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The Family Business Advantage: Third Quarterly Power Breakfast of 2026 explores how family businesses balance legacy and innovation

By Staff Report, posted Sep 29, 2026 on BizFayetteville.com

Photo by GFBJ

Another successful Power Breakfast is in the books. The Greater Fayetteville Business Journal hosted its third quarterly Power Breakfast of 2026 on Tuesday,  Sept. 29. Local leaders and decision-makers gathered to network and learn from the panel about how established principles drive long-term stability while allowing for operational evolution. 

The panel featured Managing Partner of Luigi’s Italian Chophouse & Bar, Nate Ernst;  Inside Sales at Hubbard Supplyhouse, Mary Grace Hurley; Chief Operations Officer for Copiers Plus, Drew Smith; and CEO of Holmes Security Systems, Stephen Wheeler. The panel was moderated by Lauren Willets, director of the Family Enterprise Center at UNC’s Kenan-Flagler Business School. 

Throughout the discussion, the panelists returned to a common idea: family businesses thrive when they preserve the relationships and values at their core while remaining open to change.

Each panelist shared personal stories that carried practical lessons. Stephen Wheeler emphasized the role of relationships with customers and employees, saying, “What makes a family business successful today is relationships.” Mary Grace Hurley echoed Wheeler’s sentiment, describing relationships as a lasting inheritance, including a customer connection that began when she was young and continued into her working life. 

“If something’s given to you, that’s going to cost you too,” added Nate Ernst. He explained this philosophy by sharing that, in his view, earning responsibility builds credibility and confidence.

Another hot topic was the idea of tradition versus change. For these businesses that have been around for a century or even more, it can be difficult to escape the “we’ve always done it this way” caveat, but these speakers emphasized how change has been an integral part of their growth and longevity. A family business can honor its history without being bound by it.

“Innovation and tradition–they don’t have to be competing with one another,” shared Hurley. 

She pointed to changes in how businesses operate, including the adoption of computers and new management practices. Ernst stressed that adaptation is essential, while Wheeler described how his family’s electrical contracting business had evolved into a security-focused company. The details of the work may change, but identifying and upholding core values is key to embracing change while maintaining the character of a business. 

“I think it’s just important to remember why you started in the first place. What was your mission? What are your core values? And to reevaluate those,” shared Drew Smith.

In addition to the first-hand accounts and wisdom shared by panelists, Moderator Lauren Willets recommended two novels during the panel for those seeking additional educational resources. Those two novels are “Hug of War: How to Lead a Family Business with both Love and Logic”

by Cathy Carroll and “In the Company of Family: How to Thrive When Business Is Personal” by Melissa Mitchell-Blitch. 

Preparing the next generation requires more than handing over a title or company. Wheeler argued that future leaders need genuine passion and a vested interest in the business. The panelists were in agreement that succession is a process, and there is not one clear answer for how to perfectly prepare for it. Leaders must cultivate readiness, keep communication open and make room for the next generation to earn responsibility while being sure not to neglect the business in the here and now. 

“Today’s Power Breakfast was one of our best events yet! Between the passion and in-depth knowledge of the panelists, the great audience questions and the guidance and expertise of  Mrs. Willets, the conversation was both engaging and informative,” shared GFBJ Publisher Faith Hatton. “A lot of small businesses in Fayetteville are family-owned and grown, and it’s great to be able to spotlight some of the businesses that have stood the test of time by strengthening the next generation of leadership and preparing them for ownership. I hope everyone received some inspiration and ideas that they can bring back to their own businesses and organizations!”

We thank everyone who attended this Power Breakfast and hope you’ll all join us for the next Power Breakfast on Dec. 8. Details about the event will be shared on our social media and in future email updates. 

To learn about becoming a Power Breakfast sponsor, contact the Greater Fayetteville Business Journal at 910.240.9697 or marketing@bizfayetteville.com.

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