“A lot of hours go into maintaining our restaurant, a lot of working together and communicating to get along,” said Kathy.
The Elpers’ way of running the restaurant goes hand in hand with a study published in Harvard Business Review last November discussing how long family owned businesses tend to last.
“Conventional wisdom holds that the unique ownership structure of family businesses gives them a long-term orientation that traditional public firms often lack. But beyond that, little is known about exactly what makes family businesses different,” explained authors Nicolas Kachaner, George Stalk and Alain Bloch.
To find out exactly what is distinct about such family run businesses, they compared almost 150 family businesses to the same amount of similar companies not retained by families.
The results of the study showed that “during good economic times, family-run companies don’t earn as much money as companies with a more dispersed ownership structure. But when the economy slumps, family firms far outshine their peers.”
Harvard Business Review concluded that this distinction was due to the fact that most family businesses consider the company’s money as the family’s money. So just like any family, the company is built with a savings plan and budget in mind.
The Elpers family limits any unnecessary spending, and commit to working full time 11 months out of the year.
The Log Inn closes for a few weeks every January for renovations and will reopen this year on Jan. 30. To make sure seats are available, reservations are taken Tuesday through Thursday for parties of two or more. On weekends reservations are only for parties 12 or more.
Warrenton is a short 12-mile journey north from the city of Evansville. For directions or reservations, call (812) 867-3216 or visit the Log Inn’s website at theloginn.net.