August 2026
2026 ANNUAL REPORT Smith Family Business Initiative
Family. Thought. Leadership.
TABLE OF CONTENTS INTRODUCTION 1 OUTREACH 2 Communications and Connections External Education Friends & Family Italy Tour INREACH 5 Sam Seltzer '48 Mentors Forum Family Business Curriculum Cornell Case Competition for Family Ownership NEXGENS RESEARCH 10 SFBI Academic Director's Report Publications & Accepted Papers Cases & Teaching Materials Developed Additional Articles and Mentions Cornell Family Business Faculty and Practitioner Fellows FINANCIALS 12 Fundraising, Gifts, and Endowment FY24 SFBI Financial Summary IN CONCLUSION 12
INTRODUCTION As we sit on the precipice of the 2026/2027 academic year, this time in the calendar provides our SFBI team the opportunity to reflect on the year just passed and the impact that SFBI has from College Ave, to Wall Street, and all across the globe. It was a year of significant growth, with the introduction of several new programs and courses. We welcomed Sungyong Chang as our Interim Academic Director during Wes Sine’s sabbatical year. While many of our current programs remain robust, the SFBI continued to innovate and explore new opportunities. The SFBI offered for the first time two courses during the Cornell Pre-College program during summer 2026. Designed for rising juniors and seniors in high school NBA 3380: Future Founders: Leadership & Innovation Toolkit, taught by Brad Treat, and NBA 3820: Family Business Foundations: From Generation to Generation, taught by Dann Van Der Vliet and Carol Wittmeyer, helped to expose students to the principals and foundations of entrepreneurship and family enterprise. Completion of the courses also comes with 6 Cornell credits. Over 60 students were enrolled across the two courses. Each year during Cornell spring break, the SFBI has led a group of graduate level students on the Family Businesses of Italy Trek. This annual trek has become so popular and anticipated that we will finally offer an “adult” version of this tour, coming in November 2026, to be led by Molly Crist ‘10 and her own family business, Onward Travel. Inspired by a “Commercializing Technology” course taught by SFBI Academic Director Wes Sine PhD ‘00, and supported by the university’s innovation ecosystem, Cornell alumni and husband-and-wife team Siyu Huang, Ph.D. ’12, MBA ’14, and Alex Yu, Ph.D. ’14, co-founded Factorial Energy with Héctor D. Abruña, the Emile M. Chamot Professor of Chemistry and Chemical Biology in the College of Arts and Sciences. Factorial recently debuted on the Nasdaq at a $1.3 billion valuation. The company’s growth from a Cornell startup to a publicly traded innovator in solid-state battery technology underscores the impact of combining scientific innovation with family determination and entrepreneurial vision. We also mourned the passing of Sam Seltzer ’48. In 1983, Mr. Seltzer established the Moses and Loulu Seltzer Endowment Fund in honor of his parents. Each year the Smith Family Business Initiative honors Sam’s legacy with the Sam Seltzer ‘48 Mentors Forum, held the first Friday in March in New York City. Nearly 250 Cornell students and young alumni have made valuable connections that often last well beyond the forum itself. Sam’s contributions and generosity will be felt for many years to come. We invite you to reflect with us on the year just passed, but more importantly, help us invest in what is still to come.
Daniel G. Van Der Vliet John and Dyan Smith Executive Director of Family Business
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OUTREACH
OUTREACH OUR ABILITY TO GROW THE GLOBAL NETWORK OF FAMILY BUSINESS STUDENTS, ALUMNI, AND BUSINESS OWNERS.
Photo credit: Chris Kitchen
PROGRESS COMMUNICATIONS AND CONNECTIONS The Smith Family Business Initiative continues to expand its communications and outreach efforts to engage students, alumni, family business leaders, and the broader Cornell community. This year, we completed a comprehensive refresh of our webpages, ensuring our online resources remain current, accessible, and easy to navigate. The SFBI Business Feed also continues to feature timely articles and insights that highlight developments in family business research, education, and practice. Across campus, we continue to promote SFBI programs and opportunities through Cornell's communication channels, including digital signage, newsletters, campus-wide announcements, as well as direct outreach to student groups. We maintain close collaboration with campus partners and the Family Business Club to connect students with events, educational resources, and experiential learning opportunities. Our monthly News and Notes newsletter and Program Highlights email continue to reach approximately 2,100 subscribers, providing updates on upcoming programs, family business news, and Initiative highlights. Our design and promotional work remain in-house, allowing for flexibility and cost-efficiency. To further reduce paper waste and printing costs, we have continued to use the digital platform Issuu for distributing publications. Instagram (@CornellFamBiz): Our Instagram remains an important connection point to our students, alumni and network. With over 1500 followers, it leads the way among it’s higher ed peers. A glance at among our 470 posts and weekly stories helps to tell the ongoing story of the impact that SFBI has across the Cornell ecosystem.
