BUSINESS
THE
ISSUE
University of Louisville Family Business Center supports generations of businesses
BY REMY SISK | PHOTOS BY CHRISTIAN WATSON
THE CLASSIC IDIOM “mom and pop shop”
refers not only to the charming and familiar nature
of a businesses but also the idea that its operators
are somehow related. The family business can
be one of the finest institutions of an economy –
members of the same family harnessing synergy
and working together toward a common goal.
However, the passion and emotion that is inherent
in the very definition of a family can sometimes
hinder the success of that business or worse by
creating a divide between family members. The
University of Louisville Family Business Center
helps prevent family businesses from stepping into
the pitfalls that are all too common by offering an
unparalleled myriad of resources so that they thrive
with constant vivacity for generations to come.
“The role of the Family Business Center and how
it can help this community is basically keeping
these businesses in the community,” said Family
Business Center Board Chair Bob Koetter Jr. “That’s
important because statistically, only 13 percent
of family businesses survive and make it to the
third generation. ... What the Family Business
Center does is provide those tools to teach and
prepare and make sure family businesses can
survive throughout many generations.”
Some of the resources provided by the Family
Business Center include education forums,
individual business assessment and frequent,
active networking. According to members, the
greatest asset, however, is the roundtable option
the center offers. “We go by adult learning theories
that adults retain and learn information more in a
peer-to-peer setting,” explained Interim Director
Brittany Boone. “We have quite a few services,
but our most valued service is the roundtable. We
have four categories of roundtables, and they’re
really peer-to-peer support groups.
“It’s a lot of similar people sitting around the
78 EXTOL : OCTOBER/NOVEMBER 2018
table discussing things that are either going on
in their family or their businesses. And either
someone is experiencing what they’re experiencing
at the same time, or they’ve already experienced
it and they’re able to give advice.”
with,” Koetter said. “There’s a feeling of, ‘Oh, I’m
not the only one who has these issues.’”
It’s not hard to become a member of the
Family Business Center. There’s a simple online
application to fill out and submit. Once a member
is approved, they simply pay their dues, which
are different for businesses of different sizes, and
are then able to begin taking full advantage of the
center’s resources.
Family Business Center
Board Chair Bob Koetter Currently, most members are second generation,
but Boone said the more than 100 members are
made up of everything from first generation
business owners to eighth generation, which
means those who have been around for multiple
generations are able to impart wisdom to some
of the younger businesses.
Family Business Center
Interim Director
Brittany Boone And the success is evident. Although Boone
admits it can be somewhat difficult to specifically
measure the triumphs of the center, the very
survival of these business may be testament
enough, which is extremely important for the
vitality of the community.
The four categories of these roundtables are
CEOs, next generation, women and non-family
executives, all of which are highly specialized
groups that help foster robust development in
many areas of family businesses.
The roundtables offer mentorship and education
that professionals cannot find elsewhere. “There’s
a sense of comfort in talking to someone else in
a family business who understands maybe what
some of those dynamics are that they’re dealing
“Businesses that are in later generational
ownership, they kind of become advisors to the
other family business owners,” Boone explained.
“It’s almost like a nurturing sort of characteristic
they take on in that they really do take pride in
being able to help the earlier family businesses.”
The members collectively employ over 13,000
individuals and generate almost $8 billion
annually, said Koetter, who is a prime example
of the efficacy of the Family Business Center. His
company, Koetter Construction, is one of the
region’s most renowned family businesses, and
what the center has given Koetter has led to him
now wanting to be a resource himself.
“They’ve helped me, so this is an opportunity
for me to give back and hopefully help someone
else,” he said.