INTRODUCTION
Ten Years! What an extraordinary time it has been for the Smith Family Business Initiative (SFBI). Thanks to the transformative gift from John (MBA ’74) and Dyan Smith, the SFBI was launched in September of 2014. Since then, the SFBI has educated hundreds of students, connected with even more alumni, and secured its foothold within the Cornell landscape.
As we step into our next ten years, we are thankful for the continued support of our alumni and phenomenal network who show up to our conferences and events, who provide their time and talent in service to our students, and who contribute throughout the year to keep our programs open and available to all.
During this past year, our family business curriculum remained as strong as ever. With 125 students enrolled over three courses, family business is proving to be a much-needed course for students throughout all of Cornell. Students have continually cited the SFBI as a primary driver behind their decision to attend Cornell University.
Under the leadership of SFBI Academic Director Wesley Sine, the John and Dyan Smith Professor of Management and Family Business, the focus on family business research and academic engagement has been a priority. The “Entrepreneurship and Family Business” research seminar brought eight family business scholars to campus to share their research and explore the connection between entrepreneurship and family business. Professor Sine published three new articles and co-sponsored a research conference with the Emerging Markets Institute to connect Ph.D. students and faculty with an interest in emerging markets and to emphasize the role that families play in these contexts.
In the coming year, as we reflect and celebrate on our first ten years, the real focus will be on continuing to build capacity and support for our current programs, as well as expanding our reach across the university and the globe.
Daniel G. Van Der Vliet
John
and
Dyan
Smith Executive Director of Family Business
2023 FAMILIES IN BUSINESS CONFERENCE
OUTREACH
OUR ABILITY TO GROW THE GLOBAL NETWORK OF FAMILY BUSINESS STUDENTS, ALUMNI, AND BUSINESS OWNERS.
The annual conference has come to be symbolic of the start of a new academic year and is a celebration of all things family business. The 9th Families in Business Conference, once again held at Statler Hotel on the Ithaca Cornell campus, showcased thought leadership from faculty and students, practical insights from distinguished alumni, and contemporary policy issues concerning family business on a regional and global scale.
PARTICIPANT FEEDBACK
“I'm still processing the notes that I took, and the personal stories and life challenges that were shared. The honesty and transparency with which presenters spoke was uniquely powerful. Thank you for including me in the conference and personally welcoming me back to Cornell.”
EXTERNAL EDUCATION
Smith Family Business Initiative demonstrated incredible growth with numerous external education engagements. These are critical as generators of new revenue and connections with the broader business community.
• RSM Family Office Institute — A multi-year engagement with a Top-Five tax and accounting firm. SFBI has been working with RSM leadership and top talent to better prepare them to work with their family office clients, as well as expand their market reach with the differentiation of Cornell Certification. The inaugural cohort graduated in June 2024. Two additional cohorts are underway, and RSM has agreed to three more new cohorts for this program.
• RSM & Julius Baer Family Enterprise Leadership Institute — This certificate program is delivered to RSM and Julius Baer family business clients based throughout Asia and the Middle East. The program is delivered in a live virtual format featuring Cornell faculty and Family Business Fellows.
• INCAE Business School — Leading Families, Sustaining Enterprises program — This long-standing program is entering its 8th year. This program is based on the experience and trajectory of Cornell University, through Cornell SC Johnson College of Business, and INCAE Business School. Our instructors present global best practices to support the competitiveness of family businesses. This partnership program is delivered twice annually in Miami to a predominantly Latin American audience and is open to all. Over 400 students have completed this certificate.
• eCornell Certificate in Family Enterprise Leadership — This unique certificate course is offered online and taught by Cornell faculty and Family Business Fellows. As of the end of FY24, 6 people have obtained the certificate, and 30 are in the process of completing the course.
Photo credit: Chris Kitchen
SAM SELTZER '48 MENTORS FORUM
INREACH
OUR ABILITY TO CONNECT AND EDUCATE OUR STUDENTS.
The Sam Seltzer ’48 Mentors Forum is a vast network that connects current Cornell students and recent alumni with scholars, advisors, and family business leaders for one-on-one mentoring and coaching sessions. Students have the exceptional opportunity to select their own agendas and interest areas for exploration during the time spent with their mentors. The 2024 Mentors Forum was once again held at Cornell Tech in NYC and was well received by mentors and mentees alike. This event become one of our most impactful days of the year, thanks to our sponsors Sam Seltzer ’48 and Jim O’Hoppe, MBA ’04.
PARTICIPANT FEEDBACK
“An incredible opportunity for young family business owners to gain counsel on issue that could significantly change the course of their businesses.”
“The program is a terrific event and one I am thrilled to participate in each year. The students are well prepared, thoughtful and full of energy. I'm already looking for to 2025!”
FAMILY BUSINESS CURRICULUM
• NBA 6720 - Family Enterprise Governance & Management (Desai)
– 20 students enrolled
– Offered in Fall 2023 semester
• NBA 5820 – Leaders in Family Enterprise: In Practice and Theory (Van Der Vliet)
– 55 students enrolled
– Offered in Spring 2024 semester
• NBA 5920 — Family Businesses of Italy trek
– 27 students enrolled, plus 3 alumni
– Offered in Spring 2024 semester during Cornell spring break
Each year during spring break, in a course intended to promote the understanding of family businesses, SFBI leads a weeklong student trek to Italy to explore the country’s many significant family businesses, Italian history, and culture. This year, we were proud to introduce the Juin-Unger Fellowship for Experiential Learning, which allowed us to extend the trek to five participants who otherwise would not have been able to attend.
