This document discusses governance structures for family businesses using a "four room model". It describes the four key rooms as the Owner Room, Board Room, Management Room, and Family Room. Each room has distinct roles and members. The Owner Room focuses on ownership issues and long term goals. The Board Room oversees management and ensures goals are met. The Management Room handles daily operations. The Family Room builds unity and develops family members. The document stresses the importance of integrating the rooms through clear decision processes to balance control with effective management as a business grows.
Family Business Course - Designing your family business ownership - No.2.pptxSilvan Mifsud
The document discusses different models of family business ownership, including sole owner, partnership, distributed, and concentrated. It explains that the type of ownership determines whether family business assets are integrated or separated, who can be an owner, and where control is placed. The implications of each type are explored. The key is for family business owners to understand the different options and choose the type of ownership that best fits their current family and business needs and situation. Ownership models may need to transition over time as circumstances change.
Family Business Course - The need for a Strategic mindset in Family Businesse...Silvan Mifsud
The document discusses the need for family businesses to have a strategic mindset and develop a clear family business strategy. It emphasizes that the strategy should define the business's purpose, goals around growth, profit distribution and control, and safety checks/boundaries. Developing a strategy helps family businesses align around shared values and priorities, balance trade-offs, and provide guidance for decision-making. An effective strategy document articulates the purpose, goals and checks to serve as a reference for managing the business with the family's objectives in mind.
This document discusses organization development in family-owned businesses. It begins by defining the family business system as consisting of the business, ownership, and family systems. It then outlines some critical issues facing family firms, such as conflicts during generational transitions of leadership and ownership. The document concludes by describing some typical organization development interventions that practitioners can use when working with a family business, such as facilitating family meetings, addressing both business and family systems issues, and building trust throughout the engagement.
Family Business Course - The Need to Survive Setting the Scene - No.1 - For P...Silvan Mifsud
The document discusses key aspects of family businesses, including:
- Family businesses are complex systems influenced by relationships between family members, business hierarchies, and owner power dynamics.
- They can either sustain across generations by prioritizing long-term decision making, or be destroyed by uncontrolled conflict between owners.
- Their success relies on understanding individuals' motivations, balancing competing interests through collaboration, and avoiding unintended consequences of interconnected decisions.
- Future sessions will address the powers family business owners wield to design, decide, value, inform, and transfer their business that can sustain or destroy it.
Les MUST of Family Businesses- HOT EXECUTIVE TOPS.pdfSalim Hajje
Planning, starting, operating and retiring from a family business can be difficult. Issues such as succession and pay, corporate governance and recruiting top talent pose special problems for these kinds of organizations. Rivalry among siblings who inherit a family firm is often the kiss of death for even the strongest family business. Nonfamily members, even those who are senior executives or directors, often feel that the family treats them unfairly or fails to listen to them.
In this guide, Dr. Salim Hajje analyzes and provides excellent advice about how to solve such seemingly intractable problems. His suggestions come out of his long experience successfully advising family-run businesses in the MENA region. We recommend this sage and savvy guide to family-business founders, successors, inheritors and nonfamily executives or directors.
In this guide you will learn:
- What makes family businesses special
- What kinds of problems they face?
- Why the issue of succession is a major challenge for these businesses
- Why family businesses should bring in outside directors to supply disinterested advice
Managing family Business DisagreementsBenson Benny
This document discusses managing conflicts and disagreements in a family business. It provides five rules for doing so: 1) Leverage formal governance structures like family councils to provide a forum for issues. 2) Give family members a safe way to air grievances. 3) Separate business discussions from family time. 4) Communicate issues early through formal family meetings. 5) Bring in mediators for major conflicts that cannot be resolved internally. The document emphasizes that conflicts are natural but family dynamics can complicate issues, so open communication and separating family and business roles is important to reduce risks.
The document discusses the importance and benefits of establishing a business advisory board for family owned businesses, noting that only one third of family businesses currently utilize such boards. It outlines that advisory boards can help implement good governance, provide impartial advice and expertise, and assist with long-term strategic planning to help ensure the sustainability and success of the business across generations. The document also provides a case study example of the benefits a family business received from recruiting non-executive directors to their advisory board.
Chapter 2 - Successful and Unsuccessful Entrepreneurs1.pptxrhrassanconnect
The document discusses key differences between successful and unsuccessful entrepreneurs. Successful entrepreneurs are creative, innovative, position themselves in new markets, and create new products/processes/delivery. Unsuccessful entrepreneurs are poor managers, have low work ethics, are inefficient, and fail to plan.
It then covers characteristics of entrepreneurs like having a strong work ethic, technical skills, and managerial competencies. Entrepreneurs tend to have self-employed parents and a high need for achievement and independence. Planning, assessing motivations, and addressing growth pressures are also discussed.
Family Business Course - Designing your family business ownership - No.2.pptxSilvan Mifsud
The document discusses different models of family business ownership, including sole owner, partnership, distributed, and concentrated. It explains that the type of ownership determines whether family business assets are integrated or separated, who can be an owner, and where control is placed. The implications of each type are explored. The key is for family business owners to understand the different options and choose the type of ownership that best fits their current family and business needs and situation. Ownership models may need to transition over time as circumstances change.
