Family firms make up almost 90 percent of all companies and 37 percent of the Fortune 500, yet only 30 percent of all family firms survive to the second generation. Many of these failures result from not recognizing nor adequately planning for the unique issues that will arise in closely held firms such as:

• Conflict management
• Estate, tax and other financial planning
• Succession planning/transfer of ownership
• Development of boards of advisers/directors
• Intergenerational issues
• Family vs. nonfamily employees
• Communications and teamwork
• Strategies for successful growth

Most successful closely held and family firms seek outside expertise and regularly attend seminars to learn how to handle critical issues. The Family Business Center provides these resources by offering a variety of valuable programs, networking opportunities and resources to its members. Opportunities range from one-on-one to group interaction with the underlying strength of one of the nation's leading business schools-- Wake Forest Schools of Business.

Educational Forums

Each year the centers offer quarterly forums featuring well-known authorities on closely held and family businesses, noted Wake Forest faculty and executives from well-known family businesses. Forums also feature “living” case studies of closely held firms. Past forums have included:

• "Lessons from Centennial Family Companies"
  Ernesto Poza, professor of Global Family Enterprise at Thunderbird School of Global Management & author of "Family Business"
• "What Kids Learn Growing up in a Family Business"
  Dr. Cindy Iannerelli, director of the Bernelli Foundation
• "Family Meetings & Communication: A Practical How-to Guide"
  Paul Karofsky, a Fellow at the Family Firm Institute
• "Five Keys to Family Business Success"
  Craig Aronoff, executive editor of the Family Business Advisor
• "Making Your Board the Balance Point" 
  Larry Hause and Carey Tutelman, authors of "The Balance Point:  New Ways Business Owners Can Use Boards" 

Affinity Groups

These small groups hold regular dinner meetings that allow members to discuss and seek advice on sensitive issues with the help of a facilitator. Each affinity group consists of only one representative from each company -- with no industry competitors allowed.  This approach helps promote discussion of sensitive issues, providing members with the confidentiality they value, and the wisdom of others who have “been there, and done that.”

Sponsor Roundtables

These shorter breakfast or luncheon meetings are designed to bring our members together with leading experts on more specific issues of concern such as succession, how to detect and prevent fraud, how to pass on the business, the impact of certain tax laws, how to deal with the media, and rewarding and holding non-family employees.

Schools of Business Programs

Family Business Center members enjoy the benefits of affiliation with Wake Forest Schools of Business, which offers undergraduate and graduate business programs in Winston-Salem and Charlotte. Members are invited to a number of programs offered by the Schools of Business.

These programs, including the Leadership Speaker Series and the Broyhill Lecture Series, bring recognized leaders from around the world to the Wake Forest campus. Recent lecturers have included Dell Computer CEO Michael Dell and former British Prime Minister Margaret Thatcher.

Other Schools of Business programs open to members include:

• Wake Forest Business Solutions-- Schools of Business graduate student consulting program
• Entrepreneur roundtables-- Discussions of entrepreneurial ideas in a confidential setting with faculty, students and area entrepreneurs
• Undergraduate & graduate internship opportunities
• Living-case presentations within a classroom setting

Professional Development Center

The mission of the Professional Development Center is to provide faculty, staff, and the broader Winston-Salem community with professional, personal, and civic enrichment opportunities through education focused on management training, interpersonal skills, academic and administrative software, general technical skills, and a myriad of special interest topics.  The Family Business Center is happy to announce that as a special opportunity for our members, we have arranged for you to enroll in classes at the discounted rate for “Family of Faculty/Staff”. 

To choose a class, log on to www.pdc.wfu.edu.  Go to “General Courses”. Underneath “Keywords”, in the “For” blank, search by choosing “Family of Faculty/Staff”.  Some classes are free and open to the public, in which case you may register online.  If there is a fee for the course, however, you must enroll through the Family Business Center to receive the “Family of Faculty/Staff” rate.  You may register for these courses by emailing kristen.tetrault@mba.wfu.edu or kathy.baker@mba.wfu.edu with the class name, date, time and published price.  We will invoice you for the discounted rate.

Networking

The Family Business Center encourages its members to interact with and learn from each other. In addition, the social committee plans events that allow families to network and have fun together.

Resource Center

The Family Business Center provides resources for lifelong learning through its resource center. There are volumes of helpful information available for closely held and family businesses, including a video library of past educational forums and audio content conveniently available online. Additional resources are available through the Wake Forest Schools of Business and the Angell Center for Entrepreneurship.