The Best Practices will provide tips for effectively answering application questions to best tell your family’s story. Use the Best Practices to better understand the submission and judging processes. Please note that all information submitted to the Family Business Center of Loyola University Chicago's Quinlan School of Business will remain confidential.
Nominations are submitted through a number of different channels, including, but not limited to:
- Insert in Crain's Chicago Business magazine
- Brochure mailing
- Employee Nominations
- Vendor Nominations
- Advisor Nomination
Nominations are due by Friday, May 23, 2014 and Applications by Friday, June 20, 2014.
Applications are assessed in three size categories:
- Large (more than 250 employees)
- Medium (50-250 employees)
- Small (less than 50 employees)
Applications are distributed to a panel of judges comprised of previous award winners, corporate representatives and Loyola faculty for review. Applications are assessed on the following attributes:
Business Success: How has your business grown in terms of revenue, employees and profits?
Positive Family-Business Linkage: How have you expressed the contributions of each family member to your business? Include information about various roles in terms of values, leadership, finances, and management, and discuss how the family used the business to strengthen the family and maximize the potential of its members.
Multiple Generation Family Business Involvement: Explain the role of at least two generations and their role in family ownership and management. Explain how many generations have been involved in ownership and management.
Contributions to Community and Industry: Explain how your business has provided leadership, service and financial support to industry associations and community groups.
Innovative Business Practices or Strategy: Discuss how your family has developed innovative business practices to facilitate family business longevity and achieve healthy evolution from generation to generation.
Additionally, for our coveted Community Service Award, all applications are assessed on:
Financial Contributions: Highlight charitable donations to outside organizations.
Social Contributions: Discuss any missions/organizations that your family actively supports with donated time.
Community Service: Discuss the positive impact your family business has had on the community.
Leadership: Discuss any leadership roles that your family members have provided to outside organizations.
Once the winners and finalists are chosen, they are notified of their award. An email will go out to all applicants in September recognizing the award recipients. A formal announcement will also be issued through Loyola University Chicago.