Director’s Message
In2014,theSmithFamilyBusinessInitiative(SFBI)wasjustanidea.In2025,SFBIhassecuredits footholdwithintheCornelllandscapeandbeyond.ThankstothetransformativegiftfromJohn (MBA ’74) and Dyan Smith, the SFBI has educated hundreds of students, connected with even morealumni,andearnedaglobalreputationasoneofthepremierhomesforfamilybusiness education.
Since its inception, the SFBI has focused on three primary pillars; inreach, outreach, and research.Thismodelhasserveduswellandcontinuestoattractstudents,alumni,researchers andbusinessleaderstoengagewithCornellinthisarena.
InJanuaryof2025,thesecondcohortoftheRSMTonyWoodFamilyOfficeInstitutegraduated, after completing their two-year certificate to better prepare their enterprise leaders who are mostcloselyengagedwithfamilyofficemembers Thereisonecohortremainingandanother two cohorts set to begin in January of 2026 RSM has invested heavily in this forward-facing programbasedontheexpertiseandprofessionalismoftheSFBIteamandourcounterpartsat CornellExternalEducation
During our tenure, the SFBI has helped to create and teach three courses. In 2024-2025, 105 studentsenrolledinthreeseparatecourses,anindicationthatfamilybusinessisprovingtobe a critical course for students throughout the entire Cornell student population. Many students havecitedtheSFBIasaprimarydriverbehindtheirdecisiontoattendCornellUniversity.
UndertheleadershipofSFBIAcademicDirectorWesleySine,PhD‘01,theJohnandDyanSmith Professor of Management and Family Business, the focus on family business research and academicengagementremainsapriority.TheEntrepreneurshipandFamilyBusinessResearch Seminarbroughteightfamilybusinessscholarstocampustosharetheirresearchandexplore theconnectionbetweenentrepreneurshipandfamilybusiness.ProfessorSinepublishedthree new articles and co-sponsored a research conference with the Emerging Markets Institute to connectPhD studentsandfacultywithaninterestinemergingmarketsandtoemphasizethe rolethatfamiliesplayinthesecontexts
Inthecomingyears,thefocuswillbeondeepeningourrelationshipwithstudentsandalumni andexpandingourimpactinthefamilybusinesslandscapethroughresearchandpractice
DanielG.VanDerVliet
JohnandDyanSmithExecutiveDirectorofFamilyBusiness
Meet Our Team
Kaitlyn
About & Mission
ABOUT MISSION
TheSmithFamilyBusinessInitiative wasfoundedin2014andprovides education,networking,andresearch forfamilybusinessowners,successors andstudentsfromacrosstheglobe
TheSmithFamilyBusinessInitiativeat Cornellisdedicatedtosupportingand strengtheningthenetworkofowners, leaders,andalumnithatworkin,with, orforafamilybusiness.
OUTREACH
OUR ABILITY TO GROW THE GLOBAL NETWORK OF FAMILY BUSINESS STUDENTS, ALUMNI, AND BUSINESS OWNERS.
CommunicationsandConnecti
Overthepastyear,wehavecontinued communicationsandoutreachefforts publicationofrelevantarticlesfeature improvementstoourwebpages,ensuringtheyremaincurrent,accessible,anduser-friendly.
