THE FAMILY BUSINESS

It’s a common and cruel statistic that only 30 percent of businesses make it into the hands of a second generation; 12 percent get passed down to the third generation. It drops off even more precipitously from there. The Galati family is anything but common. Celebrating their 50th year in business, the family-run, strong work ethic-fueled brokerage giant Galati Yacht Sales has accomplished what so many others have failed to do: Balance work and family by creating a culture that celebrates both. Today, all 12 grand-children of founders Michael and Anna Maria Galati are employees of the company serving myriad roles.

To understand how they were able to raise the kind of family capable of working together, you have to start at the foundation. In the early morning hours before the start of the Miami Yacht Show, I