TU Co-Sponsors Family Business Succession Seminar
Monday, January 14, 2008
According to the Family Firm Institute, the greatest part of America’s wealth lies with family-owned businesses. However, only 30 percent survive into the second generation, 12 percent into the third and 3 percent into the fourth and beyond. To help curb this downward trend, The University of Tulsa Family-Owned Business Institute and Summit Bank will co-sponsor a family business succession seminar Wednesday, Jan. 23, at the Tulsa Marriott Southern Hills.
The seminar, “Family Business Succession: Mission Possible,” will feature experts Joyce and Robert Brockhaus from the Brockhaus Institute, who will help family business owners prepare for the succession process.
The program will address financial, managerial and emotional concerns surrounding succession which confront stakeholders in the family business. These stakeholders include the senior and junior generations; their spouses; family members who are owners and those who are not; family members who are employees and those who are not; and non-family employees.
“With so many entrepreneurs and family-owned businesses in the Tulsa metro area, this seminar is vital to sustaining economic growth and the businesses Tulsa has come to know and love,” said Claire Cornell, assistant director of the TU’s International Business and Entrepreneurship Institute. “We urge all family members involved in the business to attend.”
The Raymond Institute/MassMutual, American Family Business Survey reports that the leadership of almost 40 percent of family-owned businesses in America is in the process of changing into the hands of the next generation. This monumental transfer of wealth and business ownership calls into question the health and longevity of many of these family firms. This is because the failure to plan and manage succession is the greatest threat to the survival of the family business.
The more stakeholders attending this program from a family business, the more likely the ideas presented during the program will be discussed in the business and family, Cornell said. It is hoped that such discussions will result in harmonious, action-oriented plans which will assist in the planning and management of the succession process. The resulting management and ownership structures will enhance the probability for long term business success and family unity.
Breakfast and registration begin at 7 a.m., and the program is from 7:45-11:30 a.m. The cost to attend is $30 for the first registrant from a family business and $20 for each additional stakeholder from the same business. Prices increase to $40/$30 after Jan. 11. Registration is required. You can register online or call Claire Cornell at (918) 631-2684 for more information.