Family Business Course - The need for a Strategic mindset in Family Businesse...Silvan Mifsud
The document discusses the need for family businesses to have a strategic mindset and develop a clear family business strategy. It emphasizes that the strategy should define the business's purpose, goals around growth, profit distribution and control, and safety checks/boundaries. Developing a strategy helps family businesses align around shared values and priorities, balance trade-offs, and provide guidance for decision-making. An effective strategy document articulates the purpose, goals and checks to serve as a reference for managing the business with the family's objectives in mind.
This document discusses organization development in family-owned businesses. It begins by defining the family business system as consisting of the business, ownership, and family systems. It then outlines some critical issues facing family firms, such as conflicts during generational transitions of leadership and ownership. The document concludes by describing some typical organization development interventions that practitioners can use when working with a family business, such as facilitating family meetings, addressing both business and family systems issues, and building trust throughout the engagement.
Family Business Course - The Need to Survive Setting the Scene - No.1 - For P...Silvan Mifsud
The document discusses key aspects of family businesses, including:
- Family businesses are complex systems influenced by relationships between family members, business hierarchies, and owner power dynamics.
- They can either sustain across generations by prioritizing long-term decision making, or be destroyed by uncontrolled conflict between owners.
- Their success relies on understanding individuals' motivations, balancing competing interests through collaboration, and avoiding unintended consequences of interconnected decisions.
- Future sessions will address the powers family business owners wield to design, decide, value, inform, and transfer their business that can sustain or destroy it.
Les MUST of Family Businesses- HOT EXECUTIVE TOPS.pdfSalim Hajje
Planning, starting, operating and retiring from a family business can be difficult. Issues such as succession and pay, corporate governance and recruiting top talent pose special problems for these kinds of organizations. Rivalry among siblings who inherit a family firm is often the kiss of death for even the strongest family business. Nonfamily members, even those who are senior executives or directors, often feel that the family treats them unfairly or fails to listen to them.
In this guide, Dr. Salim Hajje analyzes and provides excellent advice about how to solve such seemingly intractable problems. His suggestions come out of his long experience successfully advising family-run businesses in the MENA region. We recommend this sage and savvy guide to family-business founders, successors, inheritors and nonfamily executives or directors.
In this guide you will learn:
- What makes family businesses special
- What kinds of problems they face?
- Why the issue of succession is a major challenge for these businesses
- Why family businesses should bring in outside directors to supply disinterested advice
Managing family Business DisagreementsBenson Benny
This document discusses managing conflicts and disagreements in a family business. It provides five rules for doing so: 1) Leverage formal governance structures like family councils to provide a forum for issues. 2) Give family members a safe way to air grievances. 3) Separate business discussions from family time. 4) Communicate issues early through formal family meetings. 5) Bring in mediators for major conflicts that cannot be resolved internally. The document emphasizes that conflicts are natural but family dynamics can complicate issues, so open communication and separating family and business roles is important to reduce risks.
The document discusses the importance and benefits of establishing a business advisory board for family owned businesses, noting that only one third of family businesses currently utilize such boards. It outlines that advisory boards can help implement good governance, provide impartial advice and expertise, and assist with long-term strategic planning to help ensure the sustainability and success of the business across generations. The document also provides a case study example of the benefits a family business received from recruiting non-executive directors to their advisory board.
Chapter 2 - Successful and Unsuccessful Entrepreneurs1.pptxrhrassanconnect
The document discusses key differences between successful and unsuccessful entrepreneurs. Successful entrepreneurs are creative, innovative, position themselves in new markets, and create new products/processes/delivery. Unsuccessful entrepreneurs are poor managers, have low work ethics, are inefficient, and fail to plan.
It then covers characteristics of entrepreneurs like having a strong work ethic, technical skills, and managerial competencies. Entrepreneurs tend to have self-employed parents and a high need for achievement and independence. Planning, assessing motivations, and addressing growth pressures are also discussed.
The core concept behind Dirty Little Secrets of Family Business is not a “dirty little secret” at all. In fact, it’s an obvious realization: Families and businesses are not the same. The problem (and this is where the “dirty little secret” comes in) is that most under-performing family businesses don’t realize this. Serious problems can occur when you mix family problems with the family business and vice versa. When family members don’t communicate, are under-prepared or overpaid, the family business is destroyed.
The way out of this little conundrum for family businesses is proper planning, but author Henry Hutcheson is focusing on more than a succession plan or family meeting. His goal is to tackle five “traps” that family businesses often fall into. These are problems in:
• Communication,
• Delegation,
• Financial Responsibility,
• Fair Compensation and
• Education.
By addressing these “traps” with policies and procedures, family businesses can steer clear of the majority of relationship-destroying behaviors that plague other businesses.
Happy Reading
Ensuring the succcess of your family businessBusiness Link
This seminar looks at the advantages gained by family businesses and will help you to capitalise on these strengths. Presented by Tony Haffenden, it also looks at some of the key challenges and suggests ways that they can be turned into positives for business growth and success.
