The Business of Family Business Ownership Program is a Go!

The BFBO Expert Team is proud to announce that the BFBO program has successfully launched and was well-received. Read on for a quick rundown of the program’s first session.

What is the BFBO Program?

• A highly interactive program designed for current and future owners of family-owned businesses. Each family’s current and next generation ownership group attend quarterly sessions for 5 years, learning from the other families in the room about a different topic each quarter.
• Content and discussion are guided by a cross-disciplinary team of experts. The program experts have pooled their expertise to share the most relevant and pressing advice for future owners of family-owned businesses.

What did we do in the first module?  

• Module 1: Family Mission, Vision, and Values
• Our first session focused on how the family and the business fit together. The program experts shared content including tips, tools, and strategies from their own experiences helping family-owned businesses. In the next two rounds of discussion, program families mixed and mingled to learn best practices from the other folks who are living these experiences daily. In the final round of discussion, program participants met in their families over lunch to discuss takeaways and what they would like to take back to their own families/businesses.
• Program families were given tools to take action on creating their own family mission, vision, or values documents. We are excited to hear updates on what progress each family has made since Module 1!

What did the program families think?

They enjoyed the session! Below are a few selected feedback quotes from our first session:

• “Takes us out of the day-to-day and makes us focus on the bigger picture.”
• “We enjoyed the chance to network/discuss with the other family-owned business leaders.”
• “I would have been happy with just one key action item after the first session, but my family is walking away with three.”
• “We got to look at how we do things versus other families and learn from each other.”
• “Excellent content with real-life examples.”
• “Nice to hear competing ideas on how to do this.”

What’s up next?

• Join BFBO and on Wednesday December 12^th discuss Succession Planning and Generational Transition from 8:30am – 1pm at the Ritz Carlton, St. Louis.
• In 2019, we’ll be meeting on 2/26, 5/15, 9/23, and 12/3.
• Contact Dan Bean or Kaitlyn Erb for more information at (314) 721-1860 or dbean@cmaconsult.com or kerb@cmaconsult.com