Surviving since Lincoln: How six generations beat the small business curse

Bassett’s Ice Cream has survived economic downturns, changing consumer tastes and generations of competition while remaining under family ownership since its founding in 1861. Now led by its sixth generation, the Philadelphia institution is marking another milestone as America prepares to celebrate its 250th anniversary.

FOX Business correspondent Jeff Flock joined FOX Business’ Maria Bartiromo on "Mornings with Maria" to spotlight the company’s history and how it has remained family-owned for more than 165 years despite the challenges that force many small businesses to sell or shut down.

Founded while Abraham Lincoln was president, Bassett’s originally churned its ice cream using mule power before transporting it into Philadelphia by horse and buggy.

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"We love a family business. We feel that our ice cream is a tradition, this is a family company, and we are so proud to be serving America and Philadelphia with a family business," sixth-generation owner Alex Bassett Strange said.

While the company is rooted in tradition, it continues to evolve. Bassett’s now exports ice cream to markets including China and Taiwan, giving the company opportunities to develop new flavors.

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"That’s right, so we export some ice cream… It’s helped us develop into new markets… I have my matcha ice cream, which is a flavor we never would have done had we not been in Southeast Asia," Strange said.

The company has also expanded its offerings with new flavors, including a limited-edition red, white and blueberry variety for America’s semiquincentennial celebration, and introduced its first vegan ice cream this year while continuing to use Pennsylvania dairy for its traditional products.

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