere 12% surviving the leap to third-generation ownership.

So how did Tipton & Hurst, founded in 1886, manage to stay in the family and thrive for 138 years? My grandfather was the founder, so we’re in the third generation now. How does a florist stay afloat through two world wars, the Great Depression and the COVID-19 pandemic? What’s our secret?

First and foremost, it’s our deep-rooted passion for what we do. You may think that’s a cliche, but if you’re an entrepreneur with no enthusiasm for your product, you’re not going to succeed. And the statistics support this too: Score found that 74% of family-owned firms report stronger values and culture than non-family-owned businesses. Our love for flowers isn’t just a job — it’s a tradition that’s been passed down through generations, fueling our determination to adapt to changing market conditions while staying true to our roots.

Second, building and maintaining strong relationships, both within our family and with our customers, has been crucial. Open communication, trust, respect and a shared vision for the future have ensured a smooth transition of leadership. Score saw that about 40% of companies included the younger generation in the everyday business decisions, which instills not only strong values for the business, but also a deep understanding of how the business works.

I remember running around the shop as a young boy. I grew up cutting flowers, making deliveries and helping with events. The store would even use my red wagon to deliver flowers. I was nervous to take over from my dad when I was 26, but thanks to the business experience and understanding he instilled in me, we continue to persevere.

Additionally, we’ve honored tradition while embracing innovation. We’ve observed trends and customer needs, pivoting to continue providing value. For example, we grew from selling flowers to also offering gifts, from wedding registries to gourmet snack baskets.

When customers’ needs change, so does our business model.

Last but certainly not least, we value our employees — everyone, not just our family members. We have employees who have been with us for more than 20 years, and while being passionate about flowers helps, having a supportive employer who offers benefits like health insurance, 401(k)s and professional development is another reason our employees stay. None of this would have been possible without our dedicated team members, whose hard work and commitment have been essential to our success.

Looking ahead, we’re optimistic about the future. Our century-long journey is not just a testament to our past but a blueprint for businesses and generations to come. If you’re a striving business owner, I hope our story can help you too.

Howard Hurst is president of Tipton & Hurst, one of the oldest continuously operating businesses in Arkansas. He is the third generation of his family to operate the business, founded in 1886 and now operating in Little Rock, North Little Rock, Pine Bluff and Conway.