Just like any other success story, Iaccarino &Son started with a dream. The dream belonged to Raffaele Iaccarino, who came to America as an immigrant but took advantage of the opportunity to leave his mark. Mr. Ralph was a very skilled builder and he put that skill to use and started the business. After years of building the company and being taking advantage of he left the company to his sons and moved back to Italy. It wasn’t until the 1970s that Carl bought his brother’s shares and became sole owner of the company.
Thus sparking the name Iaccarino and Son because he wanted his son Fran to one day come into the family business. Even though they had successful years of business, 2011 was the best year with over 15 million in sales. Even with all its success, Iaccarino & Son shut down for good in 2012.
If you were in Fran’s shoes when he was running his own company, what factors might have attracted you to close your business and join Iaccarino & Son?
The first thing that would have attracted me would be the amount of sales they were doing each year.
The next attraction would be the salary, is what I will be making as a co-owner be more than what I made as an owner. Also the amount of stress that comes with the job.
What factors might have discouraged you from entering the family business?
The biggest discouragement would be a lack of management.
I would look at how everything from management to employee relations, handling of funds coming in and going out, and what is the moral like. Also, how is the company doing before I come over.
Why do you think Carl wanted to retain ownership and decision-making authority over Iaccarino & Son after bringing Fran into the company?
I believe the biggest reason was control. I think that is one of the reasons why he bought all of his brother’s shares. He probably didn’t feel like Fran was ready to handle the responsibilities that came with the job. Also it probably would’ve caused a ripple in his relationship with Fran.
When the recession hit in 2008, what advice would you have given Carl and Fran to increase the chances of survival for Iaccarino &Son?
I would’ve advised them to have a safety net that will keep them afloat during times like this. I would advise them not to take on more contracts than the company could handle or finish. I would advise them to look at the company and see where they could cut back on useless spending and look for areas that need improvement that have been overlooked in the past.