To be recognized as a Minnesota Family Business of the Year has blossomed from an unknown to a prestigious award in the years since its inception. It has grown in participation, number of nominations, community interest, stature and value. Previous year's applicants represent a multifaceted picture of family business approaches and industries. I want to share with you the five criteria and best family business practices the selection committee will use to determine the award choices. It may prompt you to nominate a business or compare these winning ways to your own family business.

Each previous finalists demonstrated leadership and excellence in these five aspects:

1. Business success. How adept was the business at growth, job creation, profitability and organizational culture? Business success was a fundamental, but not primary, criteria.
   
2. Family participation in the business. How many family members are employed or involved in the business? How many generations are involved in the business? What are the family's business values and stewardship principles?
   
3. Positive family business structure. Does the business family conduct formal family meetings or have a family council? Does it include a separate family vision statement and a formal family participation plan to train and develop the next generation of family leaders? Is there a succession plan with the structures to implement it?
   
4. Active board. Does the business have an active board of directors that includes outside advisors or members (not just a legal, but an active board)?
   
5. Community service and philanthropy. Does the family business give back? Does it excel in its leadership?

Family businesses are extraordinarily important to free enterprise, job creation and the recovery of Minnesota's economy. We appreciate and thank everyone who participates in and supports family businesses and this award ceremony.