Navigating Family Business: A Look at Johnson Security Bureau

One of the oldest Black-owned security firms in the United States, Johnson Security Bureau, provided mainly unarmed guards to New York banks, public works, and hospitals. The company’s status as a woman-owned, minority-owned firm had been crucial to its competitive strategy since CEO Jessica Johnson-Cope took over the firm from her father.

In order to grow the family business, however, Johnson-Cope considered partnering with security firms in other states, something that threatened to put some of the company’s founding priorities on the back burner. She also considered expanding the business into cybersecurity. BRIAN KENNY: Here’s a fun fact. Did you know that with 2.1 million employees, Walmart employs more people than the Chinese Liberation Army, which makes it hard to believe that in July of 1962, when Sam and Helen Walden opened their very first store, it was just another mom-and-pop operation. The vast majority of family-owned businesses never reach the incredible heights of Walmart or Ford or Mars, but together, these 5.5 million companies represent 64% of the US GDP and provide 62% of the nation’s jobs. And what’s even more remarkable is that only about 30% of these companies transition to the second generation and a mere 3% to the third generation. Managing family dynamics can be challenging all on its own. Throw a business into the mix and things can get really complicated.Henry McGee studies the governance of nonprofit organizations, especially those in the arts. He is the former CEO of HBO Home Entertainment, and he is a third time repeat customer here onBRIAN KENNY: Actually, this is your fourth. I went back and looked at the episodes. This is your fourth. We’re like Saturday Night Live, when you get to the fifth, you get a special jacket.BRIAN KENNY: Okay. And JESSICA JOHNSON-COPE is the president and CEO of Johnson Security Bureau. One of the rare family-owned businesses that has passed through three generations. She is the protagonist in our case

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Navigating Family Business: Johnson Security BureauThis article explores the challenges and triumphs of running a family-owned business, using Johnson Security Bureau as a case study. CEO Jessica Johnson-Cope discusses the company's history, its commitment to diversity, and the difficult decisions she faces as she seeks to grow the business while preserving its core values.
Fuente: HarvardBiz - 🏆 310. / 63 Leer más »

Balancing Growth and Tradition: A Family Business StoryThis story explores the challenges and opportunities faced by family-owned businesses, focusing on Johnson Security Bureau, a Black-owned security firm that has been passed down through three generations. The current CEO, Jessica Johnson-Cope, grapples with balancing the company's legacy with the need for growth and expansion.
Fuente: HarvardBiz - 🏆 310. / 63 Leer más »