易胜博官网

Family-owned businesses make up more than 85 percent of all businesses in 易胜博官网 and account for 66 percent of the workforce, often creating the most new jobs. Family-owned businesses often provide a higher standard of living for the families that own them, and they are great for the economy.

Many of those 易胜博官网 family businesses are owned or operated by 易胜博官网 alumni, and keeping them afloat for generations isn鈥檛 easy. From incorporating family dynamics into the business 鈥� including internal conflict, communication, sibling rivalry and sharing power and control 鈥� to planning for the next generation, running a family business can be as tough as it is rewarding.

Luckily for 易胜博官网 alumni and others who own and operate family businesses in 易胜博官网, there鈥檚 a resource on campus that understands their unique challenges: Paul College鈥檚 .

鈥淣ationally, two-thirds of successful first-generation businesses don鈥檛 survive to the second generation, and fewer than 15 percent survive to the third generation,鈥� says听Barbara Draper, recently retired director of the center.

That鈥檚 where the Center for Family Business comes in. The center offers events with programming focused on family-business issues, resources to help resolve those issues听and opportunities to network with other family businesses, with a goal of helping family businesses continue year after year听and be passed from generation to generation.

The center鈥檚 members reflect businesses in all stages听of this process, from a 130-year-old personal protective equipment manufacturer to a first-generation hospitality startup, but the center鈥檚 programming offers something for them all.

鈥淲ith the Center for Family Business, you鈥檝e got such a diversity of businesses that you can connect with, and even though you are different, you鈥檝e got a lot of similar challenges, yet coming from a different perspective as well,鈥� says Henry Huntington 鈥�80, owner of Pleasant View Gardens, a wholesale landscape business in Loudon. 鈥淭his is probably the best place that we鈥檝e found to interact with businesses outside our industry.鈥�

Huntington鈥檚 business, Pleasant View Gardens, is currently co-owned by Henry and his brother Jeff Huntington 鈥�76. The center鈥檚 succession planning resources have been helpful to them as they prepare for transitioning to the 鈥渃ousins consortium鈥� level of the business, with both Henry's听and Jeff鈥檚 children planning to take over the business when the brothers retire.

鈥淲e鈥檙e currently going through the transition from the second generation to the third generation,鈥� says听Jon Huntington, Henry鈥檚 son and shipping manager for Pleasant View Gardens. 鈥淭he center has put us in contact with consultants and other resources that brought other families through those transitions. As we go through our transition, it鈥檚 very helpful to see how others have done that or gone through that as well. And they don鈥檛 just give us access to resources from 易胜博官网, but from all over the country, brought to 易胜博官网.鈥�

One recent event featured Shawn Gorman 鈥�89, chairman of the board for L.L. Bean. The topic? His family鈥檚 role in governance for L.L. Bean鈥檚 recent CEO transition.

Gorman shared stories of changes to the company鈥檚 board and the creation of a family council for L.L. Bean, including communicating company changes to members of his own family, something the members in the room could relate to.

鈥淚 had to tell three of my older siblings they were no longer on the board,鈥� Gorman said. Heads nodded across the room.

Talks like Gorman鈥檚 are incredibly helpful to the center鈥檚 members, including its oldest family-run business, 130-year-old Globe Manufacturing Company in Pittsfield.

鈥淲e鈥檙e fourth generation, so transition planning is always top of mind,鈥� says听听Don Welch 鈥�79, president of the manufacturer of personal protective equipment for firefighters.

But the most helpful resource the center offers might be its connections.听

鈥淣etworking with other family businesses in our local area has been great,鈥� says听Peggy Ames 鈥�94 of Ames Farm Inn in Gilford.

Ben Huntington, yard manager for Pleasant View Gardens, agrees.

鈥淵ou get personal connections with people, so you can really pick people鈥檚 brains about your specific challenges,鈥� he says.

To learn more about the Center for Family Business, visit .