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EXTERNAL EDUCATION The Smith Family Business Initiative continues to expand its executive education offerings, creating new opportunities for professional education and revenue generation. A cornerstone of this effort is our ongoing collaboration with RSM US LLP through the Tony Wood Family Office Institute, a partnership that has continued to grow since its launch in January 2022. •
RSM Tony Wood Family Office Institute — An ongoing and growing engagement with a leading global tax and accounting firm. SFBI has been working with RSM leadership and top talent to better prepare them to engage with their family office clients, as well as expand their market reach with the differentiation of this Cornell Certification. Three cohorts have graduated thus far, totaling 125 professionals, including the most recent cohort in June 2026. One additional cohort is currently underway. The continuation of this program reflects the enduring strength of our partnership with RSM and the Smith Family Business Initiative's growing role as a trusted provider of executive education for family office professionals.
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RSM Family Office Advanced Leadership Program — This 18-month program, launched in January 2026, is designed to equip family office senior executives with the necessary skills to navigate the complexities of their roles and make informed, strategic decisions that drive long-term success for their families and businesses. 35 family office executives are currently enrolled in this program taught by Cornell faculty and Cornell Family Business Fellows.
STUDENT FEEDBACK “(The) days are very long, but each class and evening event feels impactful, so I was happy to participate in all.” “I will certainly be going back over the materials and reference them the next time I have to prepare for a difficult conversation.” “I learned an incredible amount about providing elite levels of service and hospitality to family offices and their operating businesses throughout this immersive program”. “Understanding family values, fostering trust across generations, and helping families define a shared vision are often just as important as the technical solutions we provide. I'm grateful for the experience and excited to bring these lessons into my work with family enterprise clients.”
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• INCAE Business School — Now entering its 10th year, this longstanding partnership between Cornell SC Johnson College of Business and INCAE Business School delivers executive education to family business leaders from across Latin America. Offered twice annually in Miami, the program equips participants with practical strategies for navigating succession, governance, entrepreneurship, family office management, and long-term business continuity. Through this program, participants can expect to strengthen their ability to lead multi-generational family enterprises in an increasingly competitive global environment. To date, 608 students have completed this certificate. • eCornell Certificate in Family Enterprise Leadership — The Smith Family Business Initiative, in collaboration with eCornell, launched the Family Business Leadership Certificate in November 2023. This unique certificate course is offered online and taught by Cornell faculty and Family Business Fellows. The Certificate requires the completion of four courses, including Family Business Leadership Fundamentals, Managing Family Relationships, Stewarding Family Wealth and Values, and Implementing Family Governance Systems, and seeks to equip professionals with new tools and strategies to lead a thriving family business. 74 people have completed the certificate course as of July 2026. PARTICIPANT FEEDBACK "It's led by Cornell faculty & offers practical, research-backed curriculum specifically designed for family business. I like the structure & it's helped me understand the unique dynamics of family ownership & governance." "Well run and informative. Gave me simple (but not to be confused with simplistic) tools that not only help me think about our family business, but also that would be relatively easy to introduce to others in and outside the 3 circles, where they might find value in the perspectives the tools/frameworks engender. Anything that gives me things to think about, and to think with, is A+ in my book. Ty! "
Course Name Family Business Leadership Fundamentals
Retail 36
Enterprise 4
Total 40
Managing Family Relationships Stewarding Family Wealth and Values Implementing Family Governance Systems Total
37 35 34 142
2 1 1 8
39 36 35 150
FRIENDS & FAMILY ITALY TOUR Building on the strong interest in the Family Businesses in Italy student trek, SFBI is launching a parallel experience for Cornell alumni and friends of SFBI. The inaugural tour is scheduled for November 2026 and will be delivered in partnership with Onward Travel, an alumna-owned travel company. In addition to strengthening connections within the Cornell family business network, this program is expected to generate revenue for the initiative.
