Anderson University's Program Supports Family Businesses Across South Carolina
Anderson University's Kim S. Miller Family Business Institute Supports and Expands Reach to Family-Owned Businesses in South Carolina
chandni
Family-owned businesses play a crucial role in both the state and national economies, contributing significantly to job creation and economic growth. Recognizing their importance, Anderson University established the Kim S. Miller Family Business Institute in South Carolina to serve as a premier resource for these enterprises.
With approximately 90% of businesses in the United States being family-owned, the institute aims to address the challenges that are common to all businesses while also focusing on the unique issues faced by family-run companies. Executive Director Brad Bechtold emphasized the prevalence of family businesses throughout South Carolina and highlighted the institute's mission to foster collaboration and camaraderie among successful family-owned enterprises.
Established in 2020 with the support of prominent local businesses such as Spinx, Jennings Dill Inc. Mechanical Contractors, Sargent Metal, and T&S Brass, the institute provides a range of programs and resources to help family businesses thrive and sustain their success. These offerings include assistance with succession planning, development of governance structures, and guidance on tax and estate planning.
One of the institute's key advantages is the opportunity for peer-to-peer engagement, allowing family business leaders to learn from and share experiences with others who have encountered similar challenges. Succession planning, in particular, poses a significant concern as a large number of family business leaders are expected to retire within the next five years without having designated a successor. The institute aims to address this critical issue through tailored guidance and support.
Recognizing the widespread need for their services, the Kim S. Miller Family Business Institute is dedicated to expanding its reach across the entire state of South Carolina. By providing the necessary resources and fostering a supportive network, the institute strives to ensure the long-term success and sustainability of family-owned businesses throughout the region.
