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. 7