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INREACH OUR ABILITY TO CONNECT AND EDUCATE OUR STUDENTS.
PROGRESS SAM SELTZER '48 MENTORS FORUM The Sam Seltzer ’48 Mentors Forum remains a defining program of the SFBI, convening a dynamic community of alumni, students, family business leaders, and trusted advisors for meaningful dialogue and shared learning. A hallmark of the experience is the flexibility it offers students, who shape their own agendas and focus areas to guide conversations with mentors. In 2026, the Forum returned to Cornell SC Johnson College of Business at 570 Lexington Avenue, building on the success of last year’s move to Midtown Manhattan. Like last year, the program once again opened with small-group discussions, allowing participants to connect with a wider range of peers and perspectives while making the most of their time together. The event was once again well received by mentors and mentees alike. This forum has become one of our most impactful days of the year, thanks to our sponsor Sam Seltzer ’48 and product sponsor Harney & Sons Tea. PARTICIPANT FEEDBACK “The program creates a forum for sharing practical, experience-based insights that are rarely taught in the classroom. It is designed to help the students think through the strategic, governance, and personal dynamics that come with joining or eventually leading a family enterprise. It is a rewarding opportunity to give back while helping the next generation make more informed and thoughtful career decisions.” “Each student walks away with an enhanced understanding of their opportunities and the mentors learn and grow from their shared curiosity about this next generation of leaders.” “A necessary experience for anyone in Family Business. It’s almost like therapy. It has helped me work through difficult times and tough decisions. The advice being offered during this forum is invaluable. There is such a breadth of knowledge and experience in this room. Everyone has a different background but has a common thread of family business that leads to novel conversations.” “They were all incredible, one even expressed interest in hiring me (and the opportunity sounds so exciting). Another gave incredible frameworks to think about one's skills and firms/industries. They all gave such incredible undivided attention and brought 100% care to help.” “The conversations were very very impactful.”
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Mentorscape update Our Mentorscape is a webpage that allows mentees to choose a mentor based on the area in which they are seeking guidance. This ensures they are connecting with a mentor that they will benefit from the most. We have also created a follow-up survey that is sent to mentees after they have met with a mentor to hear some feedback on how everything went. This allows us to monitor the connections with mentees and mentors but at a distance. This also provides the SFBI with an opportunity to connect with alumni and mentors who might not be able to attend the annual Mentors Forum.
FAMILY BUSINESS CURRICULUM •
NBA 5820 – Leaders in Family Enterprise: In Practice and Theory (Van Der Vliet) – 58 students enrolled – Offered in Fall 2025 semester
STUDENT FEEDBACK “Having Dann as a professor was a great experience. He is really invested on his students and that is really helpful to understand and "open up" in class about the real challenges we are facing with our families. Amazing opportunities to hear from professionals that are involved in their family business for different reasons, and being able to connect on a deeper level with them (dinners) was such a great thing!” “In-class discussions, speakers, and opportunities to interact with professor and speakers after class were truly stellar.” “In my home country of Japan, I never had the opportunity to take a class like this at university, so this was very meaningful. I hope that the content of this class will continue to be enriched so that the family business can continue and have a positive impact on society.”
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NBA 6720 - Family Enterprise Governance & Management (Chang) – 40 students enrolled – Offered in Spring 2026 semester
STUDENT FEEDBACK "(This) course gave me the mental space and discussion forum to look more deeply into the issues of family businesses, which are helpful as I apply these concepts to anticipate potential issues with my own family business in the future.” “Professor Chang is very effective in leading the in–class discussions and making it feel inclusive, where there were multiple viewpoints and contrasting ideas. The way that the professor led us through the development of family–enterprise issues from the first class session to the final class was easy to follow.”
