Each one teach one.
No one goes it alone. We need one another.
The Loyola FBC “member contract” starts with a commitment to learn from and help one another. Each family enters Loyola at a different stage of their family business development. One by one, family members participate in programs, institutes, and peer groups, and their learning is integrated into that generation.
We know you care about each other and respect one another. We don’t have a secret handshake but we do have a list of members. Please take a moment to review the list and think about how you can support your fellow members. If you’re doing well, that’s great. If you see a member in an industry that might need some support, please think about how you can support them and their business.
Como se dice?
“When there is trust in what you say, there will be belief in what you will do.”
Gary Burnison, CEO, Korn Ferry
I once had a Spanish textbook titled, “Como se dice” or “How do you say.” The title captures the reader’s need to both understand and speak correctly. Encountering high emotion can paralyze us, and we wait to respond for fear of doing more damage than good. If you seek to understand, Gary Burnison, CEO at Korn Ferry, has a personal lesson that might be helpful to you. You can read his article here.
Companies are making public statements about their commitment to diversity, equity, and inclusion (DEI). We are also seeing leaders stumble and get called out publicly for not saying enough or not saying it right. Finding language that is anchored in your own values can be tricky. Here's some helpful guidance from a surprising resource—a hostage negotiator.
If you want to learn how to create and implement and effective DEI strategy within your own family business, our colleagues at the Baumhart Center have developed the DEI Leadership Institute. This first-of-its-kind program engages cross-functional leaders to explore how DEI can enhance each business function—from human resources to supply chain to executive governance—and can add both social and financial value. Read more about the DEI Leadership Institute here.
Like you, we breathed a sigh of relief when we heard Illinois was moving to Phase 4 and opening up. Not that opening up is easy—it’s not. In fact, for many of your businesses, your proximity to the border of surrounding states has made operating even harder. FBC member companies hail from IL, WI, IN, MI and IA. Whether rural or city, suburban or exurban, more often than not our economies move in unison. That is, until now. This Wall Street Journal story profiles a family owned business operating on both sides of a state border. When you think about family businesses, think about how geography matters.
Speaking of opening back up...
In March the FBC moved to live, online program delivery. Members worked hard to keep their connections and leaned into each other. Peer group members moved to bi-weekly calls or took to Slack and other platforms to check in with each other. Institute participants were unbelievably patient and supportive as members experienced business and health challenges. Programs moved online and you signed up. Special thanks to our NGLI coaches, facilitators, and institute faculty who worked so hard to make these virtual experiences meaningful for participants.
I’m pleased to announce that we will begin a step-by-step process to reengage in face-to-face meetings. Peer group leaders and institute faculty will work with their groups to meet in person in July and beyond. Currently, group meetings will be scheduled at off campus locations; as we move through the summer and into September, we will assess the availability of on campus meeting spaces. Thank you for your patience these past few months. Please know that we are working hard to support you and your family businesses in every way we can.
Hope and perspective
Need some family business stories of hope and inspiration? We found a few that will make you smile and maybe strengthen your resolve to keep on keeping on. Big thanks to Mary Buddig for sharing the United States Air Force Band’s song to inspire us.
- Listen to the sound of one voice here
- Read how one business pivoted in the face of disaster
- The solution for this founder is too hot to handle
The Center is committed to offering generative programs and support to meet each new generation, each new segment, and each new development within your family business.
- June 30 - Young Adult/Teen Family Business Camp (sold out)
- July 7 or 9 - Main Street Funding Webinar with guest expert Dan Murphy from BMO Financial Group. Final date TBD based on the release of federal guidelines. Broadcast will run from noon to 1:00 p.m. CDT.
- July 14 - Next Generation Leadership Institute Info Session. Join me, and other next gens to learn about this transformational program. To receive future updates about this info session, click here.
- August 27 - Becoming and Effective Board Member in Family Business. Designed for current and prospective independent directors, this master class is taught by Andrew Keyt and supported by the Private Director’s Association. Register here.
By members, for members
The FBC works because of our shared experience and commitment to community. The need to know and desire to hear from trusted family business colleagues is essential. Members benefit from the collective experience of their family's engagement in the community over time. Peer groups and institutes bring member learning to the forefront, but it is Loyola’s Family Business Center that makes all of it possible. Please think about what the FBC means to you, your family, and your business. Like you, we want to be here for this generation and the ones to follow. If you would like to support the FBC by making a gift you can do so here.
Postcards from the edge
We skipped last week’s Friday message. Maybe some of you noticed? 😊We’ve been writing to you every Friday for the last 14 weeks and hope that you’ve found this communication helpful. As we move out of the most critical planning and response phases of COVID-19 restrictions, we will shift to a bi-weekly message. At the same time, we will continue to support you with other information on an ad hoc basis. Thank you for all you do for your families, employees, and communities. Please let us know what you need. Loyola is here to help.