Lecture: Family Run Businesses

April 02, 2013 6:00 PM - 8:00 PM
Kaplan Family Mathematics, Science and Technology Center Atrium

Mount Saint Mary College will host “Family Run Businesses – The Good, The Bad and The Ugly” on Tuesday, April 2 from 6 to 8 pm in the Kaplan Family Mathematics, Science and Technology Center atrium, 330 Powell Ave., Newburgh, NY.

The forum, sponsored by the college’s division of business, is free and open to the public.

Visitors will learn the intricacies of running a family businesses from panelists: Chip, Peggy and Sawyer Kent, owners, Locust Grove Fruit Farm in Milton, NY; Eric Najork, COO of the Collection Bureau of the Hudson Valley; and Peter Berman, CEO, The Ruby Group of construction companies in Goshen, NY.

Family run businesses present owners with a unique set of challenges, as well as advantages.

Mount business professor Moira Tolan notes recent research by the Greater Washington D.C. Family Business Alliance reveals that family control can be efficient, since families may be able to positively affect the resource inventory and usage of their firms, apply a long-term perspective allowing for unique strategic positioning, have fewer human resource problems, and drive entrepreneurial activity.

According to the Conway Center for Family Business, 35 percent of U.S. Fortune 500 companies are family controlled and represent the full spectrum of American businesses, from small businesses to major corporations. Their output represents 50 percent of the U.S. gross domestic product. The mean age of family control in a family’s core company is 60.2 years, with the 2.8th family generation being in control.

Family run businesses are responsible for employing 60 percent of the U.S. workforce and for 78 percent of all new job creation.

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