Center for Family-Owned Businesses

Resources for family businesses

Established by Our Family Business to Serve Your Family Business.

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1 Strategy

The Power of Perspective: Long-View Strategies in Privately Held Businesses

Vision Graphic

In a world where quarterly reports and short-term gains often determine business leadership’s decision-making, privately held businesses possess a unique strategic advantage: the ability to focus on the long view. Unlike their publicly traded counterparts, these unique businesses aren’t beholden to stock market fluctuations or shareholder pressure.

Private ownership allows them to cultivate a long-term vision, invest in sustainable growth, build up reserves, attract top talent, and build lasting partnerships; ultimately, creating a competitive edge that sets them apart.

2 Success

Navigating New Family Business Horizons: The Evolving Advisor’s Role

Business team during meeting.

Written by Joe Ambrose, Vice Chairman/Managing Director, First Bank Wealth Management

In recent years, there has been a notable shift in where advice for family-owned businesses comes from and how that advice is perceived. Business owners have traditionally turned to accountants, insurance agents, bankers, and lawyers for professional guidance due to the technical complexities involved with these areas. However, there is a noticeable shift toward seeking advice on non-business, yet equally important, aspects of family business.

3 Business Management

The Perception of Family Businesses: Strengths, Challenges, and Competitive Positioning

Photo of business meeting.

Written by Jenny Dinnen, Co-Owner & President, MacKenzie Corporation

Family businesses are built on strong values, deep-rooted traditions, and a genuine passion for what they do. But are public perceptions aligned with these realities? A recent national study conducted by MacKenzie and Next Gen Collaborative surveyed over 1,300 U.S. adults to understand how family businesses are viewed today. Along with their strengths and differentiators, the findings revealed key perception gaps that could be affecting brand reputations, workforce attraction, and overall competitiveness.

1 Family Education

Preparing the Next Generation: Is it really necessary to work outside of the family firm?

First gen family business owner speaking to next gen family business owner.

Written by Isabel C. Botero

Originally published on generation6, August 29, 2024 

The article, “Preparing the Next Generation: Is it really necessary to work outside of the family firm?”, originally published on generation6.com, the author discusses the typical advice of requiring next generation leaders to work outside of the family firm for external experience. Isabel Botero argues there is no data-substantiated evidence for this claim.

2 Transition Planning

Why Next-Gen Leadership Transitions Fail: Planning for a smooth succession in a business is a good idea. Trusting that plan? Even better.

First gen family business owner speaking to next gen family business owner.

Written by Denise Federer, Contributing columnist to the Business Observer

Originally published on Business Observer, March 16, 2023

The article, “Why Next-Gen Leadership Transitions Fail,” originally published on www.businessobserverfl.com, describes how full buy-in and holistic commitment to a solid succession plan are essential for success. Denise Federer explains how trust, cooperation from all parties, and transparency will help ensure a smooth transition. 

1 Succession Planning

Wind Up Not Down

Succession building blocks

Written by Dr. Stacy Feiner, Growth Strategist and Performance Psychologist

Originally published in Crain’s Business Magazine

The article, “Wind Up, Not Down,” written by Dr. Stacy Feiner, Growth Strategist and Performance Psychologist, and originally published in Crain’s Business Magazine, discusses how developing an exit plan for your business isn’t about winding down but rather winding up. The author encourages business owners to step up as owners, build their bench, and enhance value.

2 Succession

The Impact of Key Performance Metrics on Family Business Succession

Photo of business colleagues meeting and studying papers.
Originally published on EideBailly.com and www.familybusinessmagazine.com, January 29, 2024

The article, “The Impact of Key Performance Metrics on Family Business Succession,” provided by Eide Bailly, and originally published on EideBailly.com and www.familybusinessmagazine.com, discusses how family-owned businesses share many strengths; however, a key area that needs significant improvement is succession. The author encourages family businesses to utilize Key Performance Indicators (KPIs) to let numbers guide both their day-to-day business and transition planning.

Family Business Management Solutions

Achieving long-term success as a family business demands the right tools. Let First Bank’s tailored family business solutions help your organization achieve success now and for generations to come.

Center for Family-Owned Businesses Family Business Survey

First Bank is committed to bolstering data and resources for family businesses. The Family Business Survey provides integral insights and data to help expand resources for family businesses. Learn more about the survey, 2024 results, and how you can be an important part of building resources for all family businesses.

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