DIG Insurance & Business Magazine Fall 2019 | Page 7

GENERATION NEXT
hatching plans to open up a pizza and
pancakes spot for guests. To help bring
this vision to life, his wife, Julie, gave up a
nursing career to run the Breakers Hotel. “If my children hadn’t come back and gotten
into the business, I would have sold out,”
Gibbs says. There was never any pressure
on them to join the company.
The Dough Roller opened in the spring
of 1980, and it has consistently grown
since then. Today, there are two Coastal
Highway locations, a second boardwalk
location at South Division Street that also
serves Dayton’s Boardwalk Famous Fried
Chicken, a West Ocean City store, and
the original spot at Third Street. In fact, Gibbs wasn’t sure he wanted his
children to have the nonstop restaurant
life. “When I look back, it has all been
a blur,” he says. “It was 20 years of working
from 7 a.m. to 1 a.m. from April through
October, every day. I didn’t really want my
children to do that.”
Gibbs was careful when opening stores,
waiting until he had a reliable manager
who could “own it” and grow it.
And the same care applies to the way he is
transitioning the business to his children.
“I deal with people I know,” he says.
“That’s my business plan.”
BASIC TRAINING FROM DAD
Gibbs’ three sons grew up working in the
business—he involved them from a young
age because that’s what the family did. The
oldest son, Gary, loved cooking on the line
and was running it himself by age 15. The
middle son, Jeff, had a thing for making
pizzas. “One was cooking and the other
was making pizza, so they were working
together but one didn’t have to yell at the
other to get the food out, which you have
to do in a kitchen,” Gibbs points out.
Gibbs intentionally shifted his children
into various roles as they were growing
up so they’d gain experience, get in a
good day’s (or night’s) work, and maintain
healthy boundaries.
Gibbs didn’t begin working on a transition
plan until his children graduated
from college and began returning to
the business.
But Jeff always felt differently. He naturally
moved into running the busiest location
after college. “He is married with two kids,”
says Gibbs, “and has been running that
original location for almost 20 years.”
Kevin trickled back into the business.
After he graduated from the University of
Kentucky, he came home to Ocean City
to manage the South Division Street
location, which had been rebuilt after a fire.
Kevin is also savvy with marketing. “He
does all the social media and advertising,”
Gibbs says.
Gary returned home and started helping
in the family business. “He comes down
and works the whole summer and
sometimes year-round,” notes Gibbs.
“He still lives in Washington, D.C., in the
winter.” Because of Gary’s engineering
background, he handles the technology
aspect of the business, including
implementing the menu changes.
“He’s the numbers guy,” Gibbs says.
“He’s the mathematician around here.”
Gibbs adds, “The diversity of having
different stores allows my children to work
for the same business we built, and that
is the reason this particular family
business is surviving.”
THE NEXT CHAPTER
About five years ago, when the inheritance
tax laws were due to change, Gibbs worked
with advisors to create family trusts. Assets
have been filtered into those trusts. “That
was pretty much the planning we did,”
he says, noting that giving his kids key
business responsibilities and stepping away
from daily operations has been gradual.
The trusts were formed when he realized
those years of teaching and growing could
result in a sale of the business due to tax
burdens if he didn’t protect the assets and
start passing them down. How would his
kids afford to keep the operation otherwise?
Meanwhile, Gibbs ensures that his
properties are protected from liabilities
that could prevent perpetuation
by consulting regularly with his insurance
advisors. “At one point, there were 20-some
properties in this business, so there is a lot
to make sure you have covered,” he says.
“Deeley has covered my entire pace of life
in growing the business and diversifying.”
Today, Gibbs isn’t necessarily slowing
down—he’s out at all the stores daily and
overseeing office administrative duties.
His wife Julie still plays a supporting role,
and is very involved with renovations and
remodeling. But Gibbs isn’t working the
line or quite as involved in the everyday
details of food service. He trusts his sons
and other managers to do their part.
They all grew a love for it, and with the
multiple locations, they can run a business
independently while working together
in the family operation. As for letting go,
Gibbs says, “Well, they can have it! I’m glad
they’re here. I’m glad they’re happy, and I’ve
always preached that’s the most important
thing in life.” +
They all grew a love for it, and with
the multiple locations, they can run a
business independently while working
together in the family operation.
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