Launched in 2005, WellesleyWeston Magazine is a quarterly publication tailored to Wellesley and Weston residents and edited to enrich the experience of living in two of Massachusetts' most desirable communities.
Issue link: https://wellesleywestonmagazine.epubxp.com/i/819093
In 1994, 70-year-old Barbara passed away suddenly and quickly, so Cindy immediately had to take over the business. Soon after, other challenges began their attack on travel. "The travel indus- try is a tough business, as federal TSA regulations, visa restrictions, and travel bans often compli- cate logistics," explains Cindy. "September 11th was especially hard to bounce back from. The online travel industry has also been a major challenge in terms of competition, but luckily our concierge/boutique service is something online outlets do not offer." Dr. Davis offers advice on how family businesses can deal with unexpected circumstances. "As with all companies, the business might face unpredictable challenges before reaching the second generation, such as the need to buy out a partner, an economic or political crisis, a natural disaster, or an accident that significantly impacts the financial stability of the family business," explains Dr. Davis. "Sometimes a founder will sell the company or merge it with another, so the company could endure, just in a different form or under new ownership." Sinanis adds that owners shouldn't lose sight of where their industry is going, how technology and globalization — and other forces — are impacting their business, or how customer tastes are changing. "Industries are changing at a rapid pace today. Families need to have a plan for moni- toring the key drivers of their business's success, as well as their region's and industry's move- ments. A strong board of directors or board of advisors is essential today to keep the business's strategic direction on track, and pivoting as needed," she adds. Now Cindy's daughter, Liza Appleby, a stay-at-home mother, helps out in the office when Liza Appleby, Cindy Appleby, and granddaughter Callie M A U R A W A Y M A N P H O T O G R A P H Y 144 W e l l e s l e y W e s t o n M a g a z i n e | s u m m e r 2 0 1 7 business "be patient and understanding"