Family is never far from Angelo’s on Federal Hill

In 1911, Russell Morin’s grandfather, J.B. Morin opened a small 24-seat diner in front of a four-story jewelry-manufacturing company in Attleboro, sowing the seeds for what is now a restaurant and a catering business that are family run.

About three years ago, Caren Kempf and her husband, John, were looking for a business to invest in, something that would propel them into retirement – though still far off – in a place that they love. And they found it: an inn on Block Island.

The two bagel shops are six miles apart, close enough for the Liebermans to start their day together. “All three of us start ... at the Wakefield store. We pick up our bagels there,” says Nancy Lieberman, the owner of Bagelz, the Bagel Bakery. The Wakefield shop is just off Main Street. The other, with the same name, is at the University of Rhode Island.

They say smell is the strongest link to memory, and for chocolate lovers, the sweet smell of dark chocolate is probably the strongest link to happiness. So when John Nickson, owner of OmniColor Printing and self-proclaimed chocolate aficionado, began experimenting with scented materials on his new Heidelberg UV press, he got more than just new printing capabilities, he also got an idea for a whole new business.

You started your business years ago and today there is a buyer – the reward for your hard work! Over the years, “contracts” may have been handshakes; “promises” might have been made; you may not have read the fine print or boilerplate; and family members may have loaned you money with no documentation. What were good ideas then are now issues because the buyer is conducting “customary due diligence.”

“The shortest path to happiness can be found by giving,” said Kevin W. Leary. He speaks from experience. The chairman of VPNE Parking Solutions, in Boston, supports a variety of health care and educational programs in Boston and Providence by donating 10 to 18 percent of his company’s annual net income. “Successful businesspeople who have the capacity to give, should give, and we feel sorry for the ones who don’t because it feels great,” Leary said.

Autocrat Inc., a fourth-generation, family-owned business that has been making coffee and coffee extracts since 1895, is riding the crest of today’s coffee-chic tidal wave, under the direction of Chairman and President Richard M. Field Jr.

Before taking that heady trip to the gift registry, many couples are making a more humble trip to their lawyer’s office at the behest of their wealthy parents, to establish a prenuptial agreement. With divorce rates at historic highs, smart parents aren’t taking any chances – especially when it involves the family business.

Earlier this month, on Cinco de Mayo, there was an all-day party at El Rancho Grande. It was a celebration not only of the importance of this day to Mexicans, a day of independence, but also of the restaurant’s first year in business. “The place was absolutely jammed. The line for a table went right out the door,” said Joaquin Meza, the proud 27-year-old owner.

Family-owned businesses such as Tony’s Colonial long have been the heart of Federal Hill, and they are still going strong even amid the neighborhood’s influx of trendy new restaurants and businesses.

One of the biggest mistakes family-owned businesses make, experts say, is not putting agreements on paper and not seeking legal help to protect their assets. Because while family is family, disputes can arise when you mix family relationships with business.

For years, immigrants with little understanding of U.S. law, custom or languate have been staking their fortunes on restaurants, groceries, liquor stores, laundries, salons and other small, service-oriented businesses. For some, it’s the means of ensuring their children will have more choices than they. But increasingly, says Tomas Avila, a business adviser at the R.I. Small Business Development Center at Johnson & Wales University, these immigrants are building businesses to pass on to future generations.

Small and medium-size businesses (SMBs) are reaping the rewards of the Internet more than ever. In a recent survey, SMB owners overwhelmingly said their Web sites are improving sales, communication, marketing and cost efficiency.