With their endlessly diverse endeavors, family businesses control between 30 to 60 percent of the United States’ Gross Domestic Product (GDP), and are therefore a key economic backbone. Moreover, they are also philanthropic- and civic-minded entities that fulfill crucial duties in their local communities, states and the broader nation.
Against this backdrop, Fairleigh Dickinson University’s Rothman Institute of Innovation and Entrepreneurship today held its 24th annual “New Jersey Family Business of the Year” awards ceremony at the Crystal Plaza, Livingston. Ten Garden State companies were honored, with Salem-based Mannington Mills (one of the world’s leading manufacturers of luxury flooring) winning in the category for companies with more than $10 million in annual sales, and Secaucus-based ROYCE Leather (high-quality materials and refined leather craftsmanship) winning in the category for businesses with annual sales of less than $10 million.
Accounting firm Sobel & Co.’s Sally Glick was the event’s mastery of ceremonies, who said, “For more than two decades, FDU has engaged with the family business community, shining the spotlight on hundreds of companies, over the years.”
She added, “Most often, family businesses thrive because, unlike other corporations, they embrace that long-term approach. They invest in businesses today, to benefit the generations of tomorrow.”
Six event sponsors, including NEW JERSEY BUSINESS magazine and The New Jersey Business & Industry Association, helped support the ceremony, which also honored: Englewood-based APM Hexseal; Princeton-based Glen Eagle Advisors; Mendham-based Runnymede Capital Management; Livingston-based Things 4 Strings; Flemington-based Magna Power Electronics; Piscataway-based Montrose Molders Corporation; East Hanover-based My Limo; and Upper Saddle River-based Triangle Manufacturing Company.
COMING UP: The December issue of NEW JERSEY BUSINESS magazine will include a detailed article about today’s event.Related Articles: