Spotlight on the FBA

By Zoe Satterthwaite, Storytelling Intern, GRCA

Since its founding in 2014, the Family Business Alliance’s (FBA) goal has been to provide family-owned and closely held businesses with opportunities to develop and learn alongside each other. The FBA, a signature program of the Greater Reading Chamber Alliance (GRCA), also has a variety of resources available to its members, such as its peer groups.

FBA peer groups are designed to facilitate discussion among businesses which may be facing similar problems, as well as create friendships and professional connections with like-minded individuals. This year, the FBA has expanded to include small and closely held businesses within their peer groups since many face the same issues as family businesses. Currently there are five peer groups containing members from a variety of industries. Together, they all share open discussion and both give and receive advice. “The benefit to me for being a member of the FBA and being in a peer group is the relationship that I have with the other members. We can bring any triumph or challenge to the table and know that we will walk away with ideas to bring back to our company to tackle that challenge,” said Kim Loudis, Barbey Electronics Vice President and FBA member.

FBA fosters a great atmosphere for collaboration. In January of this year, Chatty Monks Brewery hosted the January FBA Peer group reception. FBA member Justin Spannuth, COO of Unique Snacks, was introduced to Rajavel Jagadesan, owner of Chatty Monks, during this event. This chance meeting spawned the invention of Split Face, a craft beer inspired by pretzels and created by Chatty Monks in collaboration with Unique Snacks.

Many FBA members are grateful for the space that the alliance provides to discuss issues related to running a small business.

“I find the FBA invaluable to me as the President, and co-owner with my husband Craig, of VA Productions. The safe environment it offers to share all your challenges with the group is valued as are the relationships formed,” said FBA member Virginia Dodge.

One key component of the FBA is the Next Gen Peer Group. The Next Gen group was created to address the issues that family-owned businesses face when dealing with company succession. Participation in this group allows for upcoming leaders to have an open dialogue about generational differences between new and old executives.

Though the FBA has been growing steadily since its invention eight years ago, the program continues to prioritize connection and growth between its members.