Attention, entrepreneurs: Balance business with family or risk losing one of them.
Serial entrepreneurs Larry and Caryl Abdo regularly share that message at dinners with students from the University of Minnesota's Carlson School of Management.
"An entrepreneur says he can do more than one thing at a time," Larry Abdo said. "Let's start with your relationship and your children and put them in absolute equal balance with your business."
The Abdos have taken that advice through 43 years of marriage and in raising their four adult children who largely have taken the reins of the family's numerous ventures, including:
• MyBurger, the burger joint that last year opened its third store, in Minneapolis' Stadium Village near the University of Minnesota. Son John Abdo is president and CEO.
• The historic Nicollet Island Inn, purchased in 2005, managed by son Corey Abdo and site of the Abdos' Carlson School dinners.
• Two long-running Minnesota State Fair vendors, Big Fat Bacon, which daughter Mandy Abdo Sheahan oversees, and Gopher State Ice Co., which the three Abdo brothers operate.
• Real estate developments, which son Paul Abdo manages. Projects include 6 Quebec, the condo and retail building in downtown Minneapolis where the first MyBurger opened in 2004 (the other is near Lake Calhoun) and the headquarters of Abdo Market House, the family's holding company.