By JPMorganChase

In 1945 in San Francisco, Victor and Charlotte Cortesi started V&C Foods with fresh eggs and a distributor’s vision. What makes the business distinctive isn’t just that it endured. It’s how succession actually happened. When Victor passed, his daughter Judy inherited the business and made a remarkable choice: she recognized that Steven Herrera, who’d spent years as a route driver being mentored by Victor, was ready to lead. She sold the business to Steven, ensuring the values and relationships that defined V&C would continue into its next chapter. Now Steven is mentoring his son Adam in the same way Victor developed him—teaching him operations, relationships, and what it means to lead through experience and responsibility.

V&C’s story reflects a broader truth about succession planning: long-term continuity often depends on intentionally developing the next generation of leadership, whether within a family or beyond it.

From Mentorship to Legacy

When Steven first arrived at V&C as a route driver, he was hungry to learn. Victor saw potential and invested in it. Over the years, Steven moved through sales, distribution, and operations—not just learning how the business worked but understanding why it mattered. By the time Steven purchased the business, he was a leader who’d earned his place through partnership and decades of trust.

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Steven arrived at the helm with deep knowledge of V&C’s operations and a clear sense of how to serve the Bay Area’s evolving restaurant industry. He understood the Cortesi family’s core principle: reliability and quality matter more than anything else. Under his leadership—and the support of his wife Liz, and his children Victoria and Adam—V&C expanded thoughtfully by building on those foundations rather than abandoning them.

“We want to be the vendor customers don’t have to worry about,” Steven said. “And Victor always preached about clear communication—sometimes trucks are late, but he always kept customers informed. I drill those principles into my son now. We don’t want to leave any customer hanging. That’s the mantra around here.”

Deliberate Development

According to recent Chase research, 54% of San Francisco small business owners expect to retire within the next decade. In a city where one in seven businesses have been operating for 20 years or more, ownership transitions will shape continuity in local commerce and community life—making proactive succession planning all the more essential.

V&C planned deliberately. The Cortesi family brought Steven in early and developed him through real responsibility. When Steven took the helm and began scaling operations, he had the continuity and clarity needed to grow. Now he’s creating the same culture with Adam—one where the next generation understands expectations and has the tools to lead.

“I had a lifetime of familiarity with the business. I even worked in high school and college during the summers, and my dad taught me how to drive one of the trucks when I was about 18,” Adam said. “So I’ve done every part of the job, just like my dad, and I think that’s helped me.”

For roughly two decades, V&C has partnered with Chase. When Steven took over and began scaling operations, having access to financial tools and a banking partner aligned with his strategy made navigating growth and transition clearer. Chase provided the guidance that supported each phase of the business’s evolution—from Victor’s leadership to Steven’s expansion to today’s preparation for Adam.

“V&C Foods shows what enduring leadership really looks like—developing people over time, creating clear expectations, and planning for transition before it’s urgent. We’ve been proud to support Steven and the team with the tools and guidance to navigate growth, stay reliable for their customers, and prepare the next generation to step in with confidence,” said Gary Li, Business Relationship Manager, Chase Business Banking.

The Pattern That Lasts

Succession planning works when businesses invest in developing leaders before they’re needed. Victor and Judy did this with Steven. Steven is now doing it with Adam. Each transfer happened because someone took years to teach, to trust gradually and let the next generation earn their place.

That’s what makes V&C’s story distinctive and what makes it transferable. Succession doesn’t require biological heirs alone. It requires clarity about what you’re building and the discipline to develop people who can steward it, even when that means passing it outside the family. Victor and his daughter, Judy, mentored Steven for years. Judy worked alongside him for many more before trusting him with the business. Steven is doing the same with Adam. But bringing someone along that way—investing years in their growth, then having the financial clarity to pass the reins—requires more than good intentions.

Chase for Business can help guide that work. Visit chase.com/NationalTreasures or speak with a Chase Business advisor to learn more about succession planning resources and how to build the clarity a business needs to thrive across generations.

This article is for Informational/Educational Purposes Only: The opinions expressed in this article may differ from the official policy or position of (or endorsement by) JPMorgan Chase & Co. or its affiliates. Opinions and strategies described may not be appropriate for everyone, and are not intended as specific advice/recommendations for any individual or business. The material is not intended to provide legal, tax, or financial advice or to indicate the availability or suitability of any JPMorgan Chase Bank, N.A. product or service. You should carefully consider your needs and objectives before making any decisions, and consult the appropriate professional(s). Outlooks and past performance are not guarantees of future results. JPMorgan Chase & Co. and its affiliates are not responsible for, and do not provide or endorse third party products, services or other content.

JPMorgan Chase Bank, N.A. Member FDIC.

©2026 JPMorgan Chase & Co.