Toreachabroaderandmorediverseaudienceacrosscampus,we’veleveragedawiderangeof Cornell’scommunicationtools,includingdigitalflyersandcampus-widebroadcastchannels. We’veconductedregularoutreachtootherprogramsanddepartments,keepingtheminformed ofSFBIevents,programs,andstudentopportunities.We’vealsomaintainedregularcontactwith theFamilyBusinessClubandhavecontinuedtoprovideresourcesandsupporttostudentswith aninterestinfamilybusiness
TheSFBIcontinuestodistributeamonthly“NewsandNotes”newsletter,whichissentthefirst weekofthemonth,andthemonthlyProgramHighlights,whichgoesoutthethirdweekofeach month.Thesenewslettersprovideanoverviewofupcomingevents,familybusinessspotlights, andfeaturedfamilybusinessarticles Theyaresentouttoroughly2,100people
Overthepastyear,theNewsandNotesemailperformanceremainedstrong,withopenrates exceeding38%in9outof12months,reflectingconsistentaudienceengagement Spam complaintswerevirtuallynonexistent,indicatinghighcontentqualityandeffectivelist management.TheaverageHTMLopenrateacrossallmonthswasapproximately40%,reflecting strongaudienceengagement
Ourdesignandpromotionalworkremainin-house,allowingforflexibilityandcost-efficiency To furtherreducepaperwasteandprintingcosts,wehavecontinuedtousethedigitalplatform Issuufordistributingpublications.
Instagram(@CornellFamBiz)
Our Instagram account focuses on family businesses closely connected to Cornell University Each post highlights a student, alumni, or specific business, as well as promoting or highlighting our programming. Since 2021, there has been an increase in followers, bringing the total to 1,383, with over 4K views of all our content
2024FamiliesinBusinessConference
OnOctober9-10,2024,SFBImarkedits10thanniversarywithacelebratoryconferenceatCornell TechinNewYorkCity.Theeventbroughttogetherstudents,alumni,businessleaders,andsupporters toreflectonadecadeofprogressandtoexplorethefutureoffamilybusinesseducationand engagement.
ThecelebrationbeganwithakeynotedinneratTheSanctuaryonRooseveltIsland,featuringCristina Mariani-MayofBanfiVintners.HerkeynoteandfiresidechatwithAndrewKarolyi,CharlesFieldKnight DeanoftheCornellSCJohnsonCollegeofBusiness,setthetoneforaconferencecenteredonlegacy, innovation,andimpactacrossgenerations.Thenovertwodays,attendeesengagedinconversations highlightingtheinitiative’sgrowthandexploredtopicssuchassustainability,culturaldiversity, succession,andtheroleoffamilybusinessesasforcesforsocialgood.
Aswemarkedthismilestone,wealsohonoredthecontributionsofthemanyindividualsand organizationsthathaveshapedSFBIintoatrustedhomeforfamilybusinesseducation.
Totalattendees:134
Numberofstudents:72
Numberofalumni:36
Others:26
ParticipantFeedback:
“Theeventwasfantastic!Ilovedmeetingthefamilies,advisors,andotheralumni.Itwasawonderful opportunitytoconnectwitheveryoneinarelaxedsetting.Therewasampletimefornetworking,and thesessionsweregreat.The"NewYorkMinute"wasaparticularhighlightforme—hearingthestories ofNY'scentury-oldbusinesseswasfascinating.Ihopetojoinfutureevents!”
“Asa2ndgenerationowner,theconferenceremindedmeoftheimportanceoffamilycommunication andcontinuousfamilyplanning.”
“IlearnedthatIamnotaloneinthechallengesIhavewiththe1stgeneration,andifIkeepgoing,I canbesuccessful.Veryhappy,inspiredandmotivatedafterthisconference”
“Openedupmyperspectiveonmanythings.”
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. We are actively exploring further opportunities in this area.
• RSM Family Office Institute — A multi-year 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. Two cohorts have completed their requirements and received their certificates One additional cohort is slated to complete in June 2026, while a new cohort will commence their journey in January 2026
• RSM Family Office Advanced Leadership Program — Launching in January 2026, this 18-month program 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.
• RSM Family Innovation Roundtables — Two roundtables were held in partnership with RSM US LLP, one in Boston in November 2024, and a second one in Chicago in January 2025. These were intimate, invite-only events, led by facilitators, that covered a range of topics essential to family wealth, governance, family leadership and innovation. Participants included family office leaders, business owners, industry experts, and current Cornell students.
Participant Feedback:
“I thought the mix of attendees was terrific. The quality of the conversations was very strong. The sessions were well run. The moderators did a great job facilitating the discussion and the attendees’ comments were well thought out and covered many different perspectives.”