Family Business - Entrepreneurship Developmentdamleaj
This document provides an overview of family businesses. It begins by defining a family business and explaining their importance. It then discusses the different types of family businesses and family business owners. The document outlines the responsibilities and rights of family business shareholders. It also covers succession in family businesses, including the importance of planning and some strategies to ease the transition process. The document discusses some common pitfalls of family businesses and provides strategies to improve their capabilities and performance. Finally, it lists some rules that can help family businesses succeed across generations.
Activities involved in succession process 3John Johari
This document discusses transferring management of a family-owned business from one generation to the next. It emphasizes the importance of planning to help ensure a successful transition. There are four key plans needed: a business strategic plan, family strategic plan, succession plan, and estate plan. These plans can help balance family and business goals, choose a successor, and transfer ownership while minimizing taxes. Advance planning is crucial as many family businesses fail to survive across generations due to a lack of planning.
This document discusses pivotal moments for family enterprises and provides guidance on preparing for them. It covers topics like family business governance, assessing capital needs, succession planning, setting up a family office, and more. The goal is to help family businesses strengthen, grow, and evolve by identifying and preparing for important events. Strong governance structures and planning are presented as ways for family enterprises to build on their legacy and manage challenges, positioning them to capitalize on future opportunities.
This document provides an overview of managing a family business. It discusses 5 powerful ways to manage a family business, including communication, managing finances logically, valuing relationships, acknowledging efficiency, and getting free from daily operations through standard operating procedures, effective delegation, and revisiting processes. It also outlines 5 important roles of a business owner, such as designing frameworks, employee management, marketing, financial management, and strategic planning. The document contains tips and best practices for running a successful multi-generational family business.
The Struggle for Survival and Prosperityaizellbernal
This document discusses problems that small and large firms may face. For small firms, key issues include a lack of competitive advantage, overreliance on assumptions instead of facts, poor or no planning, lack of professional advice, insufficient capital, cash flow issues, and managerial challenges. Large firms can struggle with unclear objectives, lack of coordination, functional weaknesses, personnel problems, and inadequate controls. The document provides suggestions for addressing these issues, such as developing a competitive edge based on research and costs, hiring outside professionals, planning strategically, and preparing for succession.
Family Business Course - Succession Planning in Family Businesses - Session 6...Silvan Mifsud
This document discusses succession planning in family businesses. It notes that succession requires hard work and commitment to answer complex questions about transferring ownership and leadership to the next generation. Effective succession planning is a journey that starts well before the current leader leaves and requires flexibility, aligning the interests of generations, and addressing tax implications. The core ingredients of a successful succession plan include preparing the current leader to transition out, selecting the next leader, and planning the leadership handoff.
Family Business Course - Session 7 .pptxSilvan Mifsud
This document discusses various challenges that family businesses face with employing family members. It addresses several key issues:
1) Deciding whether to have entry rules for family employees and what type of rules (e.g. no family allowed, glass ceiling, level playing field). The most successful policies encourage interested, committed family members while avoiding nepotism.
2) Developing career paths for family employees, such as having undefined paths, following the company's standard path, or having a custom family path. Common mistakes are providing too little guidance or placing family in roles beyond their competence.
3) Ensuring family employees receive honest, constructive feedback and development throughout their employment, instead of being ignored or coddled
The document discusses family businesses, including definitions, stages of development, common issues, and characteristics of healthy vs unhealthy family businesses. A family business is defined as a business with significant ownership and commitment from family members. Family businesses typically go through entrepreneurial, specialized, process-driven, and market-driven stages. Common issues include leadership succession, liquidity, non-family executives, and compensation. Healthy family businesses manage conflicts, respect boundaries, and make decisions to benefit both family and business.
Brigitte owns Shift and Flow, a company that provides business coaching and consulting services tailored to the unique needs of family businesses, helping to effectively integrate family dynamics with business strategies through services like one-on-one consultations, family meetings, and workshops. She has 20 years of experience in successfully owning and operating multiple family businesses. Shift and Flow's mission is to help family-owned businesses combine family relationships with business success.
The document discusses various considerations for starting a business, including motivations, deciding between starting or buying a business, assessing the market, and costs. It outlines three main types of business motivations: lifestyle ventures focused on flexibility and personal interests; smaller profit ventures aiming to make a decent living; and high growth ventures focused on maximum profit and innovation. The document also covers questions around operating domestically or globally and managing the formalization process and growth pressures that come with business expansion.
Family Business Course - Effective Communication and proper Information flow ...Silvan Mifsud
The document discusses effective communication in family businesses. It emphasizes that family businesses should be data-driven and use metrics to understand business insights, value, and decisions. It recommends starting with a small, measurable use case rather than trying to solve everything at once. The document also discusses balancing transparency with privacy when communicating with different stakeholders like current owners, next generations, spouses, and employees. It suggests having a formal communication plan that outlines what information is shared with whom and through what forums or platforms.
Governance mechanisms for unlisted family businessesBrowne & Mohan
Family business need to adopt effective governance practices such as family office and on board independent directors. In this article, Browne & Mohan consultants describe what, when and how to go about implementing these in family businesses
Don Barker, owner of a business that provides compressed gas, credits his involvement with The Alternative Board (TAB) for much of his company's success and growth. Through his TAB board, Barker receives advice and perspectives from other business owners that help him make better decisions. He works with a TAB facilitator who uses strategic business tools to help Barker analyze his company's strengths, weaknesses, goals, and direction. This guidance has helped Barker focus on his strategic priorities and grow his company significantly beyond where it otherwise would have been without TAB's support.
