Building Industry Hawaii March 2015 - (Page 44)

MULTIGENERATIONAL BUILDERS Legacy of Construction Through thick and thin, family-owned firms stand strong in Hawaii BY MARY VORSINO S even in 10 family-owned businesses won't survive long enough to be handed down to a second generation. And just 12 percent of family firms are still operating by the time the third generation comes around, according to the Michigan-based Family Business Alliance. Those are the stark realities Hawaii's family-owned construction businesses live with every day. Coupled with the realities of the industry, including market volatility, family ownership brings significant challenges, from a lack of deep pockets to the necessity to make do with less. There's also the issue of succession: Who to hand the business down to, and how to make sure its solvent and thriving for years to come? Plus, business owners say, operating a family company is draining: Employees wear multiple hats, they always have to be on the lookout for innovative ways to compete with bigger firms, and at least while things are starting up, there's no such thing as a weekend or a holiday. But family businesses say they also have the unique opportunity to pursue a passion, reshape and re-imagine communities, and have a personal impact on their neighbors' lives. "Every day we make a difference in the lives of low-income elderly residents and families," says Craig Watase, president of Mark Development, Inc., a family-owned and -operated housing development and management company, in describing why he works for the family business. "It was our father's mission, and my brother and I are proud to carry it on." The Watases: Paul, Mark and Craig PHOTO BY GREG YAMAMOTO 44 | BUILDING INDUSTRY HAWAII | MARCH 2015

Table of Contents for the Digital Edition of Building Industry Hawaii March 2015

FINANCING & DEVELOPMENT
BONDING & INSURANCE
AIRPORTS & HARBORS
INTERVIEW WITH RICK HOBSON
MULTIGENERATIONAL BUILDERS
GUAM’S NEW ZONE
News Beat
Datebook
Back in the Day
Contracts Awarded/ Low Bids
Spotlight on Success: dck-ecc Pacific Guam
News Makers
New Products
Faces: ABC Hawaii Ceremony
Faces: AIA Honolulu Kicks Off 2015
Faces: Showtime for BIA-Hawaii
Best Practices

Building Industry Hawaii March 2015