“Great event - an opportunity to do a deeper dive on important topics with an informed and engaged group”
“Loved the transparent and collegial environment full of practical generational examples, advice and collective next steps”
• INCAE Business School — The Leading Families, Sustaining Enterprises program, is now entering its 9th year. Over 515 family business leaders have now completed this certificate program, offered in collaboration with INCAE Business School. This program is delivered twice annually in Miami to a predominantly Latin American audience, and includes instruction on innovation, governance, family office and family dynamics.
• eCornell Certificate in Family Enterprise Leadership — In collaboration with eCornell, the Family Business Leadership Certificate was created 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. 53 people were enrolled in the course in FY25.
Participant Feedback:
“This class should be taught everywhere. The knowledge for not only home, family and friends but also in the workplace”
“This course offered great content, led by a fantastic facilitator and engaging speakers who brought the topics to life. The sessions were dynamic and provided valuable tools and resources that are practical and easy to apply in everyday situations. A truly enriching experience!”
INREACH
Sam Seltzer ’48 Mentors Forum
The Sam Seltzer ’48 Mentors Forum is a cornerstone of the SFBI, bringing together an incredible network of alumni, business owners, and advisors in an opportunity to connect, learn, and share their insights with current students and recent alumni. Students have the exceptional opportunity to create their own agendas and interest areas for exploration during the time spent with their mentors. Several different changes were implemented in 2025
This year, the forum was held at the SC Johnson College’s 570 Lexington Avenue space in the heart of Manhattan We also experimented with a slightly different format for a part of the event this year and introduced small group conversations, giving attendees a chance to speak with more people to maximize their time and networking opportunities. The event was well received by mentors and mentees alike
This forum has become one of our most impactful days of the year, thanks to our supporters Sam Seltzer ’48 and Jim O’Hoppe, MBA ’04.
ParticipantFeedback:
“Absolutelydelightful!Itwassuchbeautifulopportunityforexperiencedprofessionalstospend somequalitytimewithstudents&recentgraduatesinarelaxedandsupportivespace--notonly toshareadvice,butalsotosharestories,commonalities,andconnection.Suchauniqueand exceptionalexperience!”
“IcanconfidentlysaythatwasoneofthebestrunalumnieventsI’vebeentoandwasincredibly helpful.”
“Thisexperiencehasbeenincrediblymeaningfultome EachmentorIspokewithprovided valuableinsightsthathavealreadyhelpedshapemythinkingaboutbothmyfamilybusinessand mypersonalcareerpath.[…]Theforumhasshownmethetruevalueofmentorshipand communitywithinthefamilybusinessspace”
This year’s case was focused on Algar Group, a Brazilian family-controlled conglomerate. The Cornell team, consisting of Prima Giovanni, MMH ’25, Harry Han, MMH ’25, and Ruby Lin, Kyoto MBA and MMH ’25, came in first place after delivering strong performance across three rounds of presentations. The team from Boston University won second place.
The event was supported by BanyanGlobal Family Business Advisors, Sam Seltzer '48, and Wilmington Trust.
ParticipantFeedback:
“Thankyoufororganizingsuchawellstructuredandengagingcompetition!It wasafantasticlearningexperience,and Itrulyappreciatetheeffortthatwent intomakingithappen.Thecasewas fascinating,andtheopportunityto collaborateandapplyourknowledgein areal-worldcontextwasinvaluable. Lookingforwardtoseeingthis competitioncontinuetogrow!”
Curriculum
NBA 6720 - Family Enterprise Governance & Management (Desai) – 44 students enrolled
– Offered in Fall 2024 semester
Student quotes:
"The frameworks studied in class will definitely help me to navigate the discussions with the stakeholders of the family business"
"Amazing course that will benefit my future career on a daily basis."
"Open discussions where everyone talked about issues and their family businesses. It was very relatable and I found most value from that."