This document discusses family businesses, including their definition, characteristics, strengths and weaknesses. It provides examples of large, global family businesses such as Hyundai, BMW, Fiat, Ford, Mars, Samsung, Reliance Industries and Tata Motors. The document also covers issues that family businesses often face, such as complexity, informality, lack of discipline, managing family vs non-family employees, succession planning, and setting salaries.
Few families are able to pass along their wealth successfully to the next generation. The barriers to keeping money in the family are much more formidable than the barriers to making money in the first place. Why should this be What pitfalls are most common How can families and their advisers increase the odds of a successful intergenerational transfer of wealth How can they preserve the family’s human and intellectual capital
Judy Martel, provides insightful answers to these questions and dozens more in this richly detailed book. The Dilemmas of Family Wealth takes a fresh look at the communications barriers, misunderstandings, and generational conflicts that can pull families apart and scatter their wealth in far less time than it took to build it. Martel identifies the dilemmas that families are likely to face and offers wise counsel for overcoming the challenges they pose. Her book includes advice and perspectives from top experts in the field and frank first-person experiences related by family members with whom they have worked.
Turning the family business into business family by Daniel Doni SundjojoDaniel Doni
The document discusses issues that can cause family businesses to fail to achieve their goals or go bankrupt. It identifies 20 reasons why family businesses may struggle, such as lack of trust, only learning from failures, and unprofessionalism. The document recommends transforming the "Family Business" paradigm to a "Business Family" paradigm by putting business priorities first. This includes treating all employees equally, using data to inform strategy, and continuously improving processes to adapt to a changing environment.
Succession planning board of directorsBenson Benny
The document discusses succession planning with the help of a board of directors. It outlines the purpose of a board, which includes assisting with strategy, advising management, identifying risks, reviewing finances, and planning for succession. The responsibilities of board members are also outlined, such as attending meetings, staying informed, understanding the company's direction, and safeguarding shareholder interests. The document provides tips for finding board candidates, recommending considering long-term goals, formalizing job descriptions, clear communication, diversity, and team unity. Strong governance is concluded to give families the best opportunity to build a positive legacy across generations.
20230201_Business Reality Check - FINAL.pptxSilvan Mifsud
This document outlines the sections of a business reality check report: economic and industry analysis, strategic direction, governance, management, track record and financial analysis, company valuation, and environment and sustainability. Each section is described in terms of the analysis it includes and the benefits the business can obtain from understanding that section, such as identifying opportunities and threats, assessing strengths and weaknesses, ensuring effective management, and improving financial oversight, valuation, and sustainability practices. The overall goal is for businesses to use this report to better understand their position and make informed decisions to improve performance and long-term success.
Family Business Survey - Presentation.pptxSilvan Mifsud
The document summarizes key findings from a survey of family businesses in Malta. It finds that 50% of businesses with a board of directors lack a written strategic plan. 95% of businesses without a board also lack such a plan. Businesses without strategic or succession plans prioritize retaining staff and finances over adaptation. Those with plans emphasize training, technology, and succession. The insights suggest governance structures influence business priorities and succession planning.
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The core concept behind Dirty Little Secrets of Family Business is not a “dirty little secret” at all. In fact, it’s an obvious realization: Families and businesses are not the same. The problem (and this is where the “dirty little secret” comes in) is that most under-performing family businesses don’t realize this. Serious problems can occur when you mix family problems with the family business and vice versa. When family members don’t communicate, are under-prepared or overpaid, the family business is destroyed.
The way out of this little conundrum for family businesses is proper planning, but author Henry Hutcheson is focusing on more than a succession plan or family meeting. His goal is to tackle five “traps” that family businesses often fall into. These are problems in:
• Communication,
• Delegation,
• Financial Responsibility,
• Fair Compensation and
• Education.
By addressing these “traps” with policies and procedures, family businesses can steer clear of the majority of relationship-destroying behaviors that plague other businesses.
Happy Reading
Ensuring the succcess of your family businessBusiness Link
This seminar looks at the advantages gained by family businesses and will help you to capitalise on these strengths. Presented by Tony Haffenden, it also looks at some of the key challenges and suggests ways that they can be turned into positives for business growth and success.
Family Business - Entrepreneurship Developmentdamleaj
This document provides an overview of family businesses. It begins by defining a family business and explaining their importance. It then discusses the different types of family businesses and family business owners. The document outlines the responsibilities and rights of family business shareholders. It also covers succession in family businesses, including the importance of planning and some strategies to ease the transition process. The document discusses some common pitfalls of family businesses and provides strategies to improve their capabilities and performance. Finally, it lists some rules that can help family businesses succeed across generations.
Activities involved in succession process 3John Johari
This document discusses transferring management of a family-owned business from one generation to the next. It emphasizes the importance of planning to help ensure a successful transition. There are four key plans needed: a business strategic plan, family strategic plan, succession plan, and estate plan. These plans can help balance family and business goals, choose a successor, and transfer ownership while minimizing taxes. Advance planning is crucial as many family businesses fail to survive across generations due to a lack of planning.
