Keeping it in the family: Quiet power of family-wealth building, local economic development
The Center for Family Business at ϳԹ’s Weatherhead School of Management marks second anniversary supporting the backbone of Northeast Ohio’s business community
Family-owned businesses may not always grab headlines, but their economic and cultural impact runs deep. According to recent , family-owned firms account for more than 60% of jobs nationally and are responsible for nearly 80% of new job creation.
At ϳԹ’s Weatherhead School of Management, the Center for Family Business is helping ensure that these enterprises endure for generations. Now, celebrating its second year, the center has worked with dozens of companies across Northeast Ohio—from regional giants like Heinen’s, Vitamix and Sandridge Crafted Foods to smaller firms—helping them with peer support, expertise, and tools to thrive – today and for generations to come.
“When family businesses are strong, all of Northeast Ohio benefits,” said center Director Laura Bonnet. “Family businesses are the backbone of the economy.”
Bonnet points to long-term thinking, community orientation and a values-driven/people-centered workplace culture as key strengths of family-run firms. But they also face unique challenges: Only 30% make it through the second generation, 13% through the third—and just 3% survive to the fourth.
“The further you get from the founder, the harder it becomes,” Bonnet said, adding that most family businesses fail by the third generation due to diluted vision, poor succession planning and conflicts that erode unity and long-term sustainability.
“That’s where we come in.”
The center started with a handful of members but has since grown to dozens. Through next-generation support, confidential peer groups for learning and support and expert insights based on research, the center offers practical tools and a supportive community for families navigating complex transitions.
Take for example, the The Cleveland-based bakery, and member of the center, traces its roots to 1872 Italy and is now in its fifth generation of family leadership.
“The Center for Family Business has helped us navigate complex family dynamics, plan for succession, and implement strategies to ensure the longevity of our business—and continuing to make amazing bread,” said CFO and General Counsel John Orlando, Jr. “Succession and governance are not just for billion-dollar companies, they’re for families like ours who want to keep going.”
As part of its ongoing programming, the center will host a public panel discussion on Oct. 22 with the leadership of . The West Virginia-based manufacturer is best known for its iconic Fiesta dinnerware line and remains family-run after more than 150 years. Liz McIlvain, the company’s first female CEO, will join fifth-generation members Maggie Kuntz and Matt Wicks to share insights on how its retained its relevance and success by embracing innovation while simultaneously honoring its rich heritage.
Bonnet said she expects the center to continue growing its membership locally—and its impact on the region.
“Ultimately, we’re building more than family business skills,” Bonnet said. “We’re building a community of generations that are stronger together.”