NBA 5820 – Leaders in Family Enterprise: In Practice and Theory (Van Der Vliet) – 55 students enrolled
– Offered in Spring 2025 semester
Student quotes:
“Diverse family businesses were invited to the class, ranging from small enterprises to publicly listed companies. Inspiring guest speakers shared valuable insights on navigating business complexities, managing family dynamics, and ensuring continuity across generations. An unexpected yet enlightening perspective from a trust office broadened my understanding of career opportunities in this field. Overall, I was truly inspired by the class, the professor, and the guest speakers.”
“This was the most valuable class I have taken in my entire educational career”
“This course was incredibly valuable for anyone working in a family business. I appreciated the opportunity to share and discuss the unique challenges that come with family business dynamics while learning from both my peers and the instructor’s reflections. The guest speakers were insightful, and the instructor fostered a warm, welcoming, and professional classroom environment. It was truly an eye-opening experience that I looked forward to each week.”
NBA 5920 Family Businesses of Italy Trek
– 29 students enrolled
– Offered in Spring 2025 semester during Cornell Spring Break
During Cornell Spring Break each year, students enrolled in the Family Businesses of Italy Trek embark on a weeklong trip to Italy to explore the country’s many significant family businesses, Italian history, and culture. Thanks to Matthew Unger’s (MBA ’23) continued support, we were able to offer the Matthew Unger Fellowship for Experiential Learning to two students to cover the cost of their trip. The goal of the fellowship is to eliminate potential participation barriers and increase accessibility to this rich and rewarding experience. We were pleased to present the 2025 Matthew Unger Fellows, Olivia Johnson, MBA ’26, and Ayodeji Ogunyamoju, MBA ’26, following a rigorous selection process.
This year, students traveled to Rome and Naples and visited a variety of family businesses, including Hotel Hassler Roma, Rome Luxury Suites, Feudi di San Gregorio, E. Marinella, Rummo Pasta, Pepe in Grani, and Tenuta Vannulo. These businesses spanned industries from hospitality to manufacturing to fashion to sustainable agriculture, and of course, fine Italian wines.
Student Quotes:
“The experiential learning nature of the course was fantastic. Being able to connect my research with being with business owners and asking them questions directly was invaluable.”
“I found the hands-on nature of the program and direct visits to family businesses to be extremely valuable. The interactions with founders and entrepreneurs with tremendous vision and responsibility were extremely thorough and formative. This course has been one of my most meaningful Cornell experiences and I would recommend it highly to future students.”
“This was an amazing opportunity - I learned an exceptional amount about family business, as well as the business landscape of Italy. The structure and content of the course was well balanced, fun, and engaging. Furthermore, Dann did an amazing job leading the group. I'm incredibly grateful for this opportunity - it is easily one of the most memorable aspects of my MBA program.”
RESEARCH
OUR ABILITY TO CREATE AND DISSEMINATE NEW KNOWLEDGE IN THE FAMILY BUSINESS SPACE.
SFBI Academic Directors Report
SFBI has pursued academic activities aimed not only at deepening Cornell’s 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.
This year, SFBI’s academic director, Professor Wesley Sine, PhD ’01, and Innovation and Entrepreneurship theme coordinator, Andrew Foley, PhD ’25, continued to organize the research seminar series aimed at positioning the initiative as a thought leader in the broader academic community globally.
The first activity involved bringing leading family business scholars to Cornell’s campus under the theme of “Entrepreneurship & Family Business.” The focus of the series was on filling a recognized gap in the literature on family business: while there is some research about established family firms, we know much less about how families come together to start new enterprises. We also know little about whether and which entrepreneurial best practices apply to family firms. Our guest seminars invited professors to present work to expand on these topics. Example speakers include the following:
Luis Gomez-Mejia (Regents Professor and Weatherup, Overby Chair in Leadership, ASU) –Professor Gomez-Mejia is one of the most highly cited scholars in family business research. He presented a review paper that summarizes, critiques, and extends nearly two decades of research on socioemotional wealth – a core concept in the study of family firms.