This document discusses pivotal moments for family enterprises and provides guidance on preparing for them. It covers topics like family business governance, assessing capital needs, succession planning, setting up a family office, and more. The goal is to help family businesses strengthen, grow, and evolve by identifying and preparing for important events. Strong governance structures and planning are presented as ways for family enterprises to build on their legacy and manage challenges, positioning them to capitalize on future opportunities.
This document provides an overview of managing a family business. It discusses 5 powerful ways to manage a family business, including communication, managing finances logically, valuing relationships, acknowledging efficiency, and getting free from daily operations through standard operating procedures, effective delegation, and revisiting processes. It also outlines 5 important roles of a business owner, such as designing frameworks, employee management, marketing, financial management, and strategic planning. The document contains tips and best practices for running a successful multi-generational family business.
The Struggle for Survival and Prosperityaizellbernal
This document discusses problems that small and large firms may face. For small firms, key issues include a lack of competitive advantage, overreliance on assumptions instead of facts, poor or no planning, lack of professional advice, insufficient capital, cash flow issues, and managerial challenges. Large firms can struggle with unclear objectives, lack of coordination, functional weaknesses, personnel problems, and inadequate controls. The document provides suggestions for addressing these issues, such as developing a competitive edge based on research and costs, hiring outside professionals, planning strategically, and preparing for succession.
Family Business Course - Succession Planning in Family Businesses - Session 6...Silvan Mifsud
This document discusses succession planning in family businesses. It notes that succession requires hard work and commitment to answer complex questions about transferring ownership and leadership to the next generation. Effective succession planning is a journey that starts well before the current leader leaves and requires flexibility, aligning the interests of generations, and addressing tax implications. The core ingredients of a successful succession plan include preparing the current leader to transition out, selecting the next leader, and planning the leadership handoff.
Family Business Course - Session 7 .pptxSilvan Mifsud
This document discusses various challenges that family businesses face with employing family members. It addresses several key issues:
1) Deciding whether to have entry rules for family employees and what type of rules (e.g. no family allowed, glass ceiling, level playing field). The most successful policies encourage interested, committed family members while avoiding nepotism.
2) Developing career paths for family employees, such as having undefined paths, following the company's standard path, or having a custom family path. Common mistakes are providing too little guidance or placing family in roles beyond their competence.
3) Ensuring family employees receive honest, constructive feedback and development throughout their employment, instead of being ignored or coddled
The document discusses family businesses, including definitions, stages of development, common issues, and characteristics of healthy vs unhealthy family businesses. A family business is defined as a business with significant ownership and commitment from family members. Family businesses typically go through entrepreneurial, specialized, process-driven, and market-driven stages. Common issues include leadership succession, liquidity, non-family executives, and compensation. Healthy family businesses manage conflicts, respect boundaries, and make decisions to benefit both family and business.
Brigitte owns Shift and Flow, a company that provides business coaching and consulting services tailored to the unique needs of family businesses, helping to effectively integrate family dynamics with business strategies through services like one-on-one consultations, family meetings, and workshops. She has 20 years of experience in successfully owning and operating multiple family businesses. Shift and Flow's mission is to help family-owned businesses combine family relationships with business success.
The document discusses various considerations for starting a business, including motivations, deciding between starting or buying a business, assessing the market, and costs. It outlines three main types of business motivations: lifestyle ventures focused on flexibility and personal interests; smaller profit ventures aiming to make a decent living; and high growth ventures focused on maximum profit and innovation. The document also covers questions around operating domestically or globally and managing the formalization process and growth pressures that come with business expansion.
Family Business Course - Effective Communication and proper Information flow ...Silvan Mifsud
The document discusses effective communication in family businesses. It emphasizes that family businesses should be data-driven and use metrics to understand business insights, value, and decisions. It recommends starting with a small, measurable use case rather than trying to solve everything at once. The document also discusses balancing transparency with privacy when communicating with different stakeholders like current owners, next generations, spouses, and employees. It suggests having a formal communication plan that outlines what information is shared with whom and through what forums or platforms.
Governance mechanisms for unlisted family businessesBrowne & Mohan
Family business need to adopt effective governance practices such as family office and on board independent directors. In this article, Browne & Mohan consultants describe what, when and how to go about implementing these in family businesses
Don Barker, owner of a business that provides compressed gas, credits his involvement with The Alternative Board (TAB) for much of his company's success and growth. Through his TAB board, Barker receives advice and perspectives from other business owners that help him make better decisions. He works with a TAB facilitator who uses strategic business tools to help Barker analyze his company's strengths, weaknesses, goals, and direction. This guidance has helped Barker focus on his strategic priorities and grow his company significantly beyond where it otherwise would have been without TAB's support.
This document discusses family businesses, including their definition, characteristics, strengths and weaknesses. It provides examples of large, global family businesses such as Hyundai, BMW, Fiat, Ford, Mars, Samsung, Reliance Industries and Tata Motors. The document also covers issues that family businesses often face, such as complexity, informality, lack of discipline, managing family vs non-family employees, succession planning, and setting salaries.
