Washington University in St. Louis has announced a $12 million gift from four members of the local Koch family to establish a center on family business and endow professorships at its business and law schools.
The gift from Roger and Fran Koch and Paul and Elke Koch will establish the Koch Center for Family Business, with the dual goals of raising awareness about the complexities of family businesses and engaging students in understanding the career opportunities available in such enterprises. The gift also will endow a professorship at the Olin Business School, whose holder will lead the new center, as well as one at the Washington University School of Law.
Washington University alumni Paul A. Koch (BSBA '61, JD '64, MBA '68) and Roger L. Koch (BSBA '64, MBA '66) are co-chairs of the university's board and members of the third generation of the family to run Koch Development Co., a St. Louis-based developer and manager of commercial real estate and owner/operator of entertainment attractions.
"It was clear from the moment I arrived in St. Louis that family business is integral to the community," said Olin Business School dean Mark Taylor. "Some of the very first people I met — even before I became dean — were Roger, Fran, Paul, and Elke Koch. They have been extremely instrumental in thinking about how we can move forward scholarship in family business."
(Photo credit: Washington University in St. Louis)