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Goals: To provide background on family business centers including survey resultsWe surveyed family business centers, got 23 responses out of 100.A framework to analyze sustainability of family business centers from a capitalization perspective. Frames includes political, social, intellectual and financial capitalSuggestions to create, maintain or enhance sustainability. For each of the frames, we will provide advice on how to enhance sustainability Professional Development - Suggestions on how to enjoy personal success from building sustainability
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Building Sustainable Family Business Programs
• Andrew Keyt, Loyola University• Carol Wittmeyer, St. Bonaventure University• Joseph Astrachan, Kennesaw State University
GoalsTo provide: I. Background on family business centers
including survey resultsII. Framework to analyze sustainability of family
business centers from a capitalization perspective
III. Suggestions to create, maintain or enhance sustainability
IV. Professional Development suggestions
I - Background
• New and fledging discipline– Multidisciplinary
• Complexity of stakeholders with various goals
II – Sustainability Framework1. Political Capital2. Social Capital3. Intellectual Capital4. Financial Capital
1. Political CapitalExternal• Members• Sponsors• Advisors• Boards• Alumni
Internal and Structural • University
Administration• Faculty
Debate: does being a part of a specific school (eg business) hurt or help?
Political Capital Cont’d
Organizational structure:• 64% in business school• 18% not in bus school• 18% separate 501c3
2. Social Capital• Goodwill – stakeholder satisfaction• Brand & Communications – internal and
external center awareness; frequency and relevancy of communications
• Staff - capability, dedication, charisma, synergy and continuity
• Networks – affinity groups internally and externally
3. Intellectual Capital
• Knowledge – thought leadership– Programming – relevant programming
• Niche – particular expertise• Research – future thought leadership
4. Financial Capital
• Sources – where do funds come from and what power influences accompany them?
• Control – what expectations come from funding sources?
• Uses – how are financial resources used to invest in the center?
Survey - RevenuesDues:• Average $2,145• Range $385-$6,950Budget:• Average budget: $250K• Range: $57K - $800KEndowment:• Average: $800K• Range: $0-$3.5M
Current Revenue Sources:• Dues – 50%• Sponsors – 33%• Events – 10%• Endowment Grants &
Fundraising – 3%• University – 2%• Other – 2%
More on Revenue Sources
Grants:• 4 received grants
ranging from $1K to $300K– 3 were from private
sources
Events held:• 13 per year on average– Range 4-35
• Only 11% covered by event fees
III – Building Sustainability1. Political Capital2. Social Capital3. Intellectual Capital4. Financial Capital
1. Building Political Capital
• Internal Support – build collaborations:– Supervisors– Colleagues• Center, other divisions
– Faculty• Business school• Other disciplines
– Students
Building Political CapitalInternalStaffing – is the center one person?What options do you have?• Full-time vs. part-time• Joint appointments w/ other departments• Visiting appointments• Executive-in-Residence
Staffing Survey Results • Full-time staff 2– Range 0 – 7
• PT staff 1– Range 0-4
• Student workers 1– Range 0-4
• Contractors 3– Range 0-9
• Full-time faculty 1– Range 0-12
• Part-time faculty 1– Range 0-4
• Director Tenure – 9 yrs– Range 1-17
• Total # directors – 1– Range 1 – 4
• Average members 59– Range 22-125
Building Political Capital• External Support – build collaborations:– Board– Members– Alumni/Volunteers– Sponsors/Donors– Other Centers/Orgs– Media– Networking Groups– Funders
Board Survey ResultsBoard of Advisors:• 92% have one• 12 members on average– 70% have family members– 65% have sponsors– 57% have administrators– 30% have faculty– 13% have nonsponsor advisors
2. Building Social Capital
Building the right relationships & building the center reputation around thought leadership.
• Networking• Communications
3. Building Intellectual Capital• Partnerships• Sponsors• Communicate importance, significance and
relevance of research• Internal funding sources/grants– Collaborate w/ other faculty
4. Building Financial Capital
• Cost-benefit principle– Events
• Institutional• External– Events
Funding Sources• Internal
– Budgeting processes– Students/tuition and
student activities – Other programs – Endowment
Don’t forget about planned giving
• External– Private
• Kauffman• Coleman• Lowe• Family Foundations• Family Enterprises• Alumni• Corporate gift match• Corporations/Sponsors
– Public• Economic development• Local, state and federal
funding
Professional Development
• In the long run, what successes will benefit the center and your career?– Networking– Programming & service– Relevant Research– Resource Development Success Record– Fulfillment
In Sum….To become self-sustaining, or enhance your
position, you should create and monitor a business plan which addresses the four types of capital and is widely distributed.
Questions? Thanks!• Andrew Keyt– 312.915.6490– [email protected]
• Carol Wittmeyer– 716.375.2363– [email protected]
• Joseph Astrachan– 770.423.6045 – [email protected]