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By Stacy M. Brown

Doctors across the United States say they are treating children for illnesses that routine vaccinations once made increasingly uncommon, raising concerns that years of declining immunization rates are beginning to reverse decades of public health progress.

Pediatricians have described seeing more cases of whooping cough, rotavirus infections, bacterial pneumonia and other potentially life-threatening illnesses that vaccines have long helped suppress. Some physicians reported treating conditions they had rarely encountered during their careers, while others said that growing vaccine hesitancy is changing how emergency rooms and hospitals care for children.

The reports come as measles outbreaks continue to spread across multiple states and vaccination coverage remains below federal public health targets.

Johns Hopkins University’s International Vaccine Access Center reported 2,077 confirmed measles cases nationwide as of May 29. Researchers warned that outbreaks reported across the country have raised concerns about continued transmission, additional hospitalizations and deaths, and the possible loss of the nation’s measles elimination status.

Public health experts have long viewed measles as a warning sign because of its ability to spread rapidly through communities with lower vaccination coverage. The New York Times reported that physicians increasingly fear the resurgence of measles may be followed by the return of other vaccine-preventable diseases.

Doctors say that is already happening.

Dr. Meghan Hofto, a pediatric hospitalist at the University of Alabama at Birmingham, said she has already treated roughly as many children with rotavirus this year as she saw during the previous decade. Rotavirus once caused tens of thousands of hospitalizations annually before vaccines sharply reduced its spread. None of the children she treated this year had been vaccinated.

Hofto also described caring for infants with pertussis, commonly known as whooping cough.

“It’s hard to know when they’re safe to go home,” Hofto told The Times.

The rise in whooping cough cases has been particularly striking. More than 28,000 cases were reported nationwide last year, compared with approximately 7,000 in 2023, according to figures cited by The Times. Many of the affected infants were too young to receive vaccinations themselves and relied on broader community protection to reduce their exposure.

Other doctors described similarly troubling cases.

Dr. Jessica Kirk, a pediatric hospitalist in Alabama, recently treated an unvaccinated toddler hospitalized with pneumonia caused by simultaneous infections of Haemophilus influenzae and Streptococcus pneumoniae. Vaccines exist to protect against both illnesses. The child required oxygen and antibiotics to recover.

Researchers at Johns Hopkins have been tracking vaccination trends nationwide and found continuing signs of vulnerability.

At the same time, vaccine policy has become increasingly contentious in state legislatures.

Johns Hopkins researchers reported that lawmakers across the country continue to introduce bills affecting childhood vaccination requirements, vaccine access and non-medical exemptions. Researchers also noted that state policies governing exemptions remain a significant factor in vaccination coverage and disease transmission risks.

Physicians have said vaccine skepticism has expanded beyond childhood immunizations. Doctors also reported growing resistance to other preventive treatments.

For doctors confronting the return of illnesses that vaccines once pushed to the margins of American medicine, the challenge is becoming increasingly personal.

“It just feels like you’re a tiny little boat with a giant tidal wave coming at you,” Dr. Erin Charles, a regional pediatric hospitalist at Seattle Children’s Hospital, told reporters. “And you might convince one family here and there.”

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By Bo Tefu, California Black Media

California’s birth rate has fallen to its lowest level on record, dropping well below the threshold needed to maintain population growth and signaling a major demographic shift that could reshape the state’s economy, schools, workforce and political influence in the decades ahead.

A new report from the Public Policy Institute of California (PPIC) found that the state’s total fertility rate declined from 2.21 children per woman in 2007 to 1.48 in 2023 — far below the “replacement level” of 2.1 children per woman needed to sustain a population without migration.

“The significance of falling so far below replacement level cannot be overstated,” the report states. “It signals a fundamental shift in the state’s demographic trajectory.”

Researchers project that by 2038, deaths will outnumber births in California, ending a long period in which natural population growth helped drive the state’s expansion. Without increased immigration or a rebound in birth rates, population growth could stagnate or decline.
The report found that declining birth rates among younger women are largely responsible for the trend. Birth rates among women ages 20 to 24 fell by 54% between 2008 and 2023, while teen birth rates dropped nearly 90% since 1991. Researchers described the decline in teen births as a major public health success.

Birth rates declined across all racial and ethnic groups, with the steepest drops occurring among Latina women, particularly those born outside the United States.

The phenomenon is not unique to California. Birth rates have fallen in all 50 states, and every state now has fertility rates below replacement level.

“The decline in birth rates is one of the most important developments of recent decades and will structure policy debates for decades to come,” the report concludes.

Among the most immediate impacts could be shrinking school enrollment. PPIC projects California’s public school population will decline by roughly 630,000 students by 2038, while longer-term concerns include labor shortages, an aging population and the potential loss of congressional representation.

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