The Initiative for Family Business and Entrepreneurship at St. Joseph University's Haub School of Business presented another interesting program for family businesses on October 27, 2016. The program, which was part of a series sponsored by Wells Fargo and Abbot Downing, was titled "The ABCs of Educating and Engaging the Next Generation." The principal presenter was Meghan Juday, who is a consultant to the Initiative and Chair of the Family Council at Ideal Industries. Meghan discussed the strengths of family businesses and also the threats from family conflict that is not managed properly. It's a challenge to develop a plan that will allow family members to see what is the best contribution they can make to the business; the plan must be inclusive and transparent, and will often extend over 10 years or more. Meghan made a couple of very good points about why a family business can yield superior results: there is patient capital in a family business, as comapred to having to meet stock market expectations. There are generally shared values in a family business. There is frequently little debt, which helps when there is an economic downturn. There is a sense of stewardship, leading to rewards today but also in future years. Meghan's talk was followed by breakout sessions, in which family business participants and advisors talked about ways in which to bring the younger generation into the business. There isn't one way that works in every business, of course, but these events at the Initiative ask very good questions and offer a variety of possible solutions on how to make a family business successful for multiple generations.
