Family Business Program, Key Private Bank Provide Wealth of Resources to Family Entrepreneurs

This academic year, Key Private Bank signed on as the inaugural Cardinal Sponsor for Fisher’s Family Business Program. Key Private Bank’s support has bolstered the program’s efforts to inspire entrepreneurial families in the region through innovative educational programs, outreach into the community, and cutting-edge academic research regarding effective business practices for family-owned firms.

Vince Lecce, Rochester market president for KeyBank and Key Private Bank market leader, shared his vision for the partnership and trends family businesses can expect in the months to come.

“We’re thrilled to be the inaugural Cardinal Sponsor for a program that provides centralized resources for local family businesses. From thought leadership to education content to networking to best practice sharing, Key Private Bank and Fisher are very much aligned in our mission to helping family-owned businesses be successful in Rochester and beyond,” Lecce said. “I don’t know of any program locally that offers such a comprehensive slate of programs, and it was clear that this was something we wanted to be a part of.”

Key Bank has operated for more than 200 years, and throughout its history has supported family-owned businesses in a variety of capacities, including investment, complex financial estate planning, and business succession and transition, among other services.

“We embrace clients throughout their lifecycle and employ a comprehensive approach in actively helping families achieve their goals and dreams,” Lecce said. “Combining forces with the Family Business Program allows us to do this more collectively and magnifies our attempts to provide as many opportunities possible for family businesses to succeed.”

Key Private Bank’s Business Advisory Services Team is dedicated to working with family business owners on succession planning, whether the transition comes in six month or in six years.

“This team is specifically dedicated to working with family business owners to create a comfortable lead time for transitions, whether it’s to a next generation family member, a sale to a third party, or an Employee Stock Ownership Plan,” Lecce said. “We also help owners bridge the gap between planning for their business and their own personal financial planning; we work holistically with clients around their entire being.”

Lecce said this focus marries up nicely to the Family Business Program’s educational offerings around succession planning and next generation leadership. This includes helping with family governance, identifying a family’s legacy and mission, and bringing future generations into the business.

“We are all about helping family businesses navigate today and tomorrow,” he said.

To Lecce, the future is bright for family businesses. He points to the McKinsey & Company report from 2024 as proof. The study showed that family-owned businesses tend to outperform non-family-owned businesses in a variety of metrics, including a slightly higher return on invested capital, higher operating margins, and a lower debt to equity ratio.

“We would suggest that family businesses emulate those behaviors that lead to higher performance, such as putting purpose before profits and emphasizing reinvestment into the business over shorter returns,” Lecce said, while noting the important role governance plays in successful businesses. “We will see more businesses putting in structures that create opportunities for efficient but fair decision-making processes.”

As the business world settles into 2025, Lecce said the year ahead will likely be an interesting one.

“There’s potential tax legislation that might having meaningful consequences for businesses and individuals with wealth,” he said. “We are recommending that businesses work with their advisors and tax experts to be prepared and start planning as early as possible.”

That’s the exact type of advice and best practice sharing that the Family Business Program encourages and Key Private Bank supports.

“We truly have a shared vision for success of family business in Rochester and beyond and we’re both committed to providing value for these businesses,” Lecce said. “We’re looking forward to a great 2025.”