Belen Villalonga (Professor of Management and Organizations, NYU) – Professor Villalonga is a leading scholar who examines how family ownership and control impact firms’ governance, strategy, and performance. Building on this line of research, she presented a paper exploring how ownership structure and identity shape firms’ ESG performance. The research finds that firms owned by founding families tend to underperform, except when a family member serves as CEO, in which case they outperform all other ownership types.
Kylie Hwang (Northwestern University) – Presented work that found that formerly incarcerated people who engaged in starting a new business with their family had significantly lower rates of recidivism than those who did not. Moreover, this population is much more likely to start businesses that are both owned by family members and employ members of the family than the general population. This helps us understand the important role that new family businesses play in providing a second chance to formerly incarcerated individuals
Below is the full list of external speakers for 2024-2025:
Luis Gomez-Mejia (Regents Professor and Weatherup, Overby Chair in Leadership, ASU)
Kunyuan Qiao, PhD ‘22 (Assistant Professor of International Business, Strategy, Northeastern)
Arkangel Cordero (Associate Professor, Management, UT San Antonio)
Reuben Hurst (Assistant Professor in Management and Organizations, U of Maryland)
Belen Villalonga (Professor of Management and Organizations, NYU)
Nicholas Otis (PhD Candidate, UC Berkeley)
Amisha Miller (Assistant Professor in Management and Organizations, NYU)
Kylie Hwang (Assistant Professor of Management and Organizations, Northwestern)
Martin Ruef (Jack and Pamela Egan Distinguished Professor of Entrepreneurship, Duke)
Second, Cornell faculty and PhD students have made significant contributions to family business research, presenting at both internal events and international conferences, and receiving major awards
Simone Tang (Assistant Professor of Organizational Behavior, Cornell) – Professor Tang studies ethics, morality, and the humanization of organizations She presented a paper showing that family firms are simultaneously viewed as more moral and more nepotistic. She discussed that Family Firms have to manage this tension in their reputation.
Andrew Foley, PhD ‘25 (Management & Organizations, Cornell; Assistant Professor of Management & Organizations, NYU) – Andrew, who graduated in 2025, presented his paper at the Alberta Institutions Conference on how family socioemotional wealth shapes the outcome of formal business operation.
Qian Wang, PhD ‘26 (Management & Organizations, Cornell) and Hongyuan Xia (PhD Student in Economics, Cornell) – Qian and Hongyuan presented their paper at the DRUID conference on how spousal occupation influences the decision to become an entrepreneur across different racial and ethnic groups. They received the Steven Klepper Award for Best Young Scholar Paper.
Wesley D. Sine, PhD ‘01 (John and Dyan Smith Professor of Management and Family Business, Cornell) presented the keynote address at the International Conference on Global Family Business at National Sun-Yat-Sen University (Taiwan). Professor Sine also presented his work on family business at the Reversing the Arrow Conference at the University of Toronto, as well as the Academy of Management Conference in Boston, MA.
The third activity was involvement in the 2025 Management in Emerging Markets Conference, cosponsored by Cornell University’s Emerging Markets Institute, the University of Toronto, and Carnegie Mellon University The conference brought together more than 40 scholars from leading institutions worldwide, including 6 student presenters from different departments across Cornell. The conference aimed to connect Ph.D. students and faculty interested in emerging markets and to highlight the critical role of families in these contexts: small businesses in emerging markets are often family-run, and business groups are typically connected through kinship ties. Featured panel:
Wesley D. Sine (John and Dyan Smith Professor of Management and Family Business, Cornell) –discussed opportunities and challenges for management research in emerging markets, emphasizing the importance of incorporating family values and intergenerational dynamics to better reflect the realities of family businesses in these contexts.
Looking to 2026, the academic arm of SFBI aims to continue establishing Cornell as a leading producer of family business scholarship.
