According to the Family Firm Institute, only 30 percent of family-owned businesses make it to the second generation, 10 percent to the third generation, and 3 percent to the fourth. While all ventures are vulnerable to failure, family-owned businesses face unique challenges, including planning for succession, keeping products or services competitive through the generations, maintaining branding, going public, and recruiting the right outside employees.
“As we face the most significant economic crisis in 80 years and we are just beginning to understand the ‘new normal,’ many family-owned businesses in Southern California are at a crossroad,” says Enrique Perez, J.D., assistant vice chancellor of educational services for Rancho Santiago Community College District. “The Family-Owned Business Forum is designed to help them successfully strategize their next move and plan for even greater future success.”
The Orange County Small Business Development Center (Orange County SBDC) and the Institute for Women Entrepreneurs (IWE) are hosting the Family-Owned Business Forum at the Hilton Anaheim, 777 Convention Way, Anaheim, CA, on Wednesday, September 8 from 7:30 a.m. to 5:00 p.m. Registration for the full-day forum tailor-made for family-owned businesses is $250 with a family discount (with two or more paid registrants) of $195 per participant. To register, visit www.familyownedbusinessforum.com or contact (714) 564-5200.
This inaugural forum’s presentations include succession planning, key lending strategies, current employment challenges, and branding. Jan Norman, Orange County Register small business columnist, is the luncheon keynote speaker. Forum sponsors include State Farm Insurance; Northern Trust; Anderson & Knuf; and Adorno Yoss Alvarado & Smith. For information about sponsorship opportunities, contact Leila Mozaffari at (714) 564-5200.