How do you carry the weight of running a fifth-generation business? How do you navigate the difficult decision to sever a professional relationship with a cousin, brother, aunt or any other family member? Can you prime your kids to take over the company?
What does work-life balance look like when your life is at work, too?
Attendees at the 2024 Hudson Valley Future Summit at SUNY New Paltz took a deep dive into hard questions like this, with insights provided by regional entrepreneurs who have gone through these experiences themselves.
The sixth installment of the Hudson Valley Future Summit convened regional business leaders and distinguished guests for a day of inspiring conversations focused on family-run businesses on Wednesday, Nov. 13. The event, kicked off with a locally sourced lunch and networking hour, drew 60 attendees from across the region.
This year’s program was designed for members of family businesses who play a role in guiding their company's future. It included folks who work in the business, some who married into it, and others who are next-generation owners not yet involved in operations.
Krystal Hicks ’13 (Management) ’15g (Business Administration) and husband Jesse Hicks ’15 (Management) traveled from Boston to be at their alma mater to meet Jesse’s mom, Cathy Roberti-Hicks, to learn insights about navigating their family-owned kayak rental company.
"There are books, and books and books on this, but this is something that we can do together,” said Krystal Hicks. Jesse agreed, saying “it’s really about navigating the transition together.”
Attendees, a third of whom are alumni, also heard from the University’s president, Darrell P. Wheeler, at the beginning and end of the Summit, who reinforced the importance of gathering local entrepreneurs.
"The Hudson Valley Future Summit demonstrates the University’s commitment as a cultural and regional resource to our community,” said Wheeler. “When I started here, there were two things I wanted to emphasize: our academic excellence and our value to the citizens of the university. I think that everything the institution does must anchor to one or both of them each and every day.”
An important benefit of the Future Summit was to bring together multigenerational family business peers and industry experts, creating opportunities to build networks and support structures.
“It’s about making connections with other business owners, particularly in the immediate area and surrounding towns because we share this opportunity, this sense of responsibility for the employees we have, and the roles we play in the community,” said Eric Gullickson ’00 (Journalism), president of Mohonk Mountain House and one of the Future Summit panelists. “There’s something really nice about that collaboration. You have to be constantly learning and open to gaining other perspectives because things are always changing.”
The full list of featured presenters can be found here.
This year’s topic, "The Multigenerational Business: Charting a Course for Success,” underscores the various benefits of developing family business leaders and a sustainable strategy for long-term planning and viability. The day’s events extend the enriching, productive and strategic interplay between the University and the many civic, educational, business and creative interests in the Hudson Valley community.
It also created a natural partnership opportunity with the Hudson Valley Venture Hub at SUNY New Paltz, a start-up incubator that works directly with regional businesses to help them overcome the sorts of challenges that were subjects of discussion at the Future Summit.
"Established, long-term businesses in our area are very important to our economy here, so we want to be playing a role in what they’re doing,” said Venture Hub Director Eliza Edge.
The half-day Future Summit program included four sessions: “Here’s to Future Success: Breaking through the Isolation and Ensuring Long-Term Family Contributions,” “Putting the Success in Succession Planning for the Transition of the Family Business,” “Intergenerational Conversations: Overcoming Communication Challenges,” and “Entrepreneurship Through Acquisition.”
"I think it's great SUNY New Paltz is supplying the education for any type of small business in the area at a time at which many are struggling,” said Robert Schaller Jr. ’05 (Management), owner of Americas Best Value Inn in New Paltz, a business that has been around for 40 years this year. “To hear any type of insight, whether it’s multi-generational or any type of small business, is beneficial to the community.”
This event was made possible by the SUNY New Paltz Foundation, Inc., and by premiere sponsor M&T Bank, and leading sponsors Beyond Wealth Management, Mohonk Mountain House, Orange County Chamber of Commerce, and local business sponsor Timely Signs.
To stay tuned ahead of next year’s event, visit newpaltz.edu/futuresummit, email sandickl@newpaltz.edu or call (845) 257-3972.
About the SUNY New Paltz Foundation
The SUNY New Paltz Foundation is a 501(c)3 with a mission to seek, secure and manage gifts and grants to fund scholarships and programs that enrich and support the academic, cultural and community life of SUNY New Paltz, while also building a lasting endowment for the University’s future. Gifts to the Foundation enhance the teaching, learning and discovery that take place on campus, and allow New Paltz to enrich the cultural, economic and social fabric of the Mid-Hudson region. Foundation Board Directors serve three-year terms.
Visit the SUNY New Paltz Foundation Board online for more information.
