LIVINGSTON, NJ — Dina OpicI, the fourth-generation owner and operator of The Opici Wine Group, gave her first official live presentation to the audience attending Sobel & Co.'s Executive Women's Breakfast on Tuesday morning.
Sally Glick, principal of Sobel & Co. was enthusiastic about introducing Opici, stating that "family-owned businesses are the heart of New Jersey business."
The Opici Wine Group was founded by Opici's great-grandfather in Paterson and is currently being operated in its fourth generation with a home base in Glen Rock.
"While business was a part of our life, it didn't dictate it," said Opici. "I grew up thinking that I could do whatever I wanted and I always new I was going to be a lawyer."
Opici became a lawyer and said that she enjoyed her profession. It wasn't until her 80-year-old grandfather approached her about his succession plan that Opici considered the family business. She then joked that her grandfather just celebrated his 100th birthday in March 2016 and that his "plans for succession were a little premature."
Opici is not well-entrenched in the family business and has been an integral part of its success story. She told her audience at Sobel about what it means to her to work with family, how her daughter came to work with her starting at the age of three, and how she has dealt with being a female executive in a male-dominated industry.
Opici also shared statistics on family business longevity. According to Opici, only three percent of family businesses make it to the fourth generation; 30 percent fail because of communication and trust; and 25 percent fail because they do not plan for the next generation.
"If someone told you that you had a three percent change of making it...it's pretty daunting," said Opici.
To plan for the future, Opici has spent time instilling a company philosophy and family like working culture, using her last name to spell out their values: Ownership, Perseverance, Integrity, Commitment, and no "I" in team.
At the end of the presentation, attendee Pamela Brownstein asked what advise Opici would give to her daughter if she wanted to enter the family business.
"If I could do it over, the one thing I would have done is spend sometime outside of the family business inside the industry," said Opici.
Sobel & Co, a family-owned business currently celebrating 60 years, is a full-service accounting firm in Livingston NJ specializing in family business and not for profits. Sobel & Co is the proud sponsor of the Essex County News section of TAPintoLivingston.net and TAPintoWestEssex.net. For more information on their services visit their website.