Family-owned business: Few phrases in American economics carry as much weight. It evokes two of our most cherished institutions, with all the joys and complications that come with family and with business.
To help family enterprises innovate and thrive – and to strengthen families, businesses, and communities – Loyola Marymount University established the Family Business Entrepreneurship Program in LMU College of Business Administration. Family-owned businesses account for 64 percent of U.S. GDP and generate 62 percent of jobs nationwide, which puts the program at the nexus of the economy.
The Family Business Entrepreneurship Program debuted with an online conference in 2021, attracting 180 participants who explored a range of topics, including creativity and innovation; philanthropy and social responsibility; family governance; and brand communities and family reunions. The inaugural conference featured a keynote from Andrew Cherng, founder and chair of Panda Restaurant Group, who with his wife, Peggy, started Panda Express in 1982 in Los Angeles County’s second-largest mall.
Planning is underway for the second FBEP conference in mid-September with online and in-person components. In partnership with Business Consulting Resources, the daylong conference will explore a host of topics of particular interest to family-owned enterprises.
David Choi, the Conrad N. Hilton Chair of Entrepreneurship and director of the Fred Kiesner Center for Entrepreneurship, said that the idea to create an entity that caters to family-owned businesses occurred to him when he realized how many such businesses are represented in the student population and in the LMU alumni community. “I felt that a network of family businesses could serve as a valuable support group for our students and alumni and assist other important members of our regional business community,” Choi said.
The program’s mission is to create a collaborative community for family enterprises to connect and share best practices to strengthen the family and business. It seeks to expand the entrepreneurial mindset in support of family enterprises by providing tangible resources and educational opportunities that empower family enterprises to grow, innovate, diversify, and achieve harmonious multigenerational success. An important role of the center will be supporting family enterprises in the broader community.
“Family-owned businesses are often the lifeblood of their surrounding communities,” said Connor Sobczak ’22, who plans to take his third-generation guitar shop and lesson business, Grayson’s Tune Town in Montrose, California, to the next level. “Many of the businesses that have been around for decades or even generations are family owned and operated. Longstanding businesses are great for creating a sense of home for customers and help to attract additional businesses by showing stability in an area.”
Michael Gaviña ’02, MBA ’07, managing director of accounting and finance for F. Gaviña & Sons, Inc., founded in 1967, agrees that stability is key. “Family-owned business are naturally committed to the communities they work in. They also tend to be very long-term focused.”
In addition to the annual conference, the partnership with Business Consulting Resources will include:
- Professional Development Programs
- Social Events
- Peer Groups
- Annual Retreat
- Service: Supporting Student Family Business Club, internship programs, student consulting projects opportunities, and other service projects.
- Thought Leadership
- Research
