Family run business: Reliable Rubber & Plastic Machinery Co.

Founder: Herman Single.

Headquarters: North Bergen, N.J.

Number of employees: 30-plus.

Key family members active in the company: Helga Liccardo, president; Joseph Liccardo, vice president, engineering manager; Thomas Liccardo, vice president, sales manager.

What it does: Reliable Rubber & Plastics Machinery manufactures and rebuilds rubber, plastics and related processing machinery—both lab scale and production scale equipment.

Markets served: Rubber—tire, automotive, aerospace, mechanical goods, sporting goods, medical, flooring, recreational, consumer, etc.

Number of generations involved in the business: Three.

What are the strengths of a family owned business? The strengths are invested interests, “arms length” simple transactions, no corporate politics and easy decision-making processes.

What are the challenges of a family owned business? Solutions are accomplished by simple “state the facts” meetings. No corporate politics.

Do non-family members hold any executive or ownership roles? No.

How much does the younger generation of family members influence decisions? Not much, as we are waiting on a fourth generation possibility.

Something you may not know about the company: The year 2016 marks Reliable's 81st year in business. Very few businesses reach this milestone.

What advice would you offer a young entrepreneur who wants to start a family run business? I would welcome and encourage them. They need to stay focused on goals, and rewards will come over time and dedication. It's about earning and achieving, not entitlement. Hard work still pays off.