Family-owned businesses to be honored for their success - 8 News NOW

Family-owned businesses to be honored for their success

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LAS VEGAS -- This week, Nevada Business Magazine is honoring 30 family-owned businesses for their work and success in southern Nevada.

Some of these companies have been around for more than three decades, bucking statistics that show many small companies fail within the first 10 years of business.

The statistics are startling: 36 percent of small businesses in this country fail two years after they open. That number goes up to 50 percent within four years, and about 70 percent are forced to shut down after a decade.

Despite these statistics, there are family-owned companies here in the Las Vegas valley that are surviving and thriving.

One of those businesses is Tuxedo Junction off West Sahara Avenue. Mikka Moon started the shop with her husband in 1978.

She shows off a wall of pictures of her customers over the years.

"The ones that are faded are the ones bringing their kids in now for tuxedos," Moon said, "Now we get three generations in and it is a reminder, 'oh my gosh, I have been doing this a long time.'"

Tuxedo Junction is one of 30 family-owned companies nominated for the annual business awards hosted by Nevada Business Magazine.

"There are some amazing survival stories that will be represented at this event," CEO of Nevada Business Magazine Connie Brennan said.

Brennan says the recession hurt many family businesses over the last few years, including one of this year's nominees the Great Buns Bakery.

This is the business that also almost destroyed in a fire in 2007.

"We were down 17 months and had no way of servicing our customers," vice president of Great Buns Bakery Tony Modonia said.

Mondonia says his family came together and worked hard to reopen. He says the company came back stronger with new ideas.

Owners of the bakery say the secret to its longevity is diversifying. The bakery used to only cater to local casinos. Now, it provides baked goods to sports bars, restaurants and local festivals, like the San Gennaro Feast.

At the Tuxedo Junction, Mikka Moon says she gets fresh ideas to boost business from many of her young workers, including how to promote big events like the prom on social media.

"It is fun keeping up with the times and changes," Moon said.

Something Moon says she plans to keep on doing with this family business for years to come.

The Nevada Business Magazine and Nevada State Bank are co-hosting the awards ceremony Tuesday.

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