Judges of the 2018 Texas Family Business of the Year awards are affiliated with the Institute for Family Business through its Forum series. Each has expertise in the field of family business, either heading successful companies, family business consulting or teaching family business. They have graciously agreed to read and research applications sent to the Institute for Family Business.
Entries are judged on the following criteria: Family Involvement, Community and Industry Involvement and Business Success and Succession. The information our judges must determine is:
Is this family involved in the family business in a positive manner? Is it evident the family makes an important contribution to this firm? Is the family concerned for the community? Does the family understand its role in the business? Has the family planned for its future involvement in the business?
COMMUNITY AND INDUSTRY INVOLVEMENT
Does this business make a significant, positive contribution to the community? Is this business making a significant, positive contribution to its industry? Is this business concerned for its employees? Does this business have a positive impact on society? Is this business contributing to the general economic well-being of its community?
BUSINESS AND SUCCESSION
Is this a successful business? Will this business survive succession? Does this business evidence strategic planning? Is this business innovative? Does this business practice sound management?
Winners are chosen in three general size categories - LARGE (more than 151 employees), MEDIUM (51-150 employees) and SMALL (50 or fewer employees).
There are also eight special awards, in which size is not a determining factor:
FAMILY VALUES AWARD
This award is given to the SUCCESSFUL family business that has shown the greatest commitment to family values by nurturing healthy relationships and stability over successive generations.
WELL-MANAGED FAMILY BUSINESS AWARD
This award is given to the SUCCESSFUL family business, which demonstrates management techniques resulting in efficiency and effectiveness in operations and contributing to the quality of the work environment.
COMMUNITY COMMITMENT AWARD
This award is given to the SUCCESSFUL family business that demonstrates a commitment to improving their community and to the overall well-being of their community.
FASTEST-GROWING FAMILY BUSINESS AWARD
This award is given to the SUCCESSFUL family business that demonstrates rapid growth over a short-period of time and has implemented innovative business techniques in achieving this growth.
This award is given to the SUCCESSFUL family business that has grown and adapted to present and future markets while maintaining the identity and original concept of the founder.
This award is given to the SUCCESSFUL family business that has overcome statistical odds to achieve the rare status of maintaining continuous existence through at least three generations of family ownership.
This award recognizes the SUCCESSFUL family business that exhibits good stewardship which is defined as "the careful and responsible management of something entrusted to ones care" by Merriam Webster. This award is special recognition and may not be given every year. The recipient of the Stewardship Award must be at least a finalist in the Texas Family Business of the Year Competition for the year in which the Stewardship Award is presented.
NEW/YOUNG FAMILY BUSINESS AWARD
This award recognizes the SUCCESSFUL family business that is in its first generation but shows clear signs of family involvment and continued ownership. This award is special recognition and may not be given every year. The recipient of the New/Young Family Business Award must be a finalist in the Texas Family Business of the Year Competition in every aspect except for multi-generational ownership of the firm.
Please remember, even though you are well known, the judges do not know your company policies. In your application, you must tell or show how you are involved as a family, what contributions you have made to the community, and what you have done to ensure succession of your business. All information is confidential and access is limited strictly to the Institute for Family Business and the judges for your category. Good luck and we look forward to learning more about your family business.
Completed application materials for the 2018 Texas Family Business of the Year Awards must be received by June 30,2018.