The Vanderbilt family legacy was front and center as the Kim S. Miller Family Enterprise Institute of South Carolina at Anderson University® held its Fall Social September 30 at Biltmore Estate in Asheville, North Carolina.
The Kim S. Miller Family Enterprise Institute of South Carolina at Anderson University® entertained 60 guests, representing several South Carolina area family businesses, for a private tour of Biltmore House and its magnificent collection of art and furnishings and other parts of the estate. Highlighting the event was an opportunity to learn firsthand about the famed estate from the descendants of its creator, George Washington Vanderbilt. During the Fall Social, which is among the Institute’s signature events, guests enjoyed a social gathering with Dini Cecil Pickering, a fourth generation Vanderbilt and her nephew Ryan Cecil, a fifth generation Vanderbilt who is director of investments for LionCrest Capital, the Biltmore Company’s investment business.
Dini and Ryan spoke about how the Cecil and Pickering families’ stewardship of Biltmore reflects best practices for effective family business, including succession planning, frequent family meetings and a charter, and having a board of advisers (typically non-family members).
Every business decision is guided by their mission statement which was developed by William A.V. Cecil: “The preservation of The Biltmore Estate as a privately owned, profitable working estate.”
The Biltmore Companies encompass the famous Biltmore House, along with its gardens, two top-ranked hotels and winery—all situated within 8,000 acres of unspoiled Blue Ridge Mountain land. Biltmore’s latest additions include expansion of their retail, restaurant and display space and a solar farm to provide energy for the estate.
George Vanderbilt, the grandson of industrialist “Commodore” Cornelius Vanderbilt, created the self-sufficient estate as a country retreat in the Blue Ridge Mountains on the outskirts of Asheville. Biltmore House was completed in 1895.
“We don’t preserve Biltmore to make money; we make money to preserve Biltmore” is a quote attributed to William Cecil, George’s grandson. When William assumed Biltmore’s leadership, he developed a strategy for continued restoration and expansion of the operation, but most importantly, he created a mission statement. These guiding principles, built on George Vanderbilt’s vision of self-sufficiency, helped build Biltmore into the multimillion dollar family enterprise it is today, hosting more than a million visitors annually and employing a staff of 2,700.
“We talked about succession planning and preparing the next generation to take over and have a seamless transition,” said Brad Bechtold, executive director of The Kim S. Miller Family Enterprise Institute of South Carolina at Anderson University®. “Dini and Ryan provided a detailed overview of how the family has implemented best practices for transforming a family business into a thriving family enterprise and it was fascinating to hear the strategies they put in place to do so.”
In gratitude to the hospitality of their Biltmore hosts, Anderson University President Dr. Evans Whitaker remarked, “Dini and Ryan were both so gracious to spend time with our group and share with them their perspectives and best practices for family businesses, Biltmore and Cecil history, and some great personal reflections. We especially appreciated your and Mr. Cecil’s personal warmth and welcoming spirit. Our Institute members loved it!”
During the evening, President Whitaker gave an update on Anderson University and presented Dini and Ryan with pens carved of wood from majestic oaks that once stood on the University’s campus.
“Ryan and I loved the pens that you gave each of us, made all the more special by the story that you shared of using the wood from oaks on the Anderson University property just as we have done ourselves with items made from legacy trees on Biltmore Estate,” Dini said. “We share a love and respect for our individual legacies and we thank you again for sharing a wonderfully collaborative evening with us.”
Also, the Institute made a financial contribution to the Community Foundation of Western North Carolina in support of the John Francis Amherst Cecil Scholarship Fund that was established by William Cecil in honor of his father and is used to support college tuition for families in need.
The Kim S. Miller Family Enterprise Institute
“Family enterprises are the backbone of the American economy, representing 55-65 percent of employment, 45 percent of new job creation and 65 percent of our GDP,” Bechtold said.
The mission of The Kim S. Miller Family Enterprise Institute of South Carolina at Anderson University® is to provide education, networking, support resources and research to help family enterprises and those involved in or serving them maximize their overall health and sustainability. The Institute fosters learning, sharing and creative solutions regarding the many critical issues and problems faced by family enterprises. The vision of the Institute is a state where family enterprises are a healthy and sustainable contribution to a flourishing economy.
The Institute is planning its first Family Conference October 21, 2021 at Green Valley Country Club in Greenville, S.C., with speakers representing expertise on a wide variety of family business topics.
Details about The Kim S. Miller Family Enterprise Institute of South Carolina at Anderson University® can be found online.