Philanthropy Strengthens Family Businesses through DU’s Bailey Program for Family Enterprise
Taylor Merritt’s double major in Finance and Management at DU (BSBA ’06) provided him with a strong foundation to step into the role of CFO in his family’s business, then known as Merritt Equipment Company. However, as a third-generation leader in the operation, he quickly realized the challenges of running a family business, including navigating family dynamics, reconciling differing visions and strategies, managing over-identification with the family business, and succession planning.
To address these challenges, Merritt built on his DU education by completing Harvard Business School’s Owner President Management Program, equipping himself with the specialized expertise needed for executive leadership. Today, he’s chairman and CEO of the Merritt Family Enterprise, as well as chairman and CEO of Merritt Aluminum Products Company, and Executive Chairman of Merritt Trailers, Inc.—each recognized by ColoradoBiz as Top 50 Family-Owned Businesses. In addition, he serves as chairman of Magnum Trailer and Equipment, a British Columbia-based business recently acquired by the Merritt family.
Seeing the need for a dedicated family business program in the Colorado region, the Paul T. Bailey estate donated $1 million in 2019 to establish the Bailey Program for Family Enterprise, housed within DU’s Daniels College of Business. That was all the incentive Merritt needed to lend his skills and experience by signing on as a founding member of the Program’s Advisory Board, a role in which he proudly continues to serve.
Recently, Merritt made a gift of $150,000 to support the program’s growth and sustainability. “Taylor’s gift is key to our operations as we transition from a startup to full maturity,” explains Helena Karchere, director of the Bailey Program. “He’s not just a donor but an advocate who shares his story and is a great resource for me personally.”
“The Bailey Program exemplifies DU’s dedication to advancing the public good, which is central to The Denver Difference campaign,” says Val Otten, senior vice chancellor for Advancement. “Through this program, DU empowers business leaders to solve real-world problems by leveraging thought leadership and collaborative learning. We are deeply grateful to Taylor Merritt for his leadership and support in creating a meaningful opportunity for impact.”
As the Rocky Mountain West’s only family business program, the Bailey Program’s goal is to draw participants locally, statewide, and regionally. With 60 member organizations already taking advantage of its roundtables and other programs, the Bailey Program is leveraging its unique position to expand its reach. A visionary donor effort is also underway, with Merritt’s contribution playing a pivotal role in driving growth and expansion.
Reflecting on his connection to DU, Merritt shares, “I have nothing but positive things to say about my DU student experience, and now the Bailey Program for Family Enterprise allows me to support an issue I’m passionate about. A lot of family businesses struggle with challenges around family dynamics, succession, and adequately planning for the future success of both the family and the business. The Bailey Program represents a financially and logistically feasible means to overcome the myriad challenges involved and helps family businesses not just survive but thrive.”
For more information about the Bailey Program for Family Enterprise, including membership, sponsorship and making a gift, please contact Helena Karchere at Helena.Karchere@DU.edu, Tim Flaherty at Timothy.Flaherty@DU.edu, or visit https://daniels.du.edu/family-enterprise/.