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Photo caption: Judges interacting with a student team during the Q&A session at the 2026 Cornell Case Competition for Family Ownership that took place at Cornell Tech on March 6, 2026. •
NBA 5920 — Family Businesses of Italy trek – 28 students enrolled – Offered in Spring 2026 semester during Cornell spring break
Each year during spring break, in a course intended to promote the understanding of family businesses, the Smith Family Business Initiative leads a weeklong student trek to Italy to explore the country’s many significant family businesses, Italian history, and culture. This year, students traveled to Verona and Parma and visited a variety of family businesses, including luxury boutique inn Balconi di Giulietta, wineries Speri Viticoltori and Sartori di Verona, Italy’s first distillery Distilleria Nardini, deli meat brand Levoni, multinational food company Barilla, race car manufacturer Dallara, luxury skincare/haircare company Davines, and Parmigiano Reggiano dairy farm Azienda Agricola Bertinelli. STUDENT FEEDBACK “The Experience in International Management: Italy was truly life–changing for me. I not only enjoyed the academic component and spending time with students outside of my class, but also had an incredible opportunity to dive deep into real business cases and hear directly from business owners.”
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“What stood out most was that during every site visit, we had the opportunity to ask questions directly to family members and senior management. It was also fascinating to go inside the facilities and observe the manufacturing processes firsthand. I wish there were more courses like this and more professors like Dann.” "This course significantly broadened my perspective on how businesses are managed, particularly in the context of family ownership. The trek pushed me to think more holistically about governance, long–term value creation, and the role of non– financial factors. Through direct exposure to different family businesses (across industries, sizes, and generations) I developed a deeper understanding of how ownership dynamics, succession planning, and family values shape strategic decisions.”
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Pre-College Studies Program in Family Business
The SFBI offered for the first time two courses during the Cornell Pre-College program during the summer of 2026. Designed for rising juniors and seniors in high school, NBA 3380: Future Founders: Leadership & Innovation Toolkit, taught by Brad Treat, and NBA 3820: Family Business Foundations: From Generation to Generation, taught by Dann Van Der Vliet and Carol Wittmeyer, exposed students to the principals and foundations of entrepreneurship and family enterprise. Completion of the courses comes with 6 Cornell credits. The courses were well received, with 45 students enrolled in NBA 3380, and 13 enrolled in NBA 3820. This program is expected to generate significant revenue for SFBI in fiscal year 2027. STUDENT FEEDBACK "Overall, this course was an experience I would not trade for the world. Family-business education is not always given the attention it deserves in schools or the broader workforce, but this program helped me recognize the importance of the field and take greater pride in my connection to it. I left Cornell with increased confidence, a stronger professional skill set, and valuable knowledge that will continue to shape my education, career, and contributions to family business." "Taking this course was one of the most meaningful experiences in my academic journey ― it was the first time I truly understood family business at a deeper level, from the three-circle model to how a family genogram reveals the dynamics within a family. But the most valuable lesson was learning how to communicate with family in the right way."
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"Ultimately, this course clarified that my continued involvement in my family's business is not something I am doing because I feel I have no other choice. It is something I am doing because I have found real value in the work, and because I understand, more clearly now than I did three weeks ago, what it actually means to hold a legitimate role inside a family business system rather than simply being related to the person who owns it."
CORNELL CASE COMPETITION FOR FAMILY OWNERSHIP The Cornell Case Competition for Family Ownership delivered another standout year in its fourth year. As the only competition of its kind, it brings together students and family business experts to engage directly with a live case alongside the family themselves, demonstrating their understanding of the complex issues facing family enterprises. The event convenes students from leading business schools, along with select advisors, faculty, and family business leaders, who share their challenges firsthand and receive real-time feedback and ideas on the future of their enterprise. In February 2025, the competition was once again held at the Cornell Tech campus in New York City. The event continued to grow, welcoming eight teams from top business schools across the country and around the world. Four schools participated for the first time: Carnegie Mellon Unviersity, the University of Rochester, and two international schools—SKEMA Business School (France) and National Sun Yat-Sen University (Taiwan). Returning teams included Cornell University, University of North Carolina, University of Virgina, and Washington University in St Louis. This year’s case focused on Covewood Lodge, a multi-generational family-owned lodge in the Adirondacks navigating questions of succession, governance, and long-term sustainability. The team from Washington University in St. Louis took first place, followed by University of Rochester in second, SKEMA Business School in third, and Cornell University in fourth. The event was supported by BanyanGlobal Family Business Advisors and Sam Seltzer ’48. In addition, we received generous product sponsors from Farmer Jon’s Popcorn, Harney & Sons Tea, Jackson’s Chips, Red Jacket Orchards, and Succession Strength. PARTICIPANT FEEDBACK “The event has been a truly rewarding experience. I really appreciated the opportunity to get to meet with such a diverse group of wonderful and interesting people.” “And this wasn’t a tidy hypothetical. It was a real, live case, with actual stakeholders in the audience and on the panel—which raised the bar for clarity, empathy, and grounded recommendations.” “It’s a well-designed and rare learning experience for all participants, including students, coaches, and judges.”
