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October 2007 — Vol. 85, No. 8

FROM THE PRESIDENT

Helping family businesses prosper
in Connecticut

By John R. Rathgeber

CBIA President and CEO

 

Family businesses have always been the backbone of Connecticut’s economy, providing good jobs for people throughout the state. Some of the oldest businesses in Connecticut, in fact, are family owned and operated — Lyman Orchards, for example, started in 1741; Bevin Brothers Manufacturing, in 1832; and Hubbard-Hall, in 1849. Many, such as The Barnes Group, the Siemon Co., Laticrete International, Santa Energy and Cooper-Atkins Corp., have outgrown their small beginnings and now collectively employ thousands of Connecticut residents. Still other family businesses have not only grown but have become household names: Better Bedding, Amodio Van Lines, Munson’s Chocolate and Bigelow Tea, to name a few.

But family businesses in Connecticut face significant challenges, including competitive pressures and a looming wave of ownership transfers from one generation to the next. To surmount these challenges, many successful family businesses establish an advisory council or a full-fledged board of directors that includes people from outside the company who add expertise and objective opinions the business might otherwise lack. Our cover story this month gives CBIA’s family business members information and advice on whether and how to create a group of independent advisors or directors for their own companies.

CBIA is also co-sponsoring a workshop on that topic Oct. 16 with the University of Connecticut Family Business Program. (Contact CBIA's Lise Cliche for more information about the workshop.)

And, as we do every year at the State Capitol, we will urge the state to adopt policies that allow family businesses to prosper in Connecticut. Our staff is now developing a government affairs agenda for 2008. Please let us know about any changes you believe our state should make. Send an e-mail message to Bonnie Stewart, vice president of government affairs, or call her at 860-244-1925.