Grand Rapids is a city with a rich history of family-owned businesses, many of which have been key in the city's development.
That spirit of family cooperation and entrepreneurship is the inspiration behind the formation of the Family Owned Business Institute (FOBI) at GVSU's Seidman School of Business, in partnership with the Grand Rapids Area Chamber of Commerce.
The institute was created with the belief that family businesses -- large and small -- are the cornerstone of a community's prosperity and a vital ingredient in its quality of life.
Our national and regional history demonstrate that it's in the best interest of communities to foster the creation, growth, and continuation of family-owned businesses. Those businesses are leaders in job creation, innovation, and in providing stable employment opportunities with superior wages and benefits for their employees, said institute Director Thomas Schwarz.
He added that family-owned businesses have a greater willingness to sacrifice short-term profitability, oftentimes resulting in greater community investment and stability.
The challenges of making a family business succeed impart values like hard work, sacrifice, service, integrity, quality, loyalty, trust, respect, and commitment. Members of family-owned businesses tend to be community leaders in philanthropic activities and are generally active volunteers and financial supporters of their communities.
FOBI will create educational curriculum, professional programs, research and informational resources to further the development of family-owned businesses and their contributions to society, students, and faculty. It will support academic research on the impact of family-owned businesses on local and national economies; their unique influence on business ethics and community building; and their sensitivity to public policies and regulations. It will also offer a clearinghouse of family-owned business information and resources.
The institute's advisory board features several representatives from area family-owned businesses, including: Jim Gordon of Gordon Food Service, Carlos Hidalgo of Hidalgo and DeVries, Inc., John Jackoboice of Monarch Hydraulics, Inc., Buzz Kersman of Lorin Industries, Shelley Padnos of Louis Padnos Iron and Metal Co., Wayne Muller of Mullers Family Shoe Centers and Leonard Slott of Vi-Chem Corp.
Also serving on the advisory board are Seidman School of Business Dean David Mielke and management department Chair Jaideep Motwani, Grand Rapids Area Chamber of Commerce President John Brown and Jerry O'Bee of O'Bee Business Transfer Planning.
The institute is funded in part with $301,000 that was raised in a September, 1999 tribute to Amway Corp. founders Richard DeVos and Jay Van Andel. For more information visit www.fobi.gvsu.edu.
