Smith & Gesteland: Wisconsin Family Business of the Year Award Draws 35 Nominations

For additional information contact

Neil Fauerbach, Director of Marketing

Smith & Gesteland

608-828-3110 – neil.fauerbach@sgcpa.com

MADISON, WI March 20, 2006: An award honoring family businesses in Wisconsin has drawn nominations from across the state. Thirty-five companies are competing for the Wisconsin Family Business of the Year Award in three categories. Awards will be given to Small (1-49 employees), Medium (50-99) and Large (100+) companies.

Nominees include a bank, a funeral home, grocery stores, automobile dealerships, construction companies, manufacturers and a wildlife park. The nominees come from all corners of the state and represent first through fifth generation companies.

The winners will be selected by a panel of independent judges based on criteria including: positive links between family and business, contribution to community and industry, and innovative practices.  The winners will be announced at a banquet on April 27^th at the Madison Marriott West in Middleton.  Mary Burke, Secretary of the Wisconsin Department of Commerce will deliver a keynote address.

According to the Family Firm Institute, family firms comprise 80 to 90% of all businesses in North America.  Contrary to most expectations, family businesses are not limited to small, “mom and pop” operations.  In the United States, some 37% of Fortune 500 companies are family-owned, while 60% of publicly-listed companies are family-controlled.  Their economic influence is enormous, producing an estimated 64% of the nation’s gross domestic product and employing 62% of the U.S. workforce.  According to Ann Kincaid, the Director of the Family Business Center at the University of Wisconsin- Madison, family run businesses will play a large part in the economic growth of Wisconsin for many years to come.

The award program was developed by Smith & Gesteland, a Madison-based CPA and consulting firm. Other co-sponsors are Associated Bank, and the law firm Dewitt Ross & Stevens. All three companies are founding sponsors of the Family Business Center and have a focus of serving family businesses.

For more information on the program you can call Neil Fauerbach at 608-836-7500, or visit www.familybusinessaward.com.