For Dave Robertson, there鈥檚 two ways of looking at economic development.
鈥淥ne is bringing in new business, but the other aspect of it is supporting existing businesses,鈥� Robertson said. 鈥淓ighty to ninety percent of all US businesses are considered a family business. When you realize how significant that number is, and you look at the challenges that they face that are kind of unique, you can see where there鈥檚 an opportunity to support them and keep them strong.鈥�
Helping local family businesses address those challenges was a major reason Robertson took over as director of the Family Enterprise Center at the University of Arkansas 鈥� Fort Smith nine years ago, a program that grows the economy of the greater Fort Smith region by helping local family businesses.
鈥淔amily businesses tend to operate in a bit of a vacuum because they want to keep their privacy, so they don鈥檛 realize that every family business faces the same types of challenges,鈥� Robertson said. 鈥淚 like to say we鈥檝e taken the discussion away from the dinner table of the family, where it be can delicate or problematic, and bring it into an open and supportive environment where we can talk about those challenges very objectively.鈥�
The FEC supports more than 35 local businesses through quarterly meetings featuring guest speakers presenting on topics such as succession planning, leadership development, communication and conflict, and best practices for family businesses. Ten additional businesses serve as associate members, denoting professionals that are key players in family business succession planning such as banks and trusts, attorneys, accountants and wealth advisors. Family business members can also participate in small peer groups that meet monthly for confidential discussions of common issues and solutions.
鈥淔amily businesses are so integral to this area. They hire our graduates, provide internships, and give back philanthropically,鈥� Robertson said. 鈥淭hey just do so much and I don鈥檛 think people realize that. You鈥檙e supporting yourself when you support a local family business because so much of that comes back. And they鈥檙e not going to fold up their tent and leave for greener pastures when times get tough. They鈥檙e not going anywhere.鈥�
One of those family businesses is Hannah Oil & Gas, helmed by chief executive officer Bill Hanna. The company donated money to help start the FEC more than a decade ago after Hanna saw the need to establish a community for local family business owners.
鈥淚 was looking for help and didn鈥檛 know where to go to get it,鈥� Hanna said. 鈥淚t鈥檚 kind of hard to get in a setting and air your dirty laundry and feel that you鈥檙e not going to be judged or some way not accepted because of it. But as it turns out, other companies were facing a lot of the same issues. And even though we don鈥檛 have the same issues now that we did 12 years ago at Hanna Oil & Gas, we still have issues that we need to talk through in a setting like the one the FEC provides.鈥�
Hanna said the members of his peer group have become like 鈥渉is brothers.鈥�
鈥淭hey help me understand others鈥� points of views and help get through some of the challenges my business is facing,鈥� Hanna said. 鈥淭he relationships have been incredible. I鈥檝e only missed a handful of FEC meetings in the 12 years I鈥檝e been a part of it.鈥�
Robertson sees the FEC as another way in which 妻友社区 gives back to the greater Fort Smith region through its mission to drive economic development.
For more information about the FEC, call Robertson at 479-788-7799 or visit .