A Family Making Sweet Business Tunes
Cost-effective ways to enhance the brand include strong social media and LinkedIn (LNKD) pages, as well as strong search engine optimization using Google Analytics, Shinick says.
The company's traditional focus on Catholic schools implies at least one slowing growth avenue, given that many are closing from lack of tuition. Shinick suggests expanding the user base.
Offering the service to public schools may be difficult, though Shinick says it is not an idea the company should rule out. However, demographic groups ripe for music education are seniors and Asian communities, typically known for encouraging instrument music playing amongst their children.
With a business as successful as Paul Effman Music Service, one of the most important issues that family-business experts point to is that of succession planning."It's much more than just the legal estate planning," says Otis Baskin, a consultant with The Family Business Consulting Group and a professor emeritus at Pepperdine University's Graziadio School of Business and Management. "It's all about how they are going to keep this one very valuable asset together because that's where the potential to generate future wealth for the family is as it grows. And so it so important that they keep it together and are able to work together as owners of the enterprise, not just as managers of various assets," Baskin says. "Every so often I hear parents
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