A Family Business That Is Still In The Family

Sometimes it is hard to get a family business past the first generation. A success story is L.L. Bean founded by Leon Leonwoood Bean. He began his business selling the "Maine Hunting Shoe" which is now called the "Bean Boot." The success of the business can be boiled down to staying true to the original business policy--quality outdoor products, especially good boots. In 1960, Leon Gorman, Mr. Bean's grandson, took the company from being a $4 million company to a $1 billion company. Mr. Gorman stepped down in 2001, but the business is still run by the family. L.L. Bean continues to be successful selling outdoor products, especially the "Bean Boot."

Read a fun article about Mr. Bean in the Wall Street Journal here.