Tomorrow’s Talent: How 2 brothers took a family business & made it their own

MANSFIELD — Chaz Schroeder didn’t plan to take over the family business, but in the end, he’s glad it’s the path he took.  

When he was younger, Schroeder considered a career as a wildlife officer, then thought about becoming an FBI agent. After graduating from Ohio Northern University with a business degree, he came back to Mansfield to get a few years of work experience on his resume.

He’s been at Black River Group ever since. 

Schroeder has worked for his family’s company full-time for the last 18 years, ascending from an entry-level employee to president. 

He and his brother Austin became part-owners, then purchased the business from their father and his business partner in January 2023.

Schroeder said there were lots of reasons why he chose to stick around. The work allowed him to engage his dual interests in engineering and business. It meant he could stay in the town he grew up in. The idea of continuing his family legacy was another pull.

 “The idea of taking pride in something that you own, working through challenges, building and evolving companies … Entrepreneurship runs in my family, and it’s something that is still very close to my heart and my brother’s heart,” Schroeder said.

“I liked the idea that it was a family business and we were continuing on what had been going on for at the time, 55 years. Looking back, I’m glad I stuck with this.”

Regardless of whether a business successor is a family member, employee or someone outside the company, taking over an existing enterprise has its challenges.

Entrepreneurs may have numerous opportunities to take those challenges on in the years to come.

Close to half of U.S. businesses were owned by Baby Boomers in 2022

The U.S. Census Bureau’s 2022 annual Business Survey found 52.3 percent of business owners were 55 or older — 29.5 percent were 55 to 64 and 22.8 percent were 65 and older.

As Baby Boomers retire, their businesses will either come under new ownership or close.

Multiple area business owners who purchased (rather than founded) their company told Richland Source these transitions are easier when there’s a plan in place.

In many cases, the new owner had worked at the company first, gradually taking over responsibilities and learning the ropes.

Schroeder said he and his brother were ready to take over long before the business was truly theirs.

“Probably 9 to 10 years before we actually took full control and bought them out, we were basically stepping in and assuming the majority of their role overseeing and running the entire company,” Schroeder said.

Still, Schroeder said the previous owners’ decision to retire was abrupt. The brothers had about three months to decide whether or not they wanted to take over officially. 

“We sat down, poured through all of our books, kind of looked at the industry as a whole, looked at our business model, and said, ‘Do we think that we can take it and build upon what’s here?'” Schroeder said.

“Ultimately, we came up with the answer ‘yes.’ Or at least we were going to do everything that we could to try to build on that legacy.”

‘Try to understand all aspects of the business as much as you can’

Schroeder’s advice for employees interested in taking over a company is to be forthright about their intentions. 

“As someone who’s looking to acquire the business, it’s never too early to start the conversation on what your ideas are, what your thoughts are,” he said.

“Try to understand as best as you can what the current owners or managers are looking for when they’re getting in and getting out.”

He also advised would-be business owners to do their homework.

“Try to understand all aspects of the business as much as you can so that when it does come time to make that jump, that you’re making a well-informed decision,” he said.

“One of the most important things for my brother and I was really digging into the financials. Start as soon as you can, so it gives you as much time as you can to do the research and to really think it over,” he added.

Making methodical changes

Black River Group got its start when Schroeder’s grandfather acquired Richland Printing in the late 1960s. Since then, the company’s business model and offerings have evolved to meet the needs and opportunities of today’s customers.

The company started primarily as a print advertising agency. Over the last 60 years, it’s expanded into marketing and manufacturing. The company’s signature product, custom in-store displays for retail outlets, wasn’t part of Black River’s business model until the 1990s.

“In our lineage and what we’ve been involved in, there’s always a need to reinvent yourself and kind of follow the trends of the times,” Schroeder said. 

“Technology has played a huge role in that, especially, with creative softwares and digital photography. Now AI is coming in and really changing a lot of stuff as well.”

Having the gumption to take risks and grow a business is important for entrepreneurs, whether they’re founding a businesses or taking one over.

Jake Penwell purchased his Shelby funeral home from the Turner Family in 2018. While he tends to be more cautious about making changes, he agreed it’s important to new business owners to do what they think is best for the company.

“I do believe that people need the encouragement to be able to make a business their own,” he said. “Just because you buy a company it doesn’t always have to operate business as usual into the future.”

His advice is to make change methodically.

“Don’t make (decisions) drastically, knee-jerk, for the sake of change,” he said. “But don’t wait forever if you have ideas and things you want to implement.

“There is a happy middle ground between waiting too long and doing it too quick.”

Confidence is key

Making thoughtful, deliberate decisions is crucial, whether it’s deciding to take over a business or choosing how to run it.

Schroeder said some of the biggest challenges he’s faced as a new business owner are the mental ones. But in the end, business owners need to be decisive and confident in their decisions.

“There’s going to be a lot of discomfort there — questioning yourself, questioning the decision, questioning the financial expenditures,” he said.

“But the discomfort is really just a sign of growth. You’ve got to be able to push through that discomfort and really embrace it. You are growing as a person, as an entrepreneur, as a business person,” he added. 

“If you’re committed to that choice and you believe in that choice, you will make it work.”