American Entrepreneurship Today is pleased to present our Q&A series with key participants of the entrepreneurial ecosystem.
Part of the FDU’s Silberman College of Businesssince 1989, the mission of the Rothman Institute of Entrepreneurship is to teachand support entrepreneurship and innovation in the academic, business and nonprofit communities. An outstanding entrepreneurship curriculum taught by an excellent faculty has helped maketheacademic programamong the finestin the nation. In addition, our innovativeoutreach programshelp people succeed in their new or growing ventures as well as in theircorporations or organizations.
James Barrood has developed and managed many of the Institute’s innovative academic and outreach programs since 1997. He is active in the regional entrepreneurial and business communities and has been recognized asa leadingSmall Business Advocate(NYER)and among the top business leaders byNJBIZ.James frequently speaksat regional business events and has appeared on MSNBC, ABC, My9, NJN and News12.
Rothman has hostedNJ Family Business of the Year Awardfor a number of years. When was it started and what is its mission?
TheNJ Family Business of the Year Awardwas founded in 1992 and was established to honor the finest family firms in the state. Family businesses are recognized for how their values set them apart from peers, their resiliency and success during tough times, business growth, and community involvement. Family businesses often have a multi-generational effect on the community. Community involvement in both the economic and basic well-being of the community make family businesses uniquely powerful corporate citizens. We also look to see how they maintain responsibilities toward family, company and community, and often the company’s leadership, service and financial support to civic, philanthropic and industry organizations are embodiments of their values. It’s not surprising that family business award winners/recipients are often joined by their employees on stage, and similarly there is high employee morale and employee investment in the family businesses. We’re always honored to be a part of this special awards program and collaborate with our supportive sponsors. We’re excited to be celebrating the program’s 21styear!
In addition to the award does Rothman offer programs or courses for family businesses?
Yes! We established the O.Berk Company Family Business Forum as a resource for family firms in 1992. Family businesses face unique challenges, and we recognized there was a need to offer resources to help support them. The Forum is designed to provide family businesses with a unique opportunity to learn from leading experts about strategies for successfully operating a family business through outcome oriented seminars.It also provides members the opportunity to exchange ideas and share experiences via facilitated Peer Groups. Programs are designed to foster interaction and participation by addressing issues of specific concern. Many of our sessions focus onnext generation leadership and succession, social media and marketing, estate taxes and planning, to developing a vision for the family and business, ownership transfer, developing fair compensation strategies for family members and non-family employees, and governance structures.
We are proud of the Forum and are always looking for ways to creatively improve it to bring the best value to family businesses. To stay aligned with the latest technology, we also created the first of its kind “Family Business Playbook,” a unique tool that family firm leaders can access globally via smartphone (iOS and Android), tablet, or any computing device. It’s a “playbook in your pocket” that features easily accessible answers and expert strategies on the latest family business trends.
What are common challenges for a family business that Rothman has seen and helped to facilitate?
Some common challenges that we’ve seen and helped to facilitate include “passing the torch/taking the helm,” and multi-generational cooperation/understanding. We also facilitate programs on understanding family dynamics, including sibling rivalry in the workplace, as well as leveraging social media, estate planning, taxes, the new healthcare reform, and leveraging non-family employees to successfully grow a family business.
How have you incorporated talent from the entrepreneurial community to assist your efforts to support family businesses?
Excellent question! We’re passionate about supporting entrepreneurs, innovators and family businesses. Often, those three are connected, and when talking with an entrepreneur, they often reference how a family member or membrs helped them starting and growing their business. (For example, think Lindsay Phillips’ SwitchFlops, when she joined forces with her mother, Liz). All family businesses started somewhere, and that was usually with a family leader, siblings, or cousins whose entrepreneurial dreams merged/sparked together. Many folks from NJ and NY are familiar with and may have even frequented Morey’s Piers in Wildwood, or Kohrs Brothers Custard down at the Jersey Shore, and of course our mom and pop stores in our own neighborhoods. Family businesses have inspiring stories, and we hope that local communities continue supporting them so their service to the community can be continued by future generations.
We often invite entrepreneurs to be guest speakers, to share best practices, and to provide collaboration and mentoring opportunities. By helping our members expand their network and outreach, this helps them build their foundation of successful practices.
What is your best advice to an entrepreneur who is considering starting a family business?
Just do it! Start something that you and your family are passionate about. Talk with anyone and everyone about your idea.Seek advice and mentorship.Be persistent. Help others along the way, and the support you give to others will return to you. Speak to other family businesses, especially those that you frequent and lastly, give us a call to see how we can help you succeed.
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