Founders: Art Pardington, Henri Mathey.
Headquarters: Wayne, N.J.
Number of employees: Under 50.
Key family members active in the company: JD Mathey, great grandson, president, CEO; Jeff Leach, great grandson, chairman, chief operating officer; James Leach, great great grandson, vice president, manufacturing.
What it does: Passaic Rubber contract manufactures and private labels, and adds value to rubber products.
Markets served: Construction, aerospace, agricultural, industrial.
Number of family generations involved in the business: So far we are a fifth generation family business, but the sixth generation has already been born.
What are the strengths of a family owned business? It's a huge benefit to have a parent work with a child. You can learn from experience what can't be taught in a book or classroom.
What are the challenges of a family owned business?
How are family disagreements resolved? We are challenged to overcome disagreements. They are resolved with a healthy debate which is good for the business. We try to avoid communication breakdown.
How much does the younger generation of family members influence decisions? The younger generation is well respected when it comes to decisions. Each generation has brought something new into the business.
Something you may not know about the company: Passaic is the name of our county in New Jersey. Although we have moved to our third location, we stayed in the same county.
What advice would you offer a young entrepreneur who wants to start a family run business? Make sure each generation can add value to the family business. Working for a family business is not a birthright.
And another thing: Passaic requires a college education and at least two years work experience at an outside company prior to joining the business.