Seminar Focuses on Survival of Family Businesses

Baylor University's Institute for Family Business will hold a seminar for family business owners, managers and advisors on strategic planning and defining their mission at 8 a.m. Thursday, Sept. 10, at the Harrington House Faculty Dining Center, 1313 S. Eighth St.
The program, part of the 1998 Waco family business seminar series, will feature Dr. Kendall Artz, assistant professor of management at the Hankamer School of Business. Artz will discuss how family businesses can grow and become more successful. He will answer questions and explain how to overcome poor communication and planning, and how to create a vision and identify potential areas of conflict. Artz also will give out samples of mission statements from several different companies.
Artz earned his doctorate degree in strategic management from Purdue University after 10 years of experience as a commercial banker, financial analyst and strategic planner. He has written for such publications as the Journal of Business Venturing and the Strategic Management Journal.
According to the Institute for Family Business, statistics show that one-third of Fortune 500 companies and 75 percent of all corporations are family owned businesses. The figures also show that less than one-third of the family businesses will continue to the second generation and less than one-half of those will make it to the third.
"Family businesses need to learn that a strategic plan is necessary for maintaining their business," said Doris Sandberg, program coordinator for the Institute for Family Business.
Sandberg said that having a good strategic plan can literally be the difference between success and failure for a business. She also said that in today's competitive marketplace, no company can hope to grow and prosper without proper planning.
For more information, call Sandberg at 710-4154.