Selling M&J's Restaurant: A Legacy of Family, Hard Work, and Growth

Growing up in an immigrant family, the Stroumboulis name became synonymous with M&J's Restaurant, a beloved local spot in Fort Erie, Ontario. My parents, who worked tirelessly to build and maintain the business, instilled in us a deep sense of commitment, resilience, and the value of hard work. My siblings and I spent countless hours in the restaurant, learning the ropes from a young age. Whether it was serving customers or washing dishes, every task strengthened our family bond and prepared us for life’s challenges.

When the pandemic hit in 2020, everything changed. My parents, who had poured their hearts and souls into the business for decades, were now older and facing the stresses of a global crisis that hit the restaurant industry hard. It became clear that the time had come for a new chapter for both our family and M&J's.

After much thought and discussion, we found a great buyer who shared our passion for the business and its role in the community. The decision to sell wasn’t easy, but it was the right move for our family, especially considering my parents' age and the toll the pandemic had taken on them. Coming together as a family, we made the transition as smooth as possible, preserving the legacy of the restaurant while allowing my parents to finally step back and enjoy a well-earned rest.

M&J's Restaurant didn’t just teach us about running a business—it was a life lesson in community, teamwork, and perseverance. For my family, especially as immigrants, it represented the realization of a dream, a place where hard work could create something lasting and meaningful. Selling the restaurant during such a tumultuous time was bittersweet, but it also highlighted the strength of our family and the values we hold dear.

“When the pandemic hit in 2020, everything changed. My parents, who had poured their hearts and souls into the business for decades, were now older and facing the stresses of a global crisis that hit the restaurant industry hard.”

— GEORGE STROUMBOULIS

The best memories growing up in the family restaurant business.

WHY ARE FAMILY BUSINESSES IMPORTANT TO THE ECONOMY?

Family businesses play a crucial role in the economy, driving growth, innovation, and employment. Here are several reasons why they are important:

1. Job Creation

Family-owned businesses are a significant source of employment. In many countries, family businesses contribute to a large percentage of private-sector employment. According to the Family Business Institute, family-owned companies account for about 64% of the U.S. GDP and generate 62% of the country's employment. Their long-term commitment to communities means they often create stable and lasting jobs.

2. Longevity and Stability

Family businesses are typically built with a long-term vision. Unlike some corporations that prioritize short-term profits, family-owned enterprises often aim for generational sustainability, fostering stability in their local economies. This long-term focus can lead to more sustainable business practices and growth strategies that prioritize community and stakeholder welfare over quick gains.

3. Innovation and Entrepreneurship

Many family businesses have a strong entrepreneurial spirit. By reinvesting in their companies and fostering innovation, they adapt to market changes while also nurturing entrepreneurial talent within the family. This creates opportunities for business expansion and the development of new products or services, driving economic progress.

4. Community and Social Impact

Family businesses often have deep ties to the communities in which they operate. They invest in local economies, create social bonds, and support local causes, generating positive social impact beyond just financial returns. Their commitment to social responsibility and philanthropy further enhances their economic significance.

5. Resilience in Economic Downturns

Family businesses tend to be more resilient during economic downturns. Their emphasis on long-term planning, conservative financial practices, and the commitment of family members to the success of the company often enables them to weather financial storms better than non-family-owned businesses. This resilience ensures economic continuity and job preservation during crises.

6. Succession and Legacy

Family businesses emphasize legacy, and this ensures continuity through generations. While leadership transitions can sometimes be challenging, well-managed family businesses plan for generational handovers, ensuring that their economic contributions continue for decades, even centuries.

Family businesses are not just significant contributors to the economy; they are foundational to fostering innovation, community growth, and long-term stability. They represent the backbone of many local and national economies worldwide.

WHAT IS M&J’s RESTAURANT IN FORT ERIE, ONTARIO KNOWN FOR?

M&J's Restaurant in Fort Erie, Ontario, was a beloved local establishment known for its classic diner-style comfort food and welcoming atmosphere. Situated in a small town near the Canada-U.S. border, M&J's attracted both locals and travelers. It was particularly recognized for its hearty breakfasts, homemade meals, and family-friendly service. Owned and operated by the Stroumboulis family, the restaurant was more than just a place to eat; it served as a gathering spot for the community.

As an immigrant-owned family business, M&J's was deeply rooted in the values of hard work and hospitality, which resonated with many in the area. The restaurant built a reputation for offering simple, affordable, and satisfying meals, such as eggs, bacon, pancakes, sandwiches, and soups, making it a go-to spot for locals.

The restaurant also held sentimental value for the Stroumboulis family, as it was a place where they worked together and bonded over the years. During the COVID-19 pandemic, the family made the difficult decision to sell the business as their parents grew older and tired of the demands of running a restaurant. Despite the challenges, M&J’s left a lasting legacy in the Fort Erie community.

SHOULD YOU START A NEW RESTAURANT WITH YOUR FAMILY?

Starting a new restaurant with your family can be both a rewarding and challenging experience. Family-run restaurants often benefit from deep-rooted trust, shared values, and a sense of unity that can enhance the business's authenticity. However, there are also several factors to consider before embarking on such an endeavor:

Benefits of Starting a Family Restaurant:

Shared Vision and Values: Family members often share common goals and values, which can lead to a cohesive vision for the restaurant. The personal connection can create a unique and authentic dining experience, drawing in customers who appreciate a family atmosphere.
Trust and Commitment: Running a business with people you trust can offer stability. Family members are often deeply invested in the business’s success, contributing to a strong sense of commitment and responsibility.
Lower Labor Costs: Family members might be more willing to work extra hours or take on various roles without expecting immediate high compensation, helping reduce initial labor costs.
Building Legacy and Tradition: A family restaurant can create a legacy that can be passed down through generations. Many successful family restaurants are known for their rich traditions and long-standing community relationships.

Challenges of Starting a Family Restaurant:

Blurred Lines Between Personal and Professional Life: Working with family can sometimes lead to tensions that blur the lines between business and personal relationships. Conflicts over decision-making, finances, or responsibilities can spill into family life, potentially straining relationships.
Dividing Responsibilities and Authority: It’s essential to define clear roles and responsibilities for each family member to avoid conflicts or misunderstandings. Establishing a hierarchy and maintaining a professional structure can be challenging when family is involved.
Financial Risk: The restaurant industry is notoriously competitive, and the financial risk is significant. If the business struggles, it can impact the entire family, leading to shared financial hardship and stress.
Sustaining Long-Term Growth: As the restaurant grows, managing a family business can become more complex. Balancing family dynamics with the need for professional management can become challenging as the business scales.

Key Considerations Before Starting:

Clear Communication: Open and honest communication about goals, expectations, and responsibilities is essential.
Business Plan: Treat the venture like any other business. Develop a strong business plan, establish budgets, and set realistic goals.
Outside Expertise: Hiring outside professionals, such as financial advisors or managers, can help introduce objective perspectives and avoid internal conflicts.
Exit Strategy: Consider what happens if the business doesn't work out, including how the family will handle failure or exit the venture.

In conclusion, while starting a restaurant with your family can bring a sense of unity and shared purpose, it requires careful planning, clear boundaries, and the ability to balance personal relationships with business needs. The decision should be made with a deep understanding of the risks and rewards involved.