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Mid-Atlantic Chapter Breakfast

Hardware, Astrophysics & Succession Planning: A Princeton Family Business Saga

5/1/2014
When: Thursday, May 1, 2014
7:30 am - 9:30 am
Where: The Nassau Club
6 Mercer Street
Princeton, NJ  08540
United States
Presenter: Irv Urken
Contact: Mid-Atlantic Chapter of FFI
617-482-3045 x23


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Hardware, Astrophysics & Succession Planning: A Princeton Family Business Saga

Urken Supply Company was started in 1937 by Paul Urken on Witherspoon St. in the heart of downtown Princeton. A boutique hardware store, Urken Supply had an illustrious customer list. Albert Einstein had his own charge account (no Princeton saga can be complete without an Einstein reference). Governors and senators were in and out and what greater honor could there be than a Hubble telescope engineer coming in to ask for technical advice on the complex machinations of the guts in a toilet tank?

 
Paul died young and left the business to his wife, Eunice. Irv Urken, 10 when his father passed, ultimately became the only one of three children to work in the business and the estate plan was the not-so-unusual, “someday, son, this will all be yours”. Irv hoped for something more concrete and thus begins the saga Irv will relate himself at our next networking breakfast. 


*Spoiler alert – the business no longer exists but Irv transformed a trying family business experience into a career as a financial planner for Northwestern Mutual in Princeton, leveraging many of the good contacts and trusting relationships made at the family store into a successful planning practice, helping many families be a bit more proactive about their generational transitions.


We hope you will join us!


 

About the Presenter:

Irv Urken attended The Hun School and has a BA in political Science from Middlebury College.  He is involved in many local nonprofit boards and was elected to the Princeton Borough Council for two terms and served as Council President, Budget Chair and Police Commissioner.  He has been married for 32 years to Cindy Urken with two adult children living in NY, one married and one about to get married.  Both work for Jim Cramer / CNBC for the Mad Money Show.  He currently resides in Skillman NJ.

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