Business Commons^™

Don't Send Your Kids To Work Outside The Family Business Just Yet!, Joseph Astrachan, Isabel C. Botero, Carol Wittmeyer, Claudia Binz Astrachan

Business Faculty/Staff Publications

Should family members work outside the family business before joining? Experts have long recommended that this is the best (and only!) way for the next generation to learn the skills and knowledge required for a job, develop vocational self-confidence, receive honest and objective feedback, and learn what “work” really means. And despite there being no empirical evidence to support this claim, many family businesses require their next generation members – in particular, prospective successors – to work outside anywhere from two to 10 years. But does it make a difference, in the real world, to have the next generation work …

Nsra’S Nextgen Program – A Resource For Family Business Continuity Planning, Carol Wittmeyer

Business Faculty/Staff Publications

In its 13th year, the NSRA NextGen Program offers training and tools to young family employees who aspire to lead their family firms. It can take many years to develop and implement a plan for a family business to transition successfully to the next generation. Starting early is key to help NextGens and NowGens begin to have important – and sometimes difficult – conversations about the future.

Learning How Family Business Leaders Make Decisions Through Interviews, John Rogers, Carol Wittmeyer, Clay Dibrell

Business Faculty/Staff Publications

This exercise allows students to apply core family business concepts to a real-world business context. In this exercise, students interview a family business owner and present their findings both as a written summary and oral presentation. This exercise is appropriate for undergraduate, graduate, and executive students taking a family business course, or a course with a unit on family business, online or in-person. Students complete this exercise individually as an end of term project; however, the exercise can be assigned as a group project.

Partnering Senior Professionals With Young Employees – An Enriching Strategy For All, Carol Wittmeyer

Business Faculty/Staff Publications

Many NSRA members are finding increasing challenges to recruiting and retaining employees as a result of the Covid-19 pandemic-fueled “Great Resignation”, a phrase used to describe the extraordinary number of employees quitting jobs during this time. A new Pew Research Center survey finds that low pay, a lack of opportunities for advancement and feeling disrespected at work are the top reasons why Americans quit their jobs in 2021. The survey also finds that those who quit and are now employed elsewhere say their current job has better pay, more opportunities for advancement and more work-life balance and flexibility.

Nsra Nextgen Program: Preparing Tomorrow’S Family Enterprise Leaders, Carol Wittmeyer

Business Faculty/Staff Publications

All businesses need to prepare for transitions and minimizing related risks. Transitions will occur in ownership and business contexts. They could be related to ‘what-ifs’ – such the sudden passing of an owner or COVID. They could be related to competitive forces – for example, some NSRA members have been more aggressive than others in online sales. However, when you overlap family issues along with business and ownership transition issues, things can get complicated. Also, it’s important to note that every family and every business is different. So, while there are suggested best practices from the family business field, what …

Reflections On The Nextgen Program From Its Newest Members, Carol Wittmeyer

Business Faculty/Staff Publications

This article will focus on sharing NextGen stories from two new members – who have many similarities and differences – to learn about their takeaways from the program and how it is helping them to prepare for their future:

Joseph Unger III, Store Manager of Unger’s Shoe Store Inc., in Ironton, Ohio. Joseph is third generation, age 30. The firm was started by his grandfather 84 years ago.

Gavin Martin, ELM Shoes, Inc., located in Greencastle, Pa. While Gavin is the youngest NextGen member at age 22, his firm is one of the oldest at 91 years, and he is …

Three Unique Succession Planning Stories With A Common Theme – Start Planning Now!, Carol Wittmeyer

Business Faculty/Staff Publications

Most businesses ultimately fail and many family businesses do not succeed at transitioning their businesses to the next generation. NSRA has developed its “NextGen Leadership Program” to support the transition planning process for family firm members. This article takes a look at how the process has gone for three NSRA family firms who have succeeded and were gracious enough to share their stories.