The Family Business Excellence Award is given annually to recognize, celebrate and promote achievements of Vancouver Island family businesses and the considerable contribution they make to both their local communities and our national economy.

Stewart Story, president of the Family Business Association on Vancouver Island, took some time to answer a few questions about the awards ahead of the Oct. 12 nomination deadline.

RELATED: Saanich company wins Family Business award

What is the importance of family businesses?

In B.C. 80 per cent of businesses are family-owned or operated.

Family enterprise forms the backbone of the Canadian economy, with families owning or controlling an estimated 80 per cent of all businesses and representing the largest form of enterprise worldwide.

Research demonstrates that, on average, family businesses last longer and outperform their non-family-run competitors and contribute upwards of 70 to 90 per cent of global GDP.

As a vital driver of world economies, we all directly or indirectly depend on the success of family businesses.

What is the reason behind the new Young Entrepreneur Award this year?

The Young Entrepreneur Award recognizes outstanding achievements by young entrepreneurs in the family business. These individuals are our emerging leaders. The award acknowledges effective leadership, innovation, and excellent potential for growth as well as a commitment to ongoing learning and a commitment to the wider community.

Tell me a little bit about the award ceremonies last year?

Tru Value Foods became the Family Business Association’s tenth recipient of the Family Business Excellence (FBE) Award. The gala event was attended by 120 individuals from the family business community along with advisors to family businesses who provide valued family business services.

To nominate a family business on Vancouver Island email fba@familybusinessassociationvi.ca.

reporter@saanichnews.com