UVM and Northfield Savings Bank Partner to Assist Family Businesses in Vermont
The University of Vermont and Northfield Savings Bank
announced a partnership this week to assist Vermont family businesses with
transition, succession, and financial planning issues. Northfield Savings
Bank, joins Gallagher, Flynn and Company, and Gravel and Shea, both of
Burlington, as part of the Vermont Family Business Initiative (VFBI). The
VFBI, along with its partners, works with family and closely held
businesses throughout Vermont in identifying challenging issues and
developing successful strategies for navigating the complexities
successful business and financial planning.
Rocki-Lee Dewitt, Dean of the Business School, reflected on the new
partnership, "We're pleased that Northfield Savings Bank is joining our
efforts to assist family and other closely-held businesses in the state.
Their knowledge and experience will help us develop and deliver programs
that enhance family business success."
According to recent studies, the greatest part of America's wealth lies
with family-owned businesses. Family firms comprise 80 to 90% of all
business enterprises in North America. Furthermore, 78% of all jobs
created in the US from 1977-1990 were created by family owned businesses.
The Northfield Savings Bank was chartered in 1867 and is the third
largest bank headquartered in Vermont. The Bank is in the midst of
opening several new branches in Chittenden County. Thomas Pelletier,
President of NSB is excited about partnering with the Business School at
UVM. "Northfield Savings Bank is committed to being involved with the
communities we serve. This partnership with the UVM Business School
represents a mutual opportunity for both parties to assist businesses and
improve economic development in Vermont," states Mr. Pelletier.
Events planned to assist family and closely held businesses in the
coming year include strategic planning, attracting and retaining
non-family employees, and improving communication in the family and in the
business. For more information, go to http://uvm.edu/familybusiness or