FAMILY BUINSESS -WEALTH GENERATION
Respect and gratitude are OUR family motto—stepping into the family business demonstrates both, honoring the sacrifices and dedication of those who built it. HELPOING TO CONTINUE"
– DeLea Becker
Family Business Succession: Navigating the Generational Handoff
Family businesses are the backbone of our economy, but passing the torch isn't always straightforward. Statistics reveal that about 30% of family-owned businesses transition successfully to the second generation, while only 12% make it to the third.
Key Challenges in Succession:
Lack of Planning: Many founders delay succession planning, leading to uncertainty and potential conflicts.
Family Dynamics: Personal relationships can complicate business decisions, affecting continuity.
Skill Gaps: Successors may lack the necessary experience or expertise to lead effectively.
Strategies for Successful Transition:
Early Succession Planning
Clear Communication
INSTILL VISION AND VALUE
Professional Development
External Advisors
By proactively addressing these areas, family businesses can enhance their chances of thriving across generations, preserving both legacy and economic contribution.
FAMILIES THAT ARE WALKING THE WALK
Walmart (Walton Family)
Industry: Retail
Founded by Sam Walton in 1962, Walmart is now the largest retailer in the world. Family members like Rob Walton and Alice Walton remain influential, with significant shares and board involvement.
Mars, Inc. (Mars Family)
Industry: Food & Beverage
Known for candy brands like M&M's and Snickers, Mars is still family-owned and operated by members of the Mars family, keeping its leadership within the family for generations.
Ford Motor Company (Ford Family)
Industry: Automotive
Founded by Henry Ford in 1903, the Ford family maintains a substantial stake and influence in the company. Bill Ford, great-grandson of Henry, is the Executive Chair.
The New York Times Company (Sulzberger Family)
Industry: Media
The Sulzberger family has controlled the iconic newspaper since 1896. A.G. Sulzberger is currently the publisher, continuing the family’s leadership.
Estée Lauder Companies (Lauder Family)
Industry: Cosmetics
Founded by Estée Lauder in 1946, the company is still family-run, with members like Ronald Lauder and William Lauder holding key leadership roles.
Bass Pro Shops (Morris Family)
Industry: Outdoor Recreation Retail
Founded by Johnny Morris in 1972, Bass Pro Shops is a family-owned business, with Morris's children also involved in its operations.
SC Johnson (Johnson Family)
Industry: Consumer Goods
Known for products like Windex and Ziploc, SC Johnson has been family-owned since 1886, with Herbert Fisk Johnson III leading as CEO.
Darden Restaurants (Bill Darden Family)
Industry: Hospitality
The restaurant group, founded by Bill Darden, includes brands like Olive Garden and LongHorn Steakhouse. The family remains involved in its expansion.
Cargill (Cargill-MacMillan Family)
Industry: Agriculture & Food
Founded in 1865, Cargill is the largest private company in the U.S. Members of the Cargill-MacMillan family remain actively involved in operations.
Bechtel Corporation (Bechtel Family)
Industry: Engineering & Construction
One of the largest construction and engineering firms in the U.S., Bechtel remains family-controlled, with Brendan Bechtel serving as CEO.
Building a Family Business Legacy: A Vision for Generations
Family businesses are the cornerstone of countless success stories across the globe. They represent not only entrepreneurial grit but also the essence of legacy, sustainability, and family unity. For DeLea Becker, founder and owner of Beck-Reit Commercial Real Estate, and her husband, Russ Becker, this concept is deeply personal. Together, they are creating a legacy that will empower their son, Crockett, and future generations to build upon their foundation of success.
DeLea’s drive and focus on creating a multi-generational family business is rooted in her belief that businesses should be more than profit engines—they should serve as vehicles for opportunity, learning, and growth for those who come after us. With over two decades of experience in East Austin’s commercial real estate market, DeLea’s mission goes beyond her immediate business success; it’s about shaping a legacy that her family can thrive in for decades to come.
The Beck-Reit Family of Companies
DeLea and Russ have laid the groundwork for a thriving multi-faceted business empire that includes three distinct entities:
Beck-Reit & Sons: Established 25 years ago, this construction company specializes in road and bridge repair, building a reputation for quality and reliability in infrastructure development.
