Saying Goodbye to an Entrepreneurial Father:
the Final Transition
 By
Henry D. Landes
September 2003
It was with sadness that I learned this past spring of the passing
of Frederick J. Presti, a remarkable entrepreneur and devoted father.
A few days later I was privileged to attend the memorial service
in his honor.
Fred was a pillar of the Doylestown community for three decades
where Presti Rubber Products was based. Fred Presti’s innovations
in the tire-retreading industry led to the creation of Presti Rubber
Products in 1977. He continued to build the enterprise, founding
Hoke Rubber Products seven years later.
Fred and his wife, Maysie, of 51 years also raised eight children.
His lifelong dream was to build nine houses on a piece of land for
him and Maysie, as well as for their eight children and families.
According to Duane, the oldest son, that dream wasn’t fully
realized, but all eight children live within 15 minutes of Dad and
Mom’s home.
At Fred’s memorial service, the eight Presti children –
and some of the 14 grandchildren – gave touching tributes.
Though the death of the founder is hard, it is part of the life
cycle of family business. The Prestis came together to honor and
say goodbye to Dad and Grandpa.
Of his father, Duane Presti, now CEO of the Presti Group, reflected:
“My father understood that … success was based not only
upon opportunities but also upon the wisdom gained through failure.
While he tried to avoid failures, my father recognized them as a
part of any life. He took such occasions to learn, grow and improve.”
Duane also recounted his father’s courage and decisiveness,
telling of a time Fred came upon a carload of scared young people
stalled on a train crossing with a train approaching. “He
quickly realized this was not a time for half measures and rammed
his car into the back of theirs to force them across the tracks,”
said Duane. “He did this even though he knew he may not be
able to clear the tracks himself. That was the courage of my father.”
This is a family that has had the courage to openly acknowledge
conflict and failure – and proactively deal with both. (Members
of the Presti family shared their story at our Family Business Forum
in May 1999 and were featured in our April 1999 Family Business
Newsletter.)
After Fred had a debilitating stroke in 1995 (and lost some of
his ability to make sound business decisions), the Presti family
faced a major family and business crisis. An excruciatingly
difficult decision followed. The children reluctantly removed Dad
from company leadership and named Duane, the brother with the most
outside business experience, as CEO of the Presti Group.
But it was not an easy transition … for Fred or the eight
children. I was invited into the family circle in 1997. Walking
with Fred and helping the family work through succession issues
has been very challenging – but just as rewarding. The Prestis
have tackled tough times head-on and have had the resiliency to
bounce back and prosper, both personally and professionally.
So now I too pause to honor a man of courage, determination and
integrity. The continuing success of the Presti Group is a testament
to his hard work, along with his entrepreneurial spirit.
Indeed, Frederick J. Presti’s inventiveness and persistence
made him a success in business. But it was his commitment to family
that made him the man he was. Fred’s legacy lives on in the
family business, but even more so in the lives of his children and
grandchildren. And that is the best legacy of all.
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