Forum Explores Family Governance for Business Continuity
The Family Business Program at St. John Fisher University will host the forum, Creating Family Governance for Business Continuity: The Mirabito Family Journey, which will explore the importance of family governance in the business transition process.
The forum, which will feature a panel of intergenerational business members from Mirabito Holdings, Inc., followed by an interactive workshop from Key Private Bank, will run from 8 to 11:30 a.m. on Wednesday, May 14, at the Country Club of Rochester (2935 East Avenue).
Dr. Carol Wittmeyer, director of the Family Business Program, said the goal of governance is to help families work together to increase cohesion and unity. Family governance relates to how families develop their mission, vision, and values, as well as discussions on how family members become owners and employees, make investment decisions, navigate conflict resolution, and more.
“At its core, family governance includes considering the ultimate questions—do family members want to be in business together and if so, what does that look like? It also helps assure businesses are nimble enough for family members to join or leave the business when necessary; or unite to start new entrepreneurial and philanthropic ventures—an increasingly current topic when they experience liquidity events such as a sale,” she explained.
Wittmeyer added that the Program’s research uncovered that many of Rochester’s regional entrepreneurial families lack family governance protocols; yet academic studies have shown that written strategic plans and business governing boards, family governance is a key strategy for successful family business transitions.
“We look forward to welcoming the Mirabito Family to share their governance story to help our regional families consider why and how and to our Key Private Bank and Key Family Wealth experts leading us in activities to get us started,” Wittmeyer said.
During the forum, Joe Mirabito, third generation leader, recently retired CEO and current executive chairman, will offer a brief history of the nearly 100-year-old company, which is based in Binghamton, New York. Mirabito Holdings includes a variety of business ventures throughout the Northeast, including convenience stores, residential heating and cooling, commercial fuel, and commercial power and natural gas. He will share how family members convinced him to start regular family meetings—the hallmark of effective family governance.
“I’m looking forward to sharing the Mirabito family business journey with fellow regional family-owned companies. Managing a multigenerational business comes with both incredible opportunities and unique challenges, and I’m excited to connect with others who understand that experience,” said Mirabito. “Our family is honored to be part of this event and eager to learn from the stories and insights of others.”
Mirabito Holdings has recently transitioned to the fourth-generation family leadership and is in the process of completing its Board of Directors transition. Fourth generation leader, Jason Mirabito, president and board member, will join the panel to share his perspective on the transition and the importance of family governance to their success. Audience members will have the opportunity to engage in a question-and-answer session following the panel.
Next, Vince Lecce, Key Private Bank Rochester market leader, will moderate a panel featuring members of Key Family Wealth’s national family governance team. They will discuss national family governance trends and will lead participants through family governance activities to help them start or continue their governance.
“Key Private Bank has helped families to manage generational wealth responsibly for nearly 200 years. Family governance is about empowering the next generation to steward the family legacy with wisdom and purpose,” said Lecce. “We look forward to having our team join the discussion.”
The program will include the presentation of Fisher’s third annual 100 Year Award to Bruce S. Bellwood, president of Tuthill Lighting. Bellwood is the third-generation leader of the lighting showroom, which is the longest operating business on Rochester’s Monroe Avenue. Tuthill was founded by his grandfather, G.B. Tuthill in 1924, and has since become a nationally renowned authority in lighting.
Registration is $100 and includes a breakfast buffet. Tickets can be purchased online through Wednesday, May 7.