Family Business.pptx
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This document discusses the nature and importance of family businesses. It defines a family business as a commercial organization where decision-making is influenced by multiple family generations through leadership and ownership. It notes that family businesses differ from owner-manager firms by having a multigenerational dimension and family influence that create unique dynamics. Family businesses also face unique challenges compared to corporate businesses because family members often fill both managerial and ownership roles. The document outlines different types of family business structures and notes the long-term strategic outlook, profitability, resilience, and philanthropic activities that make family businesses important contributors to society and local economies.
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Recommended
2020 - Alexis
The document discusses how family businesses differ from other businesses in their approach to long-term strategy and innovation. It notes that family businesses are focused on multi-generational continuity rather than short-term gains, allowing them to plan decades and centuries into the future. Key factors that enable family businesses to innovate include their dynastic will to pass the business down through generations, mission statements tied to family values, leaders with longer tenure for strategic planning, and strong lasting relationships with stakeholders. The document argues that these same principles of long-term thinking, valuing tradition, and relationship-building could benefit non-family businesses as well.
Les MUST of Family Businesses- HOT EXECUTIVE TOPS.pdf
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
Borrowed from grandchildren v1
Families share how they have maintained and grown their wealth from generation to generation. While creating wealth is a wonderful achievement, business families are also concerned with how their wealth is used to support their values, the lives of their children and the well-being of the community.
Over several generations, families who are successful in growing their wealth have been able to reinvent themselves and their business in the face of significant environmental transformations and internal differences cause by family dynamics.
Borrowed from my Grandchildren is a fascinating look at how large, long-lasting business families succeed across generations. Author Dennis T. Jaffe, one of the leading architects of the field of family enterprise consulting, has interviewed members of successful, well known, 100-year family enterprises from 20 countries, who serve as role models for those wishing to see their wealth positively impact their children, employees, and communities. Half continue to own their legacy business and others have gone on to become family offices with a portfolio of shared assets, but all these families have sustained their values and identity as a family over more than three generations.
Offering the collected wisdom of nearly 100 global business families, this insightful book shares the real-life stories of partners in business and wealth management over three of more generations. Families that generate rather than reduce their wealth across generations, known as Generative Families, focus on engaging across generations and develop collaborative governance for both family and business to ensure responsible stewardship from one generation to the next. This unique resource: Presents real-life stories of families sustaining wealth over generations Explores both the successes and failures of retaining family wealth Includes rare private insights from members of prominent wealthy families Examines the nature of global family enterprises and their evolution over generations Discusses the financial, human, and social dimensions of wealth Borrowed from my Grandchildren: The Evolution of Stewardship in 100-Year Families is an essential read for family members, non-family executives, family offices, estate planning lawyers, family business consultants, trust officers, philanthropic and foundation advisors, financial advisors, financial planners, CPAs, and other finance professionals.
Happy Reading & Implementation
Deloitte-family-business-survey-2019
- The survey polled 791 executives from family businesses in 58 countries about balancing long-term goals with short-term demands.
- While most family businesses have a long-term orientation, many pursue short-term priorities that do not support their long-term vision and goals.
- The survey found that over half of family businesses feel prepared for the future in terms of ownership, governance, and strategy, but only 41% feel confident in their succession plans, showing a potential disconnect between long-term aspirations and short-term actions.
Mercer Capital's Value Matters™ | Issue No. 2, 2018
The document provides information about family businesses and dividend policies. It discusses how family businesses face unique challenges due to complex family dynamics overlaying strategic decisions. It then discusses how the meaning assigned to the family business by family members influences the appropriate dividend policy. The business may mean growth, preservation of value, wealth accumulation, or lifestyle support - each meaning implying a different optimal dividend policy. The document suggests communicating dividend policy clearly to engaged family shareholders is important for the long-term success of the business.
Mercer Capital's Value Matters™ | Issue No. 2 2018
Mercer Capital's Value Matters™ addresses gift & estate tax, ESOP, buy-sell agreement, and transaction advisory topics of interest to estate planners and other professional advisors to business.
CONFLICT IN FAMILY BUSINESS AND ITS RESOLUTION PPT FOR B.COM ENTREPRENEURSHIP
Family businesses are prone to conflicts due to disagreements between family members over strategic decisions, roles and responsibilities, compensation, ownership, and succession. Major sources of conflict include lack of shared vision and values, unclear decision-making processes, compensation inequities, ambiguous ownership structures, and unresolved sibling rivalries. Successful family businesses establish formal conflict resolution mechanisms, clear governance structures, shared family goals and values, open communication forums, and seek mediation help when needed to prevent and resolve conflicts that could jeopardize both the business and family unity.
