“I aspire to be as relevant and insightful as Harry is.”
Larry Rosen, Ivey MBA ’82 and current CEO of his father’s famous men’s clothing store, Harry Rosen, began his talk at the 11th Annual Business Family Day Celebration by commending his father for starting the Harry Rosen brand with his brother, Larry’s uncle, Lou.
Harry Rosen, the largest men’s retailer operating in 7 different markets, has become one of Canada’s most recognizable brands over the years and an excellent example of a family-run business.
The event, held at the London Hilton and organized by the Ivey Business Families Centre and the Canadian Association of Family Enterprise (CAFE), brought prominent family businesses from across Southwestern Ontario and Ivey staff and students together to celebrate family-run businesses.
Achieving success
“What’s the secret sauce of Harry Rosen?” Larry asked the room of current and aspiring business owners. “It’s called Customer Relation Management… the essence of our culture.”
Customers become loyal shoppers when someone earns their trust. Get associates to earn the trust of their customer, and you’ll have lifelong, loyal shoppers, Larry advised.
Passing on a legacy
Harry Rosen was passed from Larry’s father, Harry, to him, and he one day hopes to pass it on to one of his three sons.
The Rosen sons grew up knowing the greatness of the family business and how much Larry cherishes the company. Even in their younger years, whenever Larry discussed the business with them, he made them sign confidentiality agreements, he said at the Business Family Day Celebration.
“It isn’t a game,” he said. “You can’t take chances.”
Now, he has three rules for his future successor: he must have his MBA or another degree of value; he must have business experience, outside Harry Rosen; and he must meet objective standards.
“I think they’ll do a better job than I’ve done,” Larry said.
Embracing change
“With the size of our firm, you can’t just be family,” Larry said. “We want change. Our company is always changing.”
At 58, Larry says retirement is definitely coming. He told the crowd if he’s still making decisions at age 70, there’s a problem. You have to know when to let go, he said.
When that time comes, Larry will take his father’s advice to heart. You don’t replace an icon, something Harry often told his son. He encouraged Larry to follow his own passions and to run the company as he saw fit, not how Harry once did.
“He never encouraged me to be him,” Larry said.
Honouring Southwestern Ontario’s top family business
After Larry’s talk, the chosen representatives of three family businesses took the stage to be honoured for their hard work and impressive companies. David Simpson, Director of the Ivey Business Families Centre, part of the Pierre L. Morrissette Institute for Entrepreneurship, spoke about their accomplishments before awarding the title of Family Enterprise of the Year to LiquiForce.
Operated by founder Kim K. Lewis and his three sons Jeffrey, Kim, and Christopher, LiquiForce accepted the award with some playful banter between father and son. LiquiForce, an international contractor and manufacturer founded in Kingsville, Ontario, cleans, inspects, and rehabilitates sewer systems without digging holes or trenches.
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