Few families are able to pass along their wealth successfully to the next generation. The barriers to keeping money in the family are much more formidable than the barriers to making money in the first place. Why should this be What pitfalls are most common How can families and their advisers increase the odds of a successful intergenerational transfer of wealth How can they preserve the family’s human and intellectual capital
Judy Martel, provides insightful answers to these questions and dozens more in this richly detailed book. The Dilemmas of Family Wealth takes a fresh look at the communications barriers, misunderstandings, and generational conflicts that can pull families apart and scatter their wealth in far less time than it took to build it. Martel identifies the dilemmas that families are likely to face and offers wise counsel for overcoming the challenges they pose. Her book includes advice and perspectives from top experts in the field and frank first-person experiences related by family members with whom they have worked.
Turning the family business into business family by Daniel Doni SundjojoDaniel Doni
The document discusses issues that can cause family businesses to fail to achieve their goals or go bankrupt. It identifies 20 reasons why family businesses may struggle, such as lack of trust, only learning from failures, and unprofessionalism. The document recommends transforming the "Family Business" paradigm to a "Business Family" paradigm by putting business priorities first. This includes treating all employees equally, using data to inform strategy, and continuously improving processes to adapt to a changing environment.
Succession planning board of directorsBenson Benny
The document discusses succession planning with the help of a board of directors. It outlines the purpose of a board, which includes assisting with strategy, advising management, identifying risks, reviewing finances, and planning for succession. The responsibilities of board members are also outlined, such as attending meetings, staying informed, understanding the company's direction, and safeguarding shareholder interests. The document provides tips for finding board candidates, recommending considering long-term goals, formalizing job descriptions, clear communication, diversity, and team unity. Strong governance is concluded to give families the best opportunity to build a positive legacy across generations.
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The document summarizes key findings from a survey of family businesses in Malta. It finds that 50% of businesses with a board of directors lack a written strategic plan. 95% of businesses without a board also lack such a plan. Businesses without strategic or succession plans prioritize retaining staff and finances over adaptation. Those with plans emphasize training, technology, and succession. The insights suggest governance structures influence business priorities and succession planning.
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This document from the Malta Financial Services Authority proposes additional regulations for initial virtual financial asset offerings to better protect investors. It suggests that custody of assets and funds be handled by an independent third party. It also proposes that issuers disclose progress against stated milestones and that retail investors be limited to a €5,000 maximum investment per issuer per year. Feedback on the proposals is requested by August 31st.
The document discusses Malta's new regulatory framework for virtual financial assets (VFAs) established by the Virtual Financial Assets Act. It provides an overview of the key aspects of the Act, including defining VFAs, regulating initial VFA offerings, VFA service providers, and VFA agents. It also discusses the financial instrument test and transitional provisions. The overall aim of the framework is to support innovation while ensuring investor protection, market integrity, and financial stability.
The document provides an overview of Malta's Virtual Financial Assets Act, which aims to regulate cryptocurrencies and initial coin offerings (ICOs). Some key points:
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- It establishes a licensing framework for ICOs, virtual financial asset service providers, and virtual financial asset agents who will guide companies.
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- Rules propose capital and insurance requirements for
বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
আমাদের সবার জন্য খুব খুব গুরুত্বপূর্ণ একটি বই ..বিসিএস, ব্যাংক, ইউনিভার্সিটি ভর্তি ও যে কোন প্রতিযোগিতা মূলক পরীক্ষার জন্য এর খুব ইম্পরট্যান্ট একটি বিষয় ...তাছাড়া বাংলাদেশের সাম্প্রতিক যে কোন ডাটা বা তথ্য এই বইতে পাবেন ...
তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...
How to Make a Field Mandatory in Odoo 17Celine George
In Odoo, making a field required can be done through both Python code and XML views. When you set the required attribute to True in Python code, it makes the field required across all views where it's used. Conversely, when you set the required attribute in XML views, it makes the field required only in the context of that particular view.
This presentation was provided by Steph Pollock of The American Psychological Association’s Journals Program, and Damita Snow, of The American Society of Civil Engineers (ASCE), for the initial session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session One: 'Setting Expectations: a DEIA Primer,' was held June 6, 2024.
Walmart Business+ and Spark Good for Nonprofits.pdfTechSoup
"Learn about all the ways Walmart supports nonprofit organizations.
You will hear from Liz Willett, the Head of Nonprofits, and hear about what Walmart is doing to help nonprofits, including Walmart Business and Spark Good. Walmart Business+ is a new offer for nonprofits that offers discounts and also streamlines nonprofits order and expense tracking, saving time and money.
The webinar may also give some examples on how nonprofits can best leverage Walmart Business+.
The event will cover the following::
Walmart Business + (https://business.walmart.com/plus) is a new shopping experience for nonprofits, schools, and local business customers that connects an exclusive online shopping experience to stores. Benefits include free delivery and shipping, a 'Spend Analytics” feature, special discounts, deals and tax-exempt shopping.
Special TechSoup offer for a free 180 days membership, and up to $150 in discounts on eligible orders.
Spark Good (walmart.com/sparkgood) is a charitable platform that enables nonprofits to receive donations directly from customers and associates.
