Minding the Family Store for the Next Generation

When Paul Hirshleifer left Hirshleifers, the retailer his great-grandfather founded 105 years ago, to his three daughters, he had little hope they could keep it going. The patriarch, who died in 2004, never shared important information about vendors, finances, and other matters. But Shelley, Caryn, and Lori Hirshleifer have had more success than most siblings who inherit a company. They’ve more than tripled sales at their Manhasset (N.Y.) business, transforming it from a store with a few high-end brands and lots of mother-of-the-bride dresses to a luxury retailer featuring more than 100 designers and serving 90,000 global customers. They’ve also doubled the floor space.

Now the time has come for the sisters, who range in age from 56 to 64, to begin preparing their children to take charge someday. “Being a family business is one of the qualities that makes us unique, so we want that continuity, but only if our kids want it,” says Shelley, the oldest.