Two Joliet family businesses ready to hand off to next generation

Approximately 40% of U.S. family-owned businesses transition into the second generation – and two Joliet businesses are currently following that trend.

Robert Filotto, a certified public accountant and former owner of Filotto Professional Services in Joliet, said his son Reid Filotto became owner Jan. 1.

“I know he’s a perfect fit for the community,” Robert Filotto said. “A lot of men and women my age are trying to get out of this business and there are not a lot of young people Reid’s age who are trying to get it. In my mind, it was a perfect storm for Reid. … I hope someday one of his children takes over.”

Edward Dollinger, an Edward Jones financial advisor who is not retiring yet, brought his son Matthew Dollinger and his son- in-law Scott Segobiano into his Joliet office, along with three other advisors: John C. Gillmann, Nicholas J. Tyrell and Samuel P. Williams.

Although Edward Dollinger said he enjoys working “side-by-side” with Matthew Dollinger and Segobiana, he also said clients appreciate a succession plan with consistency.

“They don’t have to move,” Edward Dolinger said. “They can stay and work with the team here. I think the clients feel they’ll be left in great hands and that gives me peace of mind.”

Growth, client mindset

Generational pride aside, both Robert Filotto and Edward Dollinger believe their sons will grow their businesses.

Reid Filotto, who previously worked in public accounting, is also a certified valuation analyst and a certified fraud examiner, Robert Filotto said. Those are important skills to a company that handles “complex tax work,” while opening up “another avenue of work in revenue for him, as well,” Robert Filotto said.

“We do not have a ton of bookkeeping anymore,” Robert Filotto said. “We do a lot of strategy work and outside-the-box thinking.”

Reid Filotto said he was studying fire engineering and worked as a volunteer firefighter in Oklahoma when he decided to pursue accounting.

“I took one class and it just clicked for me,” Reid Filotto said. “It made sense. The approach to the lessons was logical.”

Reid Filotto has integrated technology into the business, a necessity since many clients work online, Robert Filotto said. For instance, Robert Filotto said he never had a website, which probably limited him.

“He’s also got quite a few opportunities to acquire other practices, to look at those opportunities, if you will – much more than I had when I started the practice 25 years ago,” Robert Filotto said.

A lot of men and women my age are trying to get out of this business and there are not a lot of young people Reid’s age who are trying to get it. In my mind, it was a perfect storm for Reid.”

—  Robert Filotto, former owner of Filotto Professional Services in Joliet

Matthew Dollinger and Scott Segobiano also earned extra certifications. Matthew Dollinger is a certified financial planner and a chartered financial analyst. Segobiano is also a certified financial planner and chartered financial consultant.

Matthew Dollinger said he worked as a cost analyst for a chemical company before joining the Edward Jones’ home office in St. Louis, Missouri in 2017 – and then “grew into a leader there.”

“I think I wanted to prove to myself that I could go off and do something on my own first before joining the family business,” Matthew Dollinger said. “I felt moving back to the Joliet area – where I grew up – really gives me the opportunity to give back to the community that raised me.”

Scott Segobiano said his father Anthony Segobiano is a financial advisor for Edward Jones, so financial planning was “always on my radar.” Before coming to Edward Dollinger’s Joliet office, Segobiano worked for Edward Jones in the Chicago area.

Segobiano said he interviewed with other firms but Edward Jones “felt like home.” Segobiano said he liked how Edward Jones financial advisors “connected with and cared about their clients.”

So he didn’t hesitate when Edward Dollinger asked him to join the Joliet office.

“He invited me to join him here and it was a great opportunity,” Segobiano said.

Advantages of generational family businesses

Edward Dollinger, who grew up on a six-generation family farm, feels a generational family business is more than continuing a legacy.

“It gives comfort to me and my wife and – most importantly – to our clients that we work together as a team,” Edward Dollinger said. “And the plan is to continue to work together as they worked with me over many, many years.”

I think the clients feel they’ll be left in great hands and that gives me peace of mind.”

—  Ed Dollinger, who opened a Edward Jones Investments office in 1986 in Joliet

Robert Filotto said “institutional knowledge” stays intact when businesses remain in the family. Reid Filotto feels clients benefit, too.

“Our clients feel more connected to us,” Reid Filotto said.

Community involvement

Robert Filotto said firms his size offer opportunities “to be deeply involved in community organizations and events.” He is a longtime member of the Rotary Club of Joliet and member of the boards for the Will County Center for Economic Development and the Will County Metropolitan Exposition and Auditorium Authority, which owns and operates the Rialto Square Theatre in Joliet.

Reid Filotto’s on the board for Will County Habitat for Humanity, Joliet Area Young Professionals and Plainfield Lions Club.

Edward Dollinger is also a longtime member of the Rotary Club of Joliet and on the Will County Center for Economic Development board.

Matthew Dollinger is a Rotary Club of Joliet member and on the Big Brothers Big Sisters of Will and Grundy Counties board.

“I was a ‘big’ in St. Louis as well,” Matthew Dollinger said. “I still have a ‘little’ in St. Louis that I visit on a monthly basis.”

Segobiano is a Rotary Club of Joliet member, on the United Way of Will County board and Greater Joliet YMCA investment committee member.

Both Matthew Dollinger and Segobiano belong to the Joliet Region Chamber of Commerce Ambassador group.

‘Smooth transition’

Edward Dollinger said he expects a smooth transition when he does finally retire.

“So far, they’re not kicking me out the door,” Edward Dollinger said with a smile. “I can stay as long as I want.”

Robert Filotto said Filotto Professional Services moved on May 1 and he’s certain the new space “will quickly fill up” under Reid Filotto’s leadership.

“I’ll probably have to give up my office here shortly,” Bob Filotto said, also with a smile. “And that’s OK.”