Transforming UAE family business
Family businesses account for significant part of the UAE economy. Family businesses dominate automotive, retail, fashion, real estate and manufacturing sectors. Family owned enterprises represent 90% of the businesses community in UAE and they contribute about 75-90% of the $500 billion plus trading activity. However, they face challenges on business continuity, succession, diversification, and professionalization front. In this paper, Browne & Mohan consultants present the approach to transforming UAE family businesses.
Recommended
2020 - Alexis
The document discusses how family businesses differ from other businesses in their approach to long-term strategy and innovation. It notes that family businesses are focused on multi-generational continuity rather than short-term gains, allowing them to plan decades and centuries into the future. Key factors that enable family businesses to innovate include their dynastic will to pass the business down through generations, mission statements tied to family values, leaders with longer tenure for strategic planning, and strong lasting relationships with stakeholders. The document argues that these same principles of long-term thinking, valuing tradition, and relationship-building could benefit non-family businesses as well.
Les MUST of Family Businesses- HOT EXECUTIVE TOPS.pdf
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
Borrowed from grandchildren v1
Families share how they have maintained and grown their wealth from generation to generation. While creating wealth is a wonderful achievement, business families are also concerned with how their wealth is used to support their values, the lives of their children and the well-being of the community.
Over several generations, families who are successful in growing their wealth have been able to reinvent themselves and their business in the face of significant environmental transformations and internal differences cause by family dynamics.
Borrowed from my Grandchildren is a fascinating look at how large, long-lasting business families succeed across generations. Author Dennis T. Jaffe, one of the leading architects of the field of family enterprise consulting, has interviewed members of successful, well known, 100-year family enterprises from 20 countries, who serve as role models for those wishing to see their wealth positively impact their children, employees, and communities. Half continue to own their legacy business and others have gone on to become family offices with a portfolio of shared assets, but all these families have sustained their values and identity as a family over more than three generations.
Offering the collected wisdom of nearly 100 global business families, this insightful book shares the real-life stories of partners in business and wealth management over three of more generations. Families that generate rather than reduce their wealth across generations, known as Generative Families, focus on engaging across generations and develop collaborative governance for both family and business to ensure responsible stewardship from one generation to the next. This unique resource: Presents real-life stories of families sustaining wealth over generations Explores both the successes and failures of retaining family wealth Includes rare private insights from members of prominent wealthy families Examines the nature of global family enterprises and their evolution over generations Discusses the financial, human, and social dimensions of wealth Borrowed from my Grandchildren: The Evolution of Stewardship in 100-Year Families is an essential read for family members, non-family executives, family offices, estate planning lawyers, family business consultants, trust officers, philanthropic and foundation advisors, financial advisors, financial planners, CPAs, and other finance professionals.
Happy Reading & Implementation
Deloitte-family-business-survey-2019
- The survey polled 791 executives from family businesses in 58 countries about balancing long-term goals with short-term demands.
- While most family businesses have a long-term orientation, many pursue short-term priorities that do not support their long-term vision and goals.
- The survey found that over half of family businesses feel prepared for the future in terms of ownership, governance, and strategy, but only 41% feel confident in their succession plans, showing a potential disconnect between long-term aspirations and short-term actions.
Mercer Capital's Value Matters™ | Issue No. 2, 2018
The document provides information about family businesses and dividend policies. It discusses how family businesses face unique challenges due to complex family dynamics overlaying strategic decisions. It then discusses how the meaning assigned to the family business by family members influences the appropriate dividend policy. The business may mean growth, preservation of value, wealth accumulation, or lifestyle support - each meaning implying a different optimal dividend policy. The document suggests communicating dividend policy clearly to engaged family shareholders is important for the long-term success of the business.
Mercer Capital's Value Matters™ | Issue No. 2 2018
Mercer Capital's Value Matters™ addresses gift & estate tax, ESOP, buy-sell agreement, and transaction advisory topics of interest to estate planners and other professional advisors to business.
CONFLICT IN FAMILY BUSINESS AND ITS RESOLUTION PPT FOR B.COM ENTREPRENEURSHIP
Family businesses are prone to conflicts due to disagreements between family members over strategic decisions, roles and responsibilities, compensation, ownership, and succession. Major sources of conflict include lack of shared vision and values, unclear decision-making processes, compensation inequities, ambiguous ownership structures, and unresolved sibling rivalries. Successful family businesses establish formal conflict resolution mechanisms, clear governance structures, shared family goals and values, open communication forums, and seek mediation help when needed to prevent and resolve conflicts that could jeopardize both the business and family unity.
