Family businesses are essential to the national and Orange County economies, accounting for more than 83 million U.S. jobs (59% of all jobs) and 54% of gross domestic product (GDP). And family businesses outperform non-family corporations on the S&P 500 by 6.65%. With up to 10 times the reinvestment rate and 82% of family businesses donating to local charities, the positive contribution of family businesses to the regional economy is clear.

In 2015, Cal State Fullerton’s College of Business and Economics began recognizing outstanding Southern California family-owned businesses through annual peer-nominated awards.

For the first time since the COVID-19 pandemic, the awards are returning in 2024, with a recognition ceremony on March 7 at the Great Wolf Lodge in Garden Grove.

Businesses will be feted for Excellence in Social Impact, Outstanding Emerging Family Business, Family Business Catalyst, and Generational Legacy.

“Southern California has many family-owned businesses that have a rich legacy of supporting the local economy and the creating positive social impact in the region. Today, we have many new family businesses emerging in various ethnic communities and Cal State Fullerton’s Center for Family Business is proud to be the epicenter of services that support family business formation, development and continuity,” says Dean Sri Sundaram of the College of Business and Economics. “We are pleased to again host an event to honor those family businesses that are truly exemplary and typify the best practices that can help businesses thrive.”

“In addition to generating awareness for and appreciation of family businesses in general, the awards will shine a spotlight on the specific achievements of nominees and create follow-on publicity for those honored,” says Tim Schultz, the director of the Center for Family Business.

Peter Mondavi Jr., co-proprietor of the family-owned Napa Valley Charles Krug Winery, will provide a keynote address designed to motivate, inspire and educate fellow family business leaders.

A New Day at the Center for Family Business

Since taking the helm of the center a year ago, Schultz has led a renaissance in Cal State Fullerton’s signature family business mentoring and development program.

In 2024, the center plans to host six in-person workshops for family business owners, launch new Affinity Groups that allow businesspeople to network with fellow entrepreneurs with similar goals, conduct field trips and site visits, join a network of family business centers nationwide for virtual workshops, and develop a renewed focus on the next generation of family members.

“Through the generosity of the Muth Family Foundation, we have recently appointed a full-time professor to serve as the Rick Muth Family Endowed Chair, Kulraj Singh, to teach and research family business,” explains Schultz.

“Students who come from families with businesses will learn about the unique aspects of running a family business and be given tools to aid them in their exploration of whether a role in the family business is right for them. Students who do not come from entrepreneurial families can gain insights into the most common form of business organization and be better prepared to thrive in working in this segment or possibly launch their own family business one day.”

For More on Family Business

Do you have a family business and want to network and connect with your fellow business owners? Or are you a student interested in family business dynamics?

For more information on the Center for Family Business, your go-to resource on the latest family business best practices, visit the center’s website. Or read more of our articles on family business education.