Warner Norcross + Judd LLP Partner Bruce C. Young participated in a panel of leaders to discuss the challenges and rewards of leading a family-owned business during the June 20 Power Breakfast hosted by Crain’s Grand Rapids Business.
The panel was moderated by Robin Burns, director of the Family Business Alliance. Panelists included Carrie Wilson, CEO and owner of Freedom Construction; Jessica Gutowski Slaydon, president and third-generation owner of Swift Printing Co.; Todd Custer, president and CEO of Custer Inc.; and Bruce Young, family business attorney at Warner Norcross + Judd LLP and shareholder at Behler-Young Co.
The panelists discussed balancing of family tradition and new opportunities continues to be an ongoing effort for family-owned businesses. Also, setting up future generations for success is very important.
Family-owned business currently accounts for nearly 60% of private employment in the U.S., according to research from the University of North Carolina-Charlotte and Kennesaw State University.
It’s evident that family-owned businesses have had a significant effect on the culture and quality of life in West Michigan.
“I like to think we do lots of things right because West Michigan certainly is a great place for family-owned businesses,” Young said. “Family business, in general, is better for the community, more generous to the community, better for their employees, and they tend to survive downturns better by doing the things that are necessary and by having a long-term view of the company’s future. A lot of that coincides with West Michigan culture.”
Read the full Crain’s Grand Rapids Business article “West Michigan Family Business Leaders Discuss Transitions, Values, Culture” here.
For almost 40 years, Young has served as a trusted advisor to, and advocate for, closely held businesses and family offices – with a focus on corporate and transactional work and succession planning. Clients count on him to deliver measured advice that factors in their individual risk tolerance as well as the contextual “big picture.” A skilled legal technician, Young gets that it is just as important to be a good listener in order to understand a client’s goals. To learn more about his practice, click here.
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