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NEXGENS (National Exchange for the Generational Enterprise Network of Successors) The Smith Family Business Initiative played a leading role in the development and launch of NEXGENS, a first-of-its-kind national student organization that connects the next generation of family business leaders across universities. SFBI worked closely with peer institutions to help shape the organization's structure, programming, and strategic direction, laying the foundation for its successful launch. Building on this momentum, SFBI will host the second annual NEXGENS Conference this October in Ithaca, bringing together students from various schools across the country to strengthen relationships, share ideas, and foster the next generation of family business leadership while continuing to expand the organization's membership and reach.
Photo caption: Conference participants at the launch of NEXGENS at Texas Tech University in Lubbock, Texas in February 2026.
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RESEARCH OUR ABILITY TO CREATE AND DISSEMINATE NEW KNOWLEDGE IN THE FAMILY BUSINESS SPACE.
PROGRESS SFBI ACADEMIC DIRECTOR'S REPORT The Smith Family Business Initiative continued to advance Cornell's leadership in family business research while fostering collaboration across the university's academic community. During Professor Wesley Sine's sabbatical, Professor Sungyong Chang served as Interim Academic Director, leading the Initiative's research activities and contributing to scholarship, teaching, and case development that strengthen Cornell's expertise in family enterprise and organizational management.
Publications and Accepted Papers (2025-26) Below are papers that are relevant to topics that can be discussed in a family business course, including topics around compensation, talent management, and organizational decision-making. Wesley Sine: • 2025 Coles, R., Hiatt, S. R., Raines, G. W., & Sine, W. D. (2025). “Refugees at the door: Initial funding partners and new venture performance in a changing emerging market.” Strategic Management Journal, 46 (12), 2975–3022. https://doi.org/10.1002/smj.3741 Sungyong Chang: • Alice J. Lee, Tae-Youn Park, and Sungyong Chang, forthcoming, "The Implications of Pay Range Transparency on Job Application Preferences and Negotiations," Journal of Applied Psychology. • Alice J. Lee, Tae-Youn Park, and Sungyong Chang, February 2026, "Posting a wide salary range can deter women from applying," Harvard Business Review.
Cases and Teaching Materials Developed Sungyong Chang: • Patagonia (A): Designing a Company Around Purpose • Patagonia (B): Succession, Ownership, and the Preservation of Purpose • Hermès: Can Differentiation Survive Change? • Samsung Group (A): Founder to Second Generation • Samsung Group (B): Second Generation • Redstone Family: Control, Succession, and Crisis • A Korean Food & Hospitality Conglomerate (governance and succession exercise) 11
ADDITIONAL ARTICLES AND MENTIONS In May of 2026, the Smith Family Business Initiative completed the third iteration of the Rising Gen Survey (previously named the Next Gen Survey). This survey was distributed with the assistance of the Family Business Alliance, an affiliation of university-based family business centers throughout North America. The report received support from Family Enterprise USA and the Roberts Group / Merril Lynch. Its results continue to provide insight into the mindset of the rising generation of family business leaders, including their priorities, concerns, expectations, and perspectives on the future of their family enterprises. The following articles featured on the Cornell SC Johnson College of Business’s Business Feed were assigned or written by SFBI: • • • •
“From Verona to Parma: Lessons in stewardship from Italy’s oldest family enterprises” by Melissa Linares, MBA/MS ’26, published May 2026 “From ideas to insight: Lessons from Cornell’s Sam Seltzer ’48 Mentors Forum” by Luca Mosena MBA ’27, published March 2026 “From Paris to Cornell: Road to finals at Family Business Case Competition” by Emiliana Moscato, SKEMA Business School, published March 2026 “At the helm: Johnson grad navigates a new era for Resolve Marine” by Susan Hu MBA ‘27, published January 2026
The following articles contained mentions of SFBI:
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“Cornell University Family Business Director Explores Broader Perspectives at the McCoy Family Speaker Series” by Lauren Christian, Rawls College of Business, Texas Tech University, published May 2026 “Cornell University and RSM collaborate on a new Family Office Advanced Leadership Program” by Sarah B. Hood, Canadian Family Offices, published April 2026
CORNELL FAMILY BUSINESS FACULTY AND PRACTITIONER FELLOWS Our Cornell Family Business Fellows serves as both our academic advisory board, and our extended faculty and teaching network. Collectively, they represent the leading scholars in family business and entrepreneurship and increase our faculty bandwidth as new opportunities abound. Our 23 Faculty Fellows and Practitioner Fellows, contributed the following time and talent in 2025-2026: • • • •
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External teaching: 11 total days taught, one served as faculty director for a learning cohort, and one served as facilitator for a Peer Leadership Forum. eCornell course development: 3 courses taught Mentoring: 8 active mentors Cornell Case Competition for Family Ownership: One Fellow co-wrote this year's case, as well as served as judge during the competition, 1 served as a coach for her university's team that competed in the competition.