Beck-Reit Commercial Real Estate: Over the past 10 years, DeLea has positioned this boutique brokerage as the premier expert in East Austin’s rapidly changing market. The firm handles leasing, sales, and acquisitions with an insider’s knowledge of the area.
Beck-Reit Asset Management: Founded 7 years ago, this arm of the business focuses on the long-term management and optimization of commercial real estate investments, ensuring sustained growth and profitability.
Together, these businesses form a vertically integrated powerhouse, blending construction, brokerage, and asset management into a seamless operation. For DeLea, this integration is the key to building a family business that isn’t just financially successful but also deeply meaningful.
Teaching the Next Generation to Lead
For DeLea, success isn’t just about running a thriving business today—it’s about empowering her son Crockett and, one day, her grandchildren to step into leadership roles with confidence and competence.
From a young age, Crockett has been exposed to the family business through conversations at the dinner table, site visits, and real-world lessons in entrepreneurship. As a senior in high school, he has already demonstrated the drive and curiosity that are essential for success. Whether it’s asking questions about construction processes during car rides or excelling in track and field, Crockett embodies the focus and work ethic that DeLea and Russ have instilled in him.
DeLea believes in the importance of building a strong foundation for the next generation, which includes:
Exposure: Introducing children early to the ins and outs of the business through hands-on experiences.
Education: Encouraging formal education in fields like engineering, real estate, or finance to complement practical experience.
Empowerment: Giving children the opportunity to take on responsibilities, make decisions, and learn from mistakes in a supportive environment.
For DeLea, the ultimate goal is for Crockett and his future family to view the businesses not as a burden but as an opportunity—a platform from which they can create their own success stories.
Why Family Businesses Matter
Studies show that family-owned businesses play a crucial role in the global economy. According to the Family Business Institute, about 30% of family businesses transition successfully to the second generation, while only 12% make it to the third. This steep decline underscores the challenges of preserving a family legacy in business.
DeLea is determined to beat those odds. She understands that the key to a thriving family business lies in:
Strategic Planning: Creating a clear roadmap for succession that includes leadership development, governance structures, and financial stability.
Values Alignment: Ensuring that the next generation shares the family’s core values and vision for the business.
Flexibility: Adapting to market changes while staying true to the business’s foundational principles.
By instilling these principles in her son and building a business model that prioritizes long-term sustainability, DeLea is setting her family up for success.
A Vision for the Future
DeLea’s vision for the future goes beyond simply passing down her businesses. She and Russ view their companies as living entities that evolve and adapt with each generation.
One of their guiding philosophies is that each business is its own unique opportunity. For example:
Beck-Reit & Sons can continue to thrive in infrastructure development, possibly expanding into new regions or types of construction.
Beck-Reit Commercial Real Estate could leverage its expertise in East Austin to develop a niche in other high-growth urban markets.
Beck-Reit Asset Management provides a foundation for generational wealth, offering Crockett and his future children a portfolio of income-generating properties to manage, grow, and innovate with.
By dividing these businesses into distinct entities, DeLea envisions a future where each child or grandchild can take ownership of a specific segment, making it their own. This model not only distributes responsibility but also fosters a sense of individual accomplishment within the larger family legacy.
The Emotional Connection
While the logistics of succession planning and business development are critical, DeLea also recognizes the emotional aspect of building a family business. For her, the greatest reward is the opportunity to work alongside her family, share in their successes, and watch them grow into capable leaders.
She often reflects on the long-term impact of her work:
What kind of legacy will she leave for Crockett and his future children?
How will the values of hard work, resilience, and innovation shape their lives?
What lessons can they take from her experiences as a woman blazing trails in the male-dominated field of commercial real estate?
These questions drive her to not only build a successful business but also create a family culture that values entrepreneurship, learning, and giving back to the community.
Let's be clear:
For DeLea Becker, the family business isn’t just about today’s profits—it’s about creating a legacy that will empower her son, Crockett, and future generations to achieve their dreams. Through hard work, strategic planning, and an unwavering commitment to her family, DeLea is building more than just businesses; she’s building opportunities, lessons, and a future that her descendants can be proud of.
In doing so, she exemplifies the power of family businesses to not only generate wealth but also strengthen bonds, create opportunities, and leave an indelible mark on the world. For DeLea, that’s the true measure of success.