Photo credit: Shelley Kusnetz Photography
STUDENT FEEDBACK
“The Family Business Trek to Italy, expertly led by the SFBI team, was a masterclass in blending theoretical knowledge with real-world application. Visiting a variety of family-run businesses across Italy offered an unparalleled opportunity to witness and discuss the complex dynamics and unique challenges these businesses face. These firsthand experiences, coupled with carefully curated course materials, enriched our learning and understanding far beyond traditional classroom boundaries. Our professor's passion, deep industry insights, and ability to connect theory with practice transformed this trek into an invaluable educational journey, making it the most valuable component of the course.”
CORNELL CASE COMPETITION FOR FAMILY OWNERSHIP
The 2nd annual Cornell Case Competition for Family Ownership was hosted by Cornell University at Cornell Tech in New York City in February 2024. This case competition is the only one of its kind where students and family business experts come together to demonstrate their understanding of the issues critical to family enterprises with a live case, alongside the family themselves.
In 2024, we welcomed teams from six schools to tackle an intriguing case focused on SmugMug/Flickr. Teams hailed from the following schools: Boston University, Cornell University, New York University, University of North Carolina, Washington University in St. Louis, and Yale University. The team from Washington University in St. Louis came in first place. The Cornell team, consisting of Mia Huang, PhD ’25, Rebecca Shao, MPS ’24, and Vanessa Wang, MPS ’24, was selected through an internal competition and came in third place after delivering a solid presentation in the final round. The event was supported by the MacKaskill family (founders and owners of SmugMug/Flickr), BanyanGlobal Family Business Advisors, Sam Seltzer '48, and Wilmington Trust.
PARTICIPANT FEEDBACK
“It was a rewarding competition where we tried our best to analyze a real case both retrospectively and prospectively. The interactions we had with the other teams, SFBI members, coaches, family business leaders, and school ambassadors were precious. We are grateful to those who made the event possible, and we are particularly thankful to each member of our team for their unwavering dedication to collaboration.”
Photo credit: Lavazza
SFBI ACADEMIC DIRECTOR'S REPORT
OUR ABILITY TO CREATE AND DISSEMINATE NEW KNOWLEDGE IN THE FAMILY BUSINESS SPACE.
This year, SFBI’s academic director, Professor Wesley Sine, and theme coordinator, Andrew Foley, organized a research seminar series aimed at positioning the institute as a thought leader in the broader academic community. To that end, the initiative has pursued research activities aimed not only at deepening Cornell’s academic expertise in family business research but also at connecting Cornell’s community to family business scholars at universities across the world. These priorities have taken the form of three main efforts.
The first activity involved bringing leading family business scholars to Cornell’s campus under the theme of “Entrepreneurship & Family Business.” The second activity was the conference that Cornell co-sponsored with the Emerging Markets Institute (EMI). This conference convened 40 scholars from top schools around the world, including students from Harvard Business School, Duke University, MIT, Cornell, and many others. The goal of the conference was to connect Ph.D. students and faculty with an interest in emerging markets and to emphasize the role that families play in these contexts. The third main activity was the "Beyond High-Growth Entrepreneurship Workshop: The Underground Series," held at INCAE Business School in Costa Rica on June 21st and 22nd, 2024. This exclusive event brought together leading academics and thought leaders to explore the often-overlooked entrepreneurial landscapes beyond the traditional Silicon Valley model.
PUBLICATIONS
Wesley Sine
• Sine, W.D. Cordero A. Coles. R: Entrepreneurship through a Unified Institutional Lens. Organization Science.
• Cordero, A., Hiatt, S., and Sine, W.D. “Political Fragmentation and Firm Entry in the Mexican Maquiladora Sector.” Academy of Management Proceedings.
• Cordero, A., Sine, W.D., Khessina, O., and Carlos, C. “To Be, or to Appear to Be?” Regional Violent Identity and Foreign Firm Market Entry.” Academy of Management Proceedings.
FUNDRAISING, GIFTS, AND ENDOWMENT
Through event specific gifts, donor generosity, as well as strongest ever Cornell Giving Day, the SFBI drew in $76,395 in 59 gifts through the end of FY 24. The Kevin Juin — Matthew Unger Fellowship for Experiential Learning allowed the SFBI to send five students on the Italy trek in 2024. That original $160,000 pledge over the next five years that will continue to provide scholarship for underrepresented communities in the coming years. What is notable is the increase in student giving, both large and small, in support of the continued efforts of the SFBI.
Photo credit: Ming DeMers '25
IN CONCLUSION
As we celebrate our ten-year anniversary, we reflect on a decade of achievements and look forward to the next ten years with great anticipation. Over the past year, we have broadened our executive education offerings and made notable strides in academic research. Our flagship programs, such as the Families in Business Conference and core coursework, have continued to be well received, and we are exploring our potential to expand our programs.
With unique offerings such as the Sam Seltzer ’48 Mentors Forum, the Cornell Case Competition for Family Ownership, and the Family Businesses of Italy trek, the SFBI continues to be a global leader in educating and connecting students, alumni, and family business leaders.
ABOUT
The Smith Family Business Initiative was founded in 2014 and provides education, networking and research for family business owners, successors and students from across the globe.
MISSION
The Smith Family Business Initiative at Cornell is dedicated to supporting and strengthening the network of owners, leaders, and alumni that work in, with or for a family business.
Photo credit: University Photography
View our programs:
SMITH FAMILY BUSINESS INITIATIVE AT CORNELL
389 Statler Hall
Ithaca, New York 14853
http://business.cornell.edu/familybusiness blog: fambizsuccess.wordpress.com #CornellFamBiz
by
Inside
Cover image
Ming DeMers '25
cover images courtesy of Shelley Kusnetz Photography