The New York City Family Enterprise Center, or NYCFEC, has only been around for two years, but it is already making a major difference for Westchester families. Through education programs aimed at immigrant families, young entrepreneurs, and small business owners, NYFEC is showing people throughout the region how to grow their companies and cultivate success.
NYCFEC’s CEO, Warner King Babcock, says the concept for the educational nonprofit naturally arose from pedagogy. “While teaching MBA and undergraduate students in New York City about family-business management, boards, governance, and leadership, students came from family businesses and also conducted projects on family businesses throughout the city,” says Babcock. “It became clear these businesses and families needed an ongoing, local resource. After conducting substantial research in 2013 and 2014 led by a volunteer group, NYCFEC’s founding team, along with many other advisors, recognized the need for a dedicated, independent family-business educational center to serve the NYC area.”
NYCFEC now offers a wealth of educational programs taking place in different locations throughout midtown Manhattan covering such topics as preventing and managing conflict in family enterprises and recruiting family business members. The classes are open to anyone who registers on NYCFEC’s website. For Babcock, it is important that these programs remain available to people in Westchester as well as New York City.
“NYCFEC’s focus is on serving the greater New York City area, where many business-owning family members, board members, shareholders, and trustees live, while family business can be nearby or from another part of the area,” says Babcock. “Westchester is home to many family businesses and individuals who are part of family business systems throughout the New York City region and beyond.”
According to Babcock, NYCFEC is planning to introduce more educational electives, forums, Family Business Days, as well as it core curriculum. “Membership will open in 2018. Future programs include a NYCFEC Explorers Program to visit family businesses around NYC as well as more distant locations, as well as a NYCFEC Exchange Program,” says Babcock.