Join us for these upcoming events.
1 Innovation & Growth (New)
Giving to Grow: Core Values in a Family Business
Core values are what drive our daily decisions. From how we interact with others to the causes we support, everyone is motivated differently. This can also be the case for businesses.
According to thebalancecareers.com, core values are traits or qualities that represent an organization’s highest priorities, deeply-held beliefs, and are the heart of an organization.
2 Philanthropy & Giving
The Role of Philanthropy in Family, Business, and Community
Family businesses often have deep roots in their communities. They receive many benefits from the people that surround them. With effective philanthropy, they have the opportunity to give back. Barbara Carswell, Chief Executive Officer at Youthbridge Community Foundation, Deborah Dubin, CEO & President at Philanthropy Missouri, David Frederick, Director of Client Success and Advice at First Bank, and Stacy Clay, Director of Community Affairs at First Bank, discussed the benefits of business philanthropy, how the business can be an avenue for a family’s charitable intentions, the best ways to structure charitable gifts, and opportunities to get involved in the community.
3 Generational Success
Misconceptions of Family-Owned Businesses
The family-owned businesses of today have proven they can not only survive but thrive. From navigating labor and supply chain issues to leveraging technology to meet the needs of a socially distanced society, these companies are focused on long-term growth through entrepreneurship and consistently innovating to meet the needs of a changing world.
Still, misconceptions of family-owned businesses persist. The following are a few to keep in mind and manage against.
1 Innovation & Growth
Growing Up in the Family Business
From being labeled the “boss’s kid” and learning the business to unique family dynamics, Michael Dierberg, fourth generation family leader, Chairman of FB Corporation, and President of First Bank, unpacked the challenges many next generation family business leaders face.
1 Family Business Governance (New)
First Bank Family Business Symposium Josh Baron part 1
The First Bank Center For Family-Owned Businesses held a conference on building and sustaining a successful, enduring family business enterprise. Josh Baron, author of the Harvard Business Review Family Business Handbook, and co-founder of BanyanGlobal, presented his Four Room Model as a family business governance structure.
2 Legacy
What Legacy Will Your Family Business Leave?
For family businesses, legacy can mean the succession of business and family assets from one generation to the next. In fact, Merriam-Webster defines “legacy” as: a gift by will, especially of money or other personal property, and/or something transmitted by or received from an ancestor or predecessor or from the past. It’s a common misconception, however, that legacy only equates to financial terms in a family business model. That’s not always the case.
3 Growth
Family Businesses and Growth: Four Pitfalls of Growing Too Fast
Growth is critical for businesses that want to gain traction and become a dominant business in their industry. Growth is often seen as a positive thing, but growing too fast can be dangerous. Joe Ambrose, Executive Director of the First Bank Center for Family-Owned Businesses, said, “While growth is an important objective to ensure success of your business, rapid short-term growth can pose many risks if your business isn’t properly prepared.” For family-owned businesses focused on longevity and multi-generational leadership, recognizing the warning signs and handling them appropriately can help ensure healthy growth in the future.
Family Business Management Solutions
Achieving long-term success as a family business demands the right tools. Let First Bank’s tailored family business solutions help your organization achieve success now and for generations to come.
Explore First Bank in our clients' words
Roofers Mart
Hanna Winery
Brinkmann Constructors
More helpful resources for your family business
