CBIA Launches New Program for Family-Owned Businesses

CBIA’s new family business initiative is designed to support and grow the state’s thousands of family-owned businesses.

Sponsored by First Niagara Bank, CohnReznick, and Reid and Riege PC, the program offers business leaders a forum for discussing and solving problems such as succession planning, legislative issues, ethics, and more.

“Thousands of businesses in Connecticut are family-run,” says CBIA economist Peter Gioia. “In reality, we’ve been consistently serving CBIA members that are family-owned on a wide range of traditional business issues, but not necessarily with a focus on the unique elements that family ownership and/or management add to the equation.”

Although family-run businesses account for 50% of U.S. gross domestic product and generate 60% of the country’s jobs, problems specific to family dynamics mean just 30% of family-owned businesses survive into a second generation.

The program will include three to four meetings a year. To ensure business leaders throughout the state have an opportunity to attend, the same topic will be discussed on different days in Hartford County, Fairfield County, and New London County.

Topics will include:

• Financial management
• Governance
• Leadership issues
• Building and preserving wealth
• Banking strategies
• Succession planning
• Legislative issues affecting family businesses
• Compensation strategies
• Evaluating performance

The program also will offer bi-monthly e-newsletters, along with webinar offerings and referrals to experts for advice.

For more information, contact:

• Mark Soycher (mark.soycher@cbia.com; 860.244.1138)
• Lise Cliche (registrar@cbia.com; 860.244.1977)
• Pete Gioia (pete.gioia@cbia.com; 860.244.1945)