News and Events
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1 Family Business Boards
Family Business Boards – Hidden Challenges and How to Overcome Them
By Dr. Allie Taylor, Orange Kiwi, LLC
Originally published on Orange Kiwi, LLC, March 31, 2022.The article, “Family Business Boards – Hidden Challenges and How to Overcome Them,” by Dr. Allie Taylor, and originally published by Orange Kiwi, LLC, discusses five reasons business owners do not create a family business board and five reasons to consider creating one. It also outlines the unique design of family boards.
2 Innovation & Growth
The Women Leading the World’s Largest Family Enterprises
By Lee Hoverd
Originally published in Tharawat Magazine, July 27, 2023.According to the article, “The Women Leading the World’s Largest Family Enterprises,” written by Lee Hoverd and originally published in Tharawat Magazine, there is a rise of women in leadership positions in America; however, that same presence has not yet been met globally.
3 Survey
Family Business Survey: Our Why and Key Findings
By Michael Dierberg, Chairman of the Board, FB Corporation
Originally published in Family Business Magazine, September 2023
Family businesses are a major economic driving force in America; unfortunately, sparse data, research, and resources for them are available. In addition to the lack of accurate representation of the family business sector, misinformation is often used. How are family businesses, such as the fourth-generation, family-owned business that I have the privilege to help lead, able to grow and innovate for the future with this dearth of resources?
1 Legacy
Moving a Family Business Beyond the Founder’s Vision
By Dennis T. Jaffe, Ph.D
Originally published on HBR.org, September 21, 2022.
The article, “Moving a Family Business Beyond the Founder’s Vision,” by Dennis Jaffe, and originally published on HBR.org, discusses how a founding family member establishing and growing a successful business is only the first step. The next generation of leaders need to strategize and reestablish what business they are in, what the goals will be, and how to achieve this new path.
2 Family Business Spotlight
Educating the Next Generation
By Charlie Rhomberg, freelance writer and a fourth-generation member of Crescent Electric Supply
Originally published in Family Business Magazine.This article, “Educating the Next Generation,” written by Charlie Rhomberg and originally published in Family Business Magazine, shares how Crescent Electric Supply overcomes the challenges of keeping over 100 shareholders across seven family branches informed and on the same page. The author shares how they are developing an on ramp for each family member to become active and engaged shareholders.
3 Inheritance
The Inheritance Experience
By Judy Lin Walsh, Principal, and Alison Isaacson, BanyanGlobal
Originally published in Trusts & Estates Magazine, May Issue.This article, “The Inheritance Experience,” written by Judy Lin Walsh and Alison Isaacson of BanyanGlobal, and originally published by Trusts & Estates Magazine, discusses the different experiences of family business wealth inheritors. For some, the experience gives them purpose. For others, wealth is a double-edge sword. Find out how to guide the next generation to find a meaningful path of their own.
1 Wealth Transfer
The Progenitor’s Dilemma: Avoiding Entitlement When Transferring Wealth
By Doug Baumoel, Blair Trippe and Katie Spencer
The article, “The Progenitor’s Dilemma: Avoiding Entitlement When Transferring Wealth,” by Doug Baumoel, Blair Trippe and Katie Spencer, and originally published by Continuity Family Business Consulting, discusses strategies that parents and grandparents may use to help leave a legacy of empowerment and not entitlement with their transfer of wealth. The authors also discuss how much progenitors should give to their heirs and when.
2 Legacy
Transitioning the Business: Building Your Legacy
By Joshua Nacht, Senior Consultant, Family Business Consulting Group
Originally published in Family Business Magazine, September/October Issue.This article, “Building Your Legacy,” written by Joshua Nacht and originally published in Family Business Magazine, discusses the process in which multi-generational family businesses develop a sustainable legacy. The author reiterates that building a family-business legacy requires a sustained investment of time, energy, and resources.
3 Succession Planning
Best Practices for Successful Leadership Transitions in Family Businesses
Finding, grooming, and retaining top talent to grow a family-owned business is critical to its long-term success. First Bank’s Chief Executive Officer Shelley Seifert is retiring later this year and Mikel Williamson, an experienced banking executive and First Bank president, will be promoted to CEO. This important transition is bringing executive leadership transitions front and center for First Bank.
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
Bright Lives Healthcare Inc.
After observing how healthcare facilities are run, CEO and Executive Chairman of Bright Lives Healthcare Inc., Prabal Gupta, took advantage of an opportunity to improve the environment in which seniors with Dementia and Alzheimer’s live.
Dependable Solutions
Marty Malysz, President at Dependable Solutions, shares his insight on the company's partnership with First Bank.
JD Barlow Construction
Dawn Vernola shares her insight on her company's experience with First Bank.
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