Publications
Wesley Sine
Sine, W. D., Raines, C., & Cordero, [Initial]. (2025). Institutional theories of entrepreneurship. In O. Sorenson & P. H. Thornton (Eds.), De Gruyter handbook of sociology of innovation and entrepreneurship. De Gruyter
Articles
The following articles featured on the SC Johnson College of Business’s Business Feed were written, assigned, or initiated by the SFBI team:
“Research at the Crossroads of Entrepreneurship, Innovation, and Network Theory” by Susan Hu; published June 4, 2024
“Practically Improving the World Through Public Policy and Entrepreneurship” by Susan Hu; published July 29, 2024
“The 2024 Families in Business Conference: Making Connections and Learning About Impact” by Mike Weaver, MBA ‘25; published November 14, 2024
“Exploring the Family’s Role in Reducing the Racial Gap in Entrepreneurship” by Susan Hu, published December 14, 2024
“Purpose, Legacy, Strategy: Winning Case Draws on Company’s History and Values” by Ruby Lin, Kyoto MBA and MMH ‘25; published March 5, 2025
“From Spring Trek to Italian Citizenship: A Baker Program Student’s Journey” by Susan Hu, published April 16, 2025
“Innovation Keeps Centuries-Old Family Business on the Leading Edge” by Symeon Shaw-Wakeman, MBA ‘26; published May 19, 2025
“A Journey Through Italy: Lessons and Landscapes” by Olivia Johnson, MBA ‘2026; published May 27, 2025
“How One Student is Redefining His Role in His Family’s Businesses” by Susan Hu; published July 30, 2025
“Diverse Expertise Drives Vertical Integration at Family Business” by Alison Fromme; published August 5, 2025
Below are Business Feed articles with SFBI mentions:
“Family Business Owners Strategize for Longevity in New Certificate Program” by Maggie Gallagher ‘25; published September 10, 2024
“From Technology Director to Chief Data Officer: A Q&A with Chaitanya Baddam, MBA ‘23" by Janice Endresen; published Feburary 27, 2025
“From Sales, Marketing, and Ops to Consulting with James ‘JJ’ Myron, MBA ‘23" by Janice Endresen; published March 27, 2025
Rising Gen Survey
In May of 2025, the Smith Family Business Initiative once again released the Rising Gen Survey (renamed from Next Gen Survey). This survey probed current college students enrolled in family business or entrepreneurship courses about what was most important to them as it related to their family business It 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 Through the survey, 164 current students shared their perspectives as they relate to their family’s business, providing valuable insight into the mindsets of the rising family business generation
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.
In 2025 we welcomed three new Family Business Fellows to our cohort:
Rustom Desai, MBA '95, Visiting Senior Lecturer, Johnson School
Veronica Maldonado '93, Advisor & Head of Coaching, Generation6 Family Enterprise
Ambra Mazzelli, Associate Professor of Strategy, SKEMA Business School
Our 23 Faculty Fellows and Practitioner Fellows, contributed the following time and talent in 2024-2025:
IN CONCLUSION
As we step into a new decade of growth, we remain energized by our mission and grounded by the strength of our team. Together, we continue to champion meaningful opportunities for students, alumni, and family business leaders to connect, grow, and thrive—on campus and beyond.
We are continuing to build on our signature programs, such as the Cornell Case Competition for Family Ownership, the Sam Seltzer ’48 Mentors Forum, and the Family Businesses in Italy Trek, expanding their influence, growing participation, and reaching new audiences. At the same time, we are actively pursuing new possibilities: the expansion of our Peer Leadership Forum, including the upcoming launch of our new Young Alum Forum for recent graduates, and the development of innovative offerings such as summer programs, new roundtables, and a reimagined Taste of Family Business
Looking even further ahead, we are exploring an ambitious university alliance initiative in partnership with peer institutions in an effort aimed at building a national community amongst schools across the country dedicated to supporting, connecting, and empowering the next generation of family business leaders.
With an eye on opportunity and a strong foundation in place, the Smith Family Business Initiative is wellpositioned to continue its leadership in this space. We are excited for the future and grateful for the community that makes this work possible.
Overall Program Participation for 2024-25:
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