There have been many studies by business schools around the country on the survival rate of small businesses, and there is little dispute about one fact: the odds of a business successfully transitioning from one generation to the next become increasingly smaller over the life of the business. Only 13% of businesses owned by families survive to the third generation, according to a study by Cornell University’s S. C. Johnson Business School.
It is not surprising, then, that the Iten family is so excited to welcome their fifth generation into the family-owned funeral home business. The Iten family has roots in Browerville, Minnesota, where five Iten families owned and operated a funeral home and a hardware business for more than 100 years. James Iten, a 1960 University of Minnesota graduate, purchased the Boyce Funeral Home in Delano in 1962. Today, three generations of Iten family members—James, Tim and Zach—now operate funeral homes in Delano and Watertown. This enables them to provide services for seven communities in Wright, Hennepin and Carver counties.
“We’ve banked with Minnesota Lakes Bank since its inception,” explained Tim Iten. “The bank has supported our business whenever we needed it, and we’ve reciprocated that loyalty. Given our values, we believe a hometown community bank is a perfect fit for a funeral home that serves the same community.”
The Iten family appreciates the role Minnesota Lakes Bank plays in the communities it serves.
“We see the bank being a community partner year in and year out,” Zach added. “They donate funds for a variety of community programs. They are also a reliable employer in our area, and they serve community businesses, organizations and families by running a solid, reliable bank.”
The Iten family philosophy is to listen thoughtfully and carefully to their customers, an especially important skill during difficult times for families. They appreciate that the Delano, Watertown and surrounding communities trust them.
“We know that dependability is important for a business operating in a small community,” said Zach. “We hear that in our business, and we see that same degree of service from the people who work at Minnesota Lakes Bank. They care, and there’s always a personal touch. You don’t get a robot when you place a call to the bank; you get a person who knows you.”