"All in the Family (Business)" Panel Discussion
Family-owned companies face unique challenges: from succession, estate planning and ownership control to conflict resolution, mentoring, and nurturing relationships among family—and non-family—employees. Thanks to the coordination by Center City Proprietors Association (CCPA), on September 29, 2010, three local Philadelphia family businesses and two expert resources shared how they make their successful businesses thrive – from the dining room to the board room.
The lively discussion focused on:
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Legal and psychological challenges for growth
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Challenges in transitioning a family business from one generation to the next, when to use outside consultants
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Growing up in the business and inter-generational mentoring
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Smart use of outside consultants to minimize or avoid risk
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Accountability, governance, business structures
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Conflict management, building consensus, bringing in outside experts
Panelists included:
Marc Brownstein, President & CEO, The Brownstein Group
After a successful career on Madison Avenue, Marc returned to Philly and now runs the advertising agency his father started in 1964.
Bill Mignucci, Owner, Di Bruno Brothers, Inc.
With a helping of technology and a glass of Chianti, Bill and his cousin run their grandfather’s cheese-and-gourmet store
Sam Mink, Owner, Samson Street Oyster House
Sam represents the third generation in a seafood-restaurant family, although each generation has established and created a unique Philadelphia eatery
Lauren A. Schmidt, Associate, Schnader Harrison Segal & Lewis LLP
Craig Lichtman, MD, MBA , Family Business Consulting
The panel was moderated by:
Caro U. Rock, Publisher, Family Business Magazine