Ian Wilson, Board Chair of the Centre for Family Business and Regional Prosperity, and Fred Fountain, Chancellor Dalhousie University, thank Steve Murphy, Senior VP Atlantic for BMO, on behalf of Dalhousie University for the gift from BMO Financial Group to the Centre. (Photo: Dal Photo)
BMO Financial Group
September 30, 2010
BMO Financial Group has committed $1.5 million to become a founding partner of Dalhousie University’s Centre for Family Business and Regional Prosperity.
The donation will provide operational and core funding for the Centre over the next seven years. In addition to the gift, BMO Financial Group has also funded the purchase of a new digital business news and stock ticker display board in the atrium of the Kenneth C. Rowe Management Building.
“This innovative partnership with Dalhousie University once again demonstrates our commitment to family and small business,” said Steve Murphy, Senior Vice President, Atlantic Provinces Division, BMO Bank of Montreal.
With more than 13,000 business relationships and 27% market share in small business lending in Atlantic Canada, we look forward to accompanying family businesses in their growth directly or through initiatives such as the Centre for Family Business and Regional Prosperity,” he added.
The Centre has been established by the Dalhousie Faculty of Management to support family business in Atlantic Canada. The Centre will develop and deliver educational and training programs for families in business, their non-family employees and the professionals who serve those families. It will act as a resource and referral centre for family business and it will develop and deliver courses in family business in the Faculty’s undergraduate and MBA programs. Working with like-minded organizations such as the Canadian Association of Family Enterprise (CAFÉ) and other universities in Atlantic Canada, the Centre will provide families in business with tools and support to help them survive and thrive both as a business and as a family.
“Family business dominates the Atlantic Canadian business landscape. According to CAFÉ, family-run enterprises account for 50% of all new jobs in Canada. The impact is even greater in Atlantic Canada,” said Elaine Sibson, Executive Director of the Centre. “Supporting family business is important when you consider the findings of the Family Firm Institute. They show that the majority of family business owners would like to see their business transferred to the next generation; however, it is estimated that 70% will not survive into the second generation and 90% will not make it to the third generation.”