A picture of a small business owner selling products to a customer
According to the U.S. Small Business Administration (SBA), family businesses contribute to 64% of America’s GDP and employ 60% of the workforce. Yet these businesses face unique challenges.
Only one in three family businesses survives to the next generation. William Smith understands the challenges it takes to run a family business.
He has been involved with his family business, Royal Cup Coffee, at different levels of operations and management.
In 2023, Bill Smith is committed to helping family businesses succeed through his firm Double Iron Consulting.
Customer Skills
Running a family business requires a mix of skills. Because of his long experience running a family enterprise, William Smith possesses these skills.
During summer breaks, Bill Smith developed hands-on experience by interning at their family-owned business. The experience of receiving customer orders, roasting coffee, and delivering products ensured that he learned the basics of business at a young age.
Serving on the frontline greatly expanded Bill’s skillset because he directly worked with clients, receiving and responding to their feedback. He became experienced at handling customers, understanding their pain points, and serving their needs.
Through Double Iron Consulting, he hopes to empower family business owners with customer-facing skills to help them succeed.
Leadership Skills
At Royal Cup Coffee, William Smith honed his leadership and business skills. As the business grew, he took on more responsibilities, which sharpened his leadership capabilities.
From supervising sales territories to overseeing the supply chain, Bill Smith was not afraid of challenging roles.
In 2014, he became the President and CEO of Royal Cup Coffee. As CEO, he oversaw and completed a significant infrastructure project and a rebranding initiative for the company.
In 2023, William Smith, through Double Iron Consulting, will undertake to empower family business owners with the leadership skills they need to grow their businesses. It is essential to have management skills. Growing soft skills should be a priority.
Taking Over a Family Business is not Easy
In 2023, thousands of American businesses will pass to the next generation. 70% of family-owned businesses don’t survive into the second generation.
Only around 30% of family businesses will make it into the second generation, 12% into the third generation, and only about 3% will survive into the fourth generation or beyond.
Passing the baton can be challenging. William Smith knows a lot about running a family business. After serving in different capacities, he led their family business as the third-generation executive and owner.
Royal Cup Coffee has grown through three generational transitions because of thoughtful and intentional succession planning. The company was founded in 1950 by William’s grandfather, William E. Smith, Sr. He bought the Batterton Coffee Company and renamed it Royal Cup Coffee.
Bill Smith understands what it takes to succeed with succession planning. He was involved in every step of the succession planning for Royal Cup Coffee when the baton was being passed to him. Double Iron Consulting and William Smith are committed to helping businesses that are struggling with succession planning in 2023.
Helping Family Businesses Stay Competitive in 2023
After a long tenure running his family business, Bill Smith jumped into consulting by founding Double Iron Consulting. His goal is to assist family enterprises in achieving their goals and staying competitive in 2023 and years to come.
The consulting firm helps family-owned businesses with succession planning, change management, customer experience, strategic growth, and leadership development.
About William Smith
William Smith is a third-generation owner of a prominent coffee roasting business. He has hands-on experience in running a family business.
No one is better positioned to help family-owned enterprises navigate the challenging world of succession planning and develop a solid strategy for the future. For more information, visit the Double Iron Consulting website.
