Family Business Program Helps Leaders Navigate Growth, Success

This fall, the Family Business Program at St. John Fisher University has seen an increased interest in its programming for general family business, women-focused events, and opportunities for next generation leaders. Launched in 2018, the program aims to connect family business peers in the Rochester region and beyond.

“We are pleased to serve as a resource to our business community by offering programming that helps family firms transition successfully, either to the next generation, to another firm or owner, or to its employees,” said Dr. Carol Wittmeyer, program director and visiting associate professor in the School of Business. “Beyond informative programming, we hope that these forums offer something you have told us you value: the ability to be in a setting with like-minded professionals and passionate families working to keep their businesses thriving.”

Wittmeyer, alongside colleague Dr. Isabel Bodero, assistant professor and George E. and Mary Lee Fischer Chair of Entrepreneurship at the University of Louisville, have participated in two webinars discussing their research on family business. Their work, “Rethinking the Preparation of Next Generation Family Business Leaders the Role of Outside Experience,” explored whether working outside the family firm makes for more successful future family business leaders.

The research duo presented to the Family Business Alliance in early October, in a discussion moderated by Sue Reilly, executive director of the Family Business Alliance at Wilkes University. In late November, they shared the story behind their research during a webinar hosted on FisherNext, Fisher’s online learning platform. The discussion was moderated by Desirée Silver ’24, a finance major and sport management minor at Fisher and next generation family business leader.

The fall’s capstone event, “Exiting with Grace: What’s an ESOP and is it Right for You?,” introduced attendees to business leaders from Butler/Till, Stewarts Shops, ESOP Plus®, and Empire Valuation Consultants. Featured speakers shared their stories about succession planning and the possibility of considering an employee stock ownership plans as a strategy.

“Many family business owners are considering exit strategies, which are inevitable in business and also best done with ample planning time and thoughtful advisors,” said Wittmeyer. “There is much to learn from leaders from Rochester who have navigated successful exist strategies.”

The Women in Family Business Committee also hosted Holiday Cheers, which provided a platform for networking and discussion around future events.

“Our women-focused events have helped me build meaningful connections, grow my professional network, and learn from shared experiences,” said Alexandra Justis, a committee member and director of marketing and engagement of her family firm, Doyle Security.

Looking ahead to 2024, the Family Business Program has several events and activities planned, including a new cohort of the Next Generation Leadership Institute and a new undergraduate course, Intro to Family Business, open to students of all majors.