Metro's Family Business Center Works To Improve Odds

Family businesses are the backbone of the American economy, accounting for 60 percent of total U.S. employment. They make up nearly 90 percent of all business enterprises in North America. However, fewer than one in three family firms survive to the second generation, and fewer than one in 10 make it to the third generation.

Cherry Crandall, executive director of the Colorado Family Business Center, a program of Metro State's School of Business, is out to improve the odds for family businesses. "My goal is to help family businesses survive and thrive," Crandall said, noting that family businesses face a number of unique circumstances in such issues as leadership succession and strategic planning.

The program is modeled after similar programs in other colleges around the country. The college setting provides a neutral non-commercial environment, access to expert advice, a variety of educational resources and the latest research.

For Metro State students, many of whom probably are associated with a family business, Crandall hopes to offer a family business curriculum for academic credit as well as the opportunity to conduct research. "We have a lot of national data and information on family businesses, but we need to conduct research to better understand what the issues are for family businesses in this area," she said.

Crandall also plans to use faculty as experts in seminars and workshops. "We are building a holistic learning community, providing resources in a number of areas, from law, finance and accounting, to organizational systems, psychotherapy and family dynamics," Crandall said.

To read more, go to the Center's web site: http://www.coloradofambiz.org.