FUNDRAISING, GIFTS, AND ENDOWMENT Through event specific gifts and donor generosity, the SFBI drew in $62,860 in gifts through the end of FY 26. This includes $11,175 raised through 16 gifts on Giving Day 2026.
FY2026 SMITH FAMILY BUSINESS INITIATIVE FINANCIAL SUMMARY
IN CONCLUSION As the Smith Family Business Initiative continues to grow, we remain committed to expanding our reach, strengthening our programs, and creating meaningful opportunities for students, alumni, family business leaders, and practitioners around the world. In 2025-26, we continued to build on our signature initiatives, while introducing new programs and partnerships that have broadened our impact and created sustainable sources of revenue to support the initiative's long-term mission. Looking ahead, we are excited to build on this momentum by expanding our executive education offerings, strengthening national collaborations such as NEXGENS, building out new programs such as the successful Pre-College Studies courses launched this year, and continuing to connect with the family business world and develop innovative opportunities that bridge research, education, and practice. With a strong foundation and a growing portfolio of programs, the Smith Family Business Initiative is well positioned to extend its impact in the years ahead. We are grateful to our faculty, students, alumni, donors, and partners whose continued support makes this work possible. As we transition into the new fiscal year, we are supported by a strong team, extensive networks, and robust support systems, all of which position us for a year of solid growth and further success.
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Overall program participation for 2025-26:
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The SFBI Team
Daniel Van Der Vliet John and Dyan Smith Executive Director of Family Business
Susan Hu, MBA '27 Assistant Director
Wesley Sine, PhD '01 John and Dyan Smith Professor of Management and Family Business Academic Director (on sabbatical 2025-26)
Sungyong Chang Interim Academic Director
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ABOUT SFBI
MISSION
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.
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 caption: In June 2026, students of the Tony Wood Family Office Institute participated in the NASCAR pit crew challenge, a team-building activity, in Ithaca, NY. 16 16
' Samuel M. Selt zer ’48 de voted his life to entrepreneurship and to preparing future generations to lead busines ses of their own. Firmly convinced that small busines s formed the foundation of the U.S. economy, he built a career that spanned manufacturing, international trade and industr y leadership, while also shaping busines s education at Cornell University. Today, the Smith Family Busines s Initiative honors his legacy through the Sam Selt zer ’48 Mentors Forum, held annually in Ne w York City. Since its inception, the forum has connected nearly 250 Cornell students and young alumni with experienced family busines s leaders and mentors, fostering relationships that often continue long after the e vent. Selt zer pas sed away on June 4 , 202 6. He is remembered as an entrepreneur, mentor, philanthropist and de voted Cornellian whose belief in personal enterprise and commitment to future generations continue to shape the Cornell community and inspire future builders of enterprise.
SMITH FAMILY BUSINESS INITIATIVE AT CORNELL 389 Statler Hall Ithaca, New York 14853 http://business.cornell.edu/familybusiness blog: fambizsuccess.wordpress.com #CornellFamBiz Cover image by Ming DeMers '25 Inside cover image courtesy of University Photography