Center for Family-Owned Businesses

1 Stewardship

A Walk in the Vineyard: Lessons in Stewardship

"A Walk in the Vineyard" written by Dariusz Duma

Introduction by Michael Dierberg, Chairman of First Bank

In November this past year, I was fortunate to host family businesses from around the world before joining them and others at an international family business conference in Miami. Getting to know these family businesses made me very appreciative of some of things that we sometimes take for granted here in the US. For example, here in the US, we don’t have to worry about the government confiscating our businesses, whereas that has been a real threat in other parts of the world and has influenced some of the choices these families have made. Furthermore, I spent time with a number of family businesses from Eastern Europe, all of which became family businesses after 1989 – the year the Wall came down and free enterprise became a reality in Eastern Europe. 

While some things are very different across the globe, others are very much the same. This includes the importance of stewardship, which I have written about before. But nothing I wrote, or have read up until now, compares to the eloquence and thoughtfulness of the words shared by a Polish family business owner, Dariusz Duma, who visited our family’s winery and reflected on the 250-year vision my dad laid out for our winery. His thoughts on the value of taking the long view as a steward rather than the quickest route, are translated in "A Walk in the Vineyard." Click the link below to read the full article by Dariusz Duma.

2 Governance

Effective Board Governance: Ensuring Longevity and Multigenerational Success

In the landscape of privately held, family-owned businesses, strong and effective board governance is crucial for ensuring sustained success and multigenerational continuity. Unlike publicly traded companies, family businesses face a unique convergence of family dynamics, ownership interests, and operational decision-making that requires a carefully structured and actively engaged board. A well-designed board framework not only provides necessary oversight but also serves as a valuable source of guidance and independent perspective to ensure accountability, foster long-term value creation, and protect the legacy of the family enterprise.

Whether your family business is considering establishing a board for the first time, or your existing board has evolved beyond its original purpose, it’s important to thoughtfully consider the following key points. A well-governed board can significantly enhance the strategic direction, financial health, and resilience of your company.

3 Business Strategy

Captive Insurance: A Smarter Way to Take Control of Rising Costs

In a rising cost environment, companies are seeking innovative ways to manage their insurance costs. One approach gaining traction is the establishment of a captive insurance company. Rather than relying solely on the traditional commercial insurer market, a captive is a legal entity formed to insure the risk of a parent company, a number of affiliates, or unrelated third parties. This method offers a tailored approach for organizations to gain greater control, insights into fee transparency, and the potential to reduce long-term insurance costs.