Answers about how you can do more with Walmart!"
How to Setup Warehouse & Location in Odoo 17 InventoryCeline George
In this slide, we'll explore how to set up warehouses and locations in Odoo 17 Inventory. This will help us manage our stock effectively, track inventory levels, and streamline warehouse operations.
Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...Dr. Vinod Kumar Kanvaria
Exploiting Artificial Intelligence for Empowering Researchers and Faculty,
International FDP on Fundamentals of Research in Social Sciences
at Integral University, Lucknow, 06.06.2024
By Dr. Vinod Kumar Kanvaria
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
This presentation includes basic of PCOS their pathology and treatment and also Ayurveda correlation of PCOS and Ayurvedic line of treatment mentioned in classics.
Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.
Family Business Course - Governance Structures of Family Businesses - No.3.pptx
1. Governance Structures of a Family Business
Silvan Mifsud, Chairperson Family Business Committee
THE MALTA CHAMBER
OF COMMERCE, ENTERPRISE
AND INDUSTRY
2. Why Governance?
Good governance helps owners balance the need to maintain
control over what matters most with the need to delegate
responsibility to others. It allows for better and faster decision-
making :-
Putting yourhomeinorder- Helpingfamilybusinessesreachnewheights:
If your business is small or has functioned well with an informal decision making process, you may
consider formal governance unnecessary. But with a company’s success and growth, the number and
difficulty of decisions soon become too great for any one person (or one group of persons) to make all
the decisions and do them well.
Time and again, family businesses underperform and slide into chaos when they have failed to learn
how to make good decisions together.
3. A four room model
Imagine your family business system as a home with four rooms:
an Owner Room, a Board Room, a Management Room, and a
Family Room. Each room has clear rules about who is allowed
inside, what decisions are made there and how those decisions are
made.
Putting your home in order - Helping family businesses reach new heights:
Many family businesses are not large or
complex enough to warrant a full Four-
Room build-out. Nonetheless, you can put
into practice many of the ideas in a more
informal approach. You could, for example,
have discussions in all the appropriate
rooms in a single meeting. You just need to
set a clear agenda and make sure that the
right people are in the right discussion, and
enforce the boundaries you have set up. The
fundamental decisions are the same for
4. Two main focus areas
To improve governance in your family business, you will need to
focus on two areas:
1. Structures: Which rooms will you create, and which decisions
should be made in each room?
2. Processes: How will the rooms be integrated? This is the flow of
your house—how the rooms are connected and communicate
with each other.
Putting your home in order - Helping family businesses reach new heights: The Need to Survive – Setting the scene
5. Structureof Rooms – Owner Room
Putting your home in order - Helping family businesses reach new heights:
No matter what the specifics of your family business are, you should set up an Owner Room in
which to make the decisions that will shape your business for years (and indeed for generations).
What decisions should happen in the Owner
Room?
•Defining how ownership interests can be bought, sold,
and transferred, including to the next generation
•Making the final call on actions that change the nature
of what it means to be an owner, such as going public,
taking on significant debt, or selling the company
•Setting goals that define success
•Electing family or non-family board members to
represent the owners’ interests
To be an effective owner, you need to decide which few
decisions are so important that only owners should
make them. Everything else can and should be
delegated.
Who should be in the Owner Room?
• The current owners of the business are the
core members of the Owner Room.
• Future owners may also be invited into the
room when the current generation sees
them as fit to be part of owner discussions.
• Since they have great influence on both the
current and the next generation of owners,
spouses of present and future owners can
sometimes be invited to participate in the
Owner Room.
6. How does the Owner Room work?
Putting your home in order - Helping family businesses reach new heights:
Decisions in this room are affected both by vote (where voter weight matches the
percentage of shares) and by voice (where nonvoting input can play an important role in
decision-making).
Even in a Concentrated ownership structure, a controlling owner risks conflict if they fail to
seek input from minority and next-generation owners. Well-run Owner Rooms ensure that
all owners have a voice in the major decisions, even if they don’t have a vote. Even if you
have the votes, I advise trying to work toward consensus first in order to maintain as much
unity as possible.
Meetings in the family owner room is to serve as a forum for family shareholders to
receive updates on the business and to express their views, as a a working group to make
recommendations about key ownership issues (e.g. dividend policies) and as a liaison from
the family shareholders to other decision making groups like the board of directors or top
management. Meetings for the family room should be convened at least quarterly –
especially if there are ten or fewer owners.
7. Structureof Rooms – Board Room
Putting your home in order - Helping family businesses reach new heights:
The role of the Board Room reflects its position between the Owner Room and the Management Room.
A board should ensure that managers are operating the company in a way that accomplishes the
objectives set by owners. The board should oversee the business, not run it.
What decisions should happen in the Board
Room?
• Hiring or firing the CEO, which many board members
consider to be their single most important decision
• Planning management succession, whether within
the family or with-nonfamily employees
• Setting appropriate executive compensation,
including that for the CEO and the CEO’s team
• Approving business strategy recommended by the
CEO and “material” decisions such as acquisitions
and loans
• Ensuring proper regulatory and legal compliance
• Setting annual dividends in light of the policy set in
Who should be in the Board Room?
