The Niagara University Family Business Center was established in 2003. The center is dedicated to serving the needs of family and privately owned businesses in Western New York through the exchange of knowledge. The center's activities are member-driven and the center is run for and by its business members.
The center's mission is to develop and exchange relevant information on family business issues in order to strengthen the stability and long-term viability of family and privately owned businesses through education, research and service. A sampling of the center’s activities include:
• Forums and seminars on family business issues.
• Consulting support for family and privately owned businesses.
• Support for faculty and student research on family business issues.
Family Business Stats
• 60% of the U.S. workforce is employed by a family-owned business.
• Family-owned businesses are responsible for creating 78% of all new jobs in the U.S.
• Only 30% of family-owned businesses last until the second generation, and only 12% will make it to the third generation.
• 47% of people who own a family business are planning to retire within the next five years but don't have any kind of succession plan in place.
• Family businesses are contributing more than half (57%) of the total US GDP.
• Nearly 20% of U.S. firms are family-owned.
(Data obtained from www.startupsanonymous.com)
Private Business Stats
• Out of the 27 million firms in the U.S., nearly all are privately held.
• Private firms are a growing majority of U.S. firms.
• Small businesses since March 2010 have also provided slightly more than half of the net job gains in the private-sector economy, according to the SBA.
• Private firms invest more in growth and are more sensitive and responsive to opportunities for capital expenditures and mergers and acqui sitions than are public companies.
(Data obtained from www.forbes.com)
Niagara University's College of Business Administration joins a network of over 60 colleges and universities who have established a family business center to assist businesses in their geographic area.