Did you know that according to the U.S. Small Business Administration, only about 30% of family-owned businesses transition to the second generation? After that, around 12% are passed to the third generation, and only 3% to the fourth generation.

We are proud to be in the 30% of family businesses purchased by the second generation. This year we celebrate twelve years of second-generation ownership and thirty-five years of Lantry family stewardship.

While sorting through old keepsakes, I found a Christmas card interview from 2013, our first year as resort owners. When asked about the resort’s succession, Tom’s dad, Mike, said: “I really did not want to move and see this property go to strangers. Bonnie and I have worked hard through the years, and selling it would have been bittersweet. Passing the resort to the kids makes me believe they want to continue our legacy.”

Mike’s words capture a common sentiment among family business owners. To us, these places are not just businesses; they are the culmination of our life’s work—our blood, sweat, and tears—dedicated to creating something beautiful for future generations to enjoy. The resort is our home and a product of all things we love. 

It warms my heart to see my little girls tagging along with their dad to help in the day to day tasks of the resort, just like Tom did when he was a kid. As a parent, I hope that one day one of my kids might want to take on the family business. But I also understand and respect that they may have different interests and goals for their lives.

We want to thank you for supporting our second-generation family business and potentially the third generation in the making! We love hosting your first, second, third, fourth, and even fifth-generation family traditions on Vermilion.

According to the statistics it is unlikely that our resort will be passed on to the third generation, but I’m holding onto that 12%