Family business owners often think that they are alone and don't always know where to turn to for ideas and inspiration. This piece is a great insight into how the third generation took hold of an already successful business and helped in grow further.
Patrick Devlyn helped take his family's optical company from 80 stores to more than 1,200. Here are his secrets to success.
The average family business only lasts 60 years. Most often younger generations aren't interested, or capable of maintaining the business, let alone growing it exponentially. Patrick Devlyn Jr. is the rare exception. When Devlyn's third generation took over the operation of his family's business, it was 350 stores strong. Most other inheritors would have simply cruised along reaping profits and not risking the status quo. But Devlyn, a member of YPO since 2007, wasn't satisfied with good enough. He wanted Grupo Devlyn to be the biggest and the best. Thanks to his vision and the teamwork of his generation, the company, which just celebrated its 80th anniversary, now has 1,250 stores throughout Mexico, Latin America and the United States (Guatemala, El Salvador, Southern California, and Texas).