COLUMBUS, OH – Converse Electric will be honored Wednesday, November 18 at the Conway Center for Family Business’ Virtual Family Business Awards program with a Milestone Award for 60 years in business. The program was established in 1999 to recognize excellence in family business in categories such as Community Engagement, Milestone Achievement, Re-Invention and Succession Planning.
“Family businesses are the backbone of the American economy and are vital to the Central Ohio economy and community,” said Jill Hofmans, executive director of the Conway Center for Family Business. “The Milestone category is important because family business longevity is a hallmark of succession planning. We congratulate the Converse family on this significant achievement.”
More than 30% of all family-owned businesses make the transition into the second generation. About 12% will still be viable into the third generation, with only 3% of all family businesses operating at the fourth-generation level and beyond.
The Conway Center for Family Business is Central Ohio’s resource for educational programs, resources and networking opportunities to support the growth and success of family-owned businesses. The Center celebrates the successes of family-owned businesses at its annual awards program and offers peer group opportunities for next-generation leaders, family business leaders, and women family business owners. The organization includes more than 200 family-owned businesses from Central Ohio ranging in size from three to more than 20,000 employees.