Baylor's 2000 Family Business Contest Gets UnderwayJune 5, 2000
by Alan Hunt
Nominations are being sought from members of the public and chambers of commerce throughout the Lone Star State for the 11th annual Texas Outstanding Family Business of the Year competition sponsored by Baylor University’s Institute for Family Business. Family business owners can also nominate their companies for the awards. The deadline is Aug. 1.
Each year, the Institute for Family Business honors firms that demonstrate strong business and family values. Awards are given in three categories—large firms, with more than 250 employees; medium-sized firms, with 51-250 employees; and small firms, with 50 or fewer employees. Outstanding firms are also recognized in the special award categories of Family Values, Community Commitment, Fastest-Growing Family Business, Well-Managed Family Business, and the Founders Award for the business that best maintains the identity and original concept of its founders.
Mary Abrahams, program coordinator of the Institute for Family Business, said in previous years many members of the public have nominated their favorite family businesses. She added,“This is their way of saying ‘thank you’ to the owners.” Last year, more than 200 “mom and pop” businesses were nominated for the contest.
Outstanding family firms should demonstrate contributions to their industry and community and be positive role models for both the business community and the family in business, Abrahams said. Seventy-five percent of all businesses in the United States are family-owned or controlled, she pointed out. “Family businesses are the backbone of the U.S. economy.”
Family business consultants and advisers and principals of family firms will be among the judges for this year’s program. The awards will be presented Oct. 19 during a ceremony on the Baylor campus.
Baylor’s Institute for Family Business is a component of the university's nationally ranked John F. Baugh Center for Entrepreneurship.
A nomination package can be obtained from P.O. Box 98011, Baylor University, Waco, 76798-8011, telephone (254) 710-4159, fax (254) 710-3724), or by e-mail to Mary_Abrahams@baylor.edu . Information on the Institute and the Texas Outstanding Family Business of the Year Award program can also be found at http://hsb.baylor.edu/entrepreneur .