• You may be tempted to limit your board to family
members in an effort to keep the details of your
business private. I understand that bringing on an
outsider is a big step for family businesses, but I
urge you to consider adding at least some
independent voices to your board.
• When your business is sufficiently large and
complex, adding independent directors or
advisers is one of the few universal best practices
that will very likely benefit any family business.
Make sure your board is composed of people
who understand the interests of owners and who
can wisely guide and oversee the business in the
board level decisions.
• Remember, as owners, you’ll always have the
right to fire any independent director if they fail
to serve your interests. You’re still in control.
8. Structureof Rooms – Management Room
Putting your home in order - Helping family businesses reach new heights:
Every business has a long list of management decisions—recommending strategy, operating the
business, hiring the management team, to name a few. The owners who are not explicitly managing the
business on a daily basis should step away from management decisions.
Who should be in the Management
Room?
• In the early stages of a family business, you
may only have family members acting as
managers. As the business grows, you’ll
probably need to add non-family
professionals to help run it.
• Some family businesses require their
business to be run by family members;
other firms prohibit family members from
working in the company. Most businesses
are somewhere in between, and successful
family businesses exist across the entire
spectrum.
• You don’t have to choose between being
family run and being professionally
9. Structureof Rooms – Family Room
Putting your home in order - Helping family businesses reach new heights:
The primary purpose of the Family Room is to enhance family unity and build family talent. A Family
Room allows all family members—including spouses and next-generation members—to build and
strengthen their bonds, to share experiences, and to stay connected with the business. Family Businesses
that may have dozens or even hundreds of family members, clearly need strong Family Rooms, than
those with a small amount of family members.
What decisions should happen in the Family
Room?
Family rooms do not normally have executive powers,
but usually work to overcome the following challenges:
• What unites us as a family? How do we organize our
family to stay together?
• How do we develop healthy communication within
the family and between the family and the business?
• How do we develop the next generation?
• What family policies should we put in place to clarify
expectations and manage conflict?
Who should be in the Family Room?
• All family members above a certain age
can be part of the Family Room. But who
exactly constitutes your business family?
• Some families include all descendants and
spouses of their founder. That seems
obvious, right? But if a branch sells its
ownership in the family business, is that
branch still part of the business family?
What about divorced/seperated spouses
whose children will someday be owners?
Family businesses have different definitions
of family—and there are many common
permutations—but the most successful
10. Processes – IntegratingtheRooms
Putting your home in order - Helping family businesses reach new heights:
A family business is a system—what happens in one area affects other areas, often in unintended ways.
Because major decisions are likely to affect the family, the business, and owner groups, the rooms
require coordination and cooperation. Not only do you have to have well-defined forums to make
decisions, but you also need to figure out how those forums interact with each other. Without good
integrating processes, even thoughtfully created structures lose their impact. To work effectively, the
Four Rooms must function well together
1. Key decision processes that connect across rooms
One helpful tool is a decision-authority matrix, a map that
categorizes the different roles that groups play as part of a
healthy decision-making process.
A decision-authority matrix can lay out a clear process for
how important decisions pass through various rooms. For
example, the CEO may recommend acquiring a small
company to meet the company’s strategic goals. That
recommendation starts with management and then moves
on to the board. The board members have the authority to
decide on the recommendation, basing their decision on the
investment required. But the owner council can veto such a
major decision. And finally, the family council should be
informed of the acquisition, perhaps in its annual meeting
or through a special communication.
11. Processes – Integratingthe Rooms
Putting your home in order - Helping family businesses reach new heights:
2. Create connections across the rooms
Building connections across the rooms can be a valuable
way to keep decision-makers or stakeholders from
becoming too insulated.
• Overlapping memberships whenever possible:
Having an owner sit on the board, for example,
helps create a natural flow of information from
board room to the owner room.
• Distinct points of interaction: Some board and
executive committee meetings have a regular
agenda items that allows for an owner
representative to share the work of the owner
council, for example, and to raise any questions
or concerns about the business.
3. Establish policies to address conflicts between
rooms
Family businesses can avoid recurring conflict by
creating policies ahead of time. If you can agree
beforehand on issues that should always be treated
the same way, you’ll minimize conflict down the
line. For example, rather than treating each next
generation coming into the business as a one-off
decision, develop a policy that sets standards for
entry into the business. Setting policies this way
helps increase the communication and transparency
among rooms
Once you have done all the work to define how
your family business will make decisions, you need
to document these policies (e,.g. Family constitution).
Many family businesses operate through informal
understandings and handshakes, which tend to
12. Most Common Problems in Governance
Putting your home in order - Helping family businesses reach new heights:
13. Most Common Problems in Governance
Putting your home in order - Helping family businesses reach new heights:
14. Whenyour Home is not in Order…..
Putting your home in order - Helping family businesses reach new heights:
Sometimes, family businesses don’t realise that their
governance structure is lacking until they encounter
significant problems with decision-making.
For example, someone’s “cowboy” approach—investing
in new businesses without consulting other family
members, is a typical problem. When decision-making is
not working in a family business, it is usually the case that
the rooms are
not setup or functioning correctly.