Their son, Phil, joined the company more than 20 years ago. He describes himself as the company's "techno geek," specializing in managing the office's computer network. Dee says he also was instrumental in developing accounting software for the practice.
The Ballietts' daughter, meanwhile, started with the firm 18 years ago and works as a writer, proofreader and graphic artist. Among her duties are writing columns for the biweekly newsletter the firm sends to clients.
Both of them got an early taste of the business, Dee says. "When they were real little, they sharpened pencils and emptied waste baskets and got paid for it," she says.
Dee and Gene have no plans to retire. But the succession plan for the business is still unresolved, partly because neither of their children is involved in the financial planning or asset management ends of the business. Selling to employees or selling the business outright are among the options they're considering.
"We've been throwing this around for six years," she says. "This is probably the hardest issue we've had to face."
Fewer Sick Days
Being part of a family run business does have its drawbacks, says V. Peter Traphagen Jr. of Traphagen Investment Advisors in Oradell, N.J. "Your family knows your home phone number by heart and you can only call in sick when you're really sick," he says with a laugh.
Those, however, are about the only down sides to a family business that Traphagen can think of. Working in a firm that includes his father and uncle as partners, Peter Jr. feels the close ties of family translate well in a business environment.
He notes that in the business place, those ties extend beyond just blood relatives. Two nonrelatives are also partners in the firm, including one, Sue Lanza, who has been working with Peter's father for more than 20 years.
There's a higher level of trust among partners, he says, as well as a higher level of responsibility. "There's a little more pressure," he says. "It's a challenge. I think we all expect more from each other."