Rarely in business are we offered an opportunity that results in the right thing to do for our customers, the right thing to do for our business and the right thing to do for our brand.

Being the president of a family owned business that opened its doors over a century ago has advantages. One of the most significant is the institutional knowledge and the confidence to forecast further than the next quarter or even the next fiscal year.

Having been in business for 106 years, there are a lot of lessons learned and then passed down through generations that help build strength, security and longevity for a company.

Here are five tips for sustaining a profitable family business.