Transforming UAE family business
Family businesses account for significant part of the UAE economy. Family businesses dominate automotive, retail, fashion, real estate and manufacturing sectors. Family owned enterprises represent 90% of the businesses community in UAE and they contribute about 75-90% of the $500 billion plus trading activity. However, they face challenges on business continuity, succession, diversification, and professionalization front. In this paper, Browne & Mohan consultants present the approach to transforming UAE family businesses.
Corporate Governance and Family business
The Family Business Importance, it´s Ownership And Control and the most common Corporate Governance Issues and Solutions
Aryan sharma[1]
This document discusses different forms of business organization in India. It begins with an acknowledgement and introduction. It then discusses the key forms of business organization including sole proprietorship, partnership, joint Hindu family business, cooperative societies, and joint stock companies. For each form, it provides an overview and highlights some of their key advantages and disadvantages. The document serves as a guide to the different options for organizing a business in India.
Outfront layout copy; copy by Anita Tyler for University of Louisville School...
This document summarizes insights from the advisory board of the University of Louisville's Family Business Center on the local business climate for 2013. Key points include:
- The local business climate is seen as "flat," "uncertain," and apprehensive. Growth is not expected to increase much in 2013.
- The biggest challenge is estate planning and tax increases, making generational transfers of family businesses more difficult.
- Opportunities exist in acquiring other struggling companies and improving operations, but access to capital remains challenging.
Governance mechanisms for unlisted family businesses
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
A family business is a business in which one or more members of one or more f...
A family business is one where family members have significant ownership and commitment to the business's well-being. Some of the world's largest companies are family-owned or controlled, including Walmart, Samsung, Tata Group, and Foxconn. Family businesses face unique challenges in balancing the interests of family members as owners and/or managers with the interests of the business. Successful succession and growth of a family business requires competency in managing these competing interests.
JWM - A Family Office by Any Other Name
Many Wealth Managers positioning themselves as a family office to wealthy investors. The term "family office" connotes sophistication, independence and objectivity.
Corporate Social Responsibility
Corporate social responsibility is becoming a renewed focus for companies. Non-profits can position themselves as a resource for companies seeking to integrate social responsibility into their business strategies. Successful corporate-nonprofit partnerships integrate the non-profit's mission and services into the company's CSR efforts in a way that provides value for both organizations. Non-profits must be prepared to demonstrate how their expertise can help companies achieve their social responsibility and business goals.
future of family run businesses POV FINAL
The document discusses the unique strengths and challenges of family-run businesses. It outlines several advantages family-run businesses have over publicly owned companies, such as flexibility, long-term thinking, strong corporate culture and better labor relations. However, only 3% of family businesses survive into the fourth generation, as many struggle with succession planning and an inability to innovate and evolve with changing markets. The key challenge for long-term survival is preparing the business for continuous renewal and innovation beyond just running existing operations.
1 This text was adapted by The Saylor Foundation under .docx
1
This text was adapted by The Saylor Foundation under a Creative
Commons Attribution-NonCommercial-ShareAlike 3.0 License without
attribution as requested by the work’s original creator or licensee.
http://creativecommons.org/licenses/by-nc-sa/3.0/
http://creativecommons.org/licenses/by-nc-sa/3.0/
2
Chapter 3
Family Businesses
Westbrook Lobster
Source: Used with permission, Michael Larivere, manager, Westbrook Lobster, Wallingford,
CT.
In 1957, Westbrook Lobster opened in Westbrook, Connecticut, as a specialized lobster and fish
market. As time went on, the company expanded to offer a comprehensive range of fish, shrimp,
and prepared foods. In 1989, Larry Larivere, who grew up near the docks of New Bedford,
Massachusetts, bought the business and had a dream of expanding the business with a seafood
restaurant.
Fast forward to 2004. Larry and his two sons, Michael (an environmental science major) and
Matthew (a business major), opened up their second restaurant in Wallingford, Connecticut. It
overlooks the Quinnipiac River in the historic Yale Brother’s Mill built in the late 1670s.
Originally a grain mill, later converted to a German and Britannia silver spoon factory, and
finally converted into a restaurant, the building was rich with history.
Michael speaks easily about the value that Westbrook Lobster offers its customers: high quality
food, great service…and visiting the tables while people are dining. He sees these visits as an
important part of the relationships that he has built with his customers over the years.
Westbrook customers eagerly await the monthly postcards that are sent out that feature dining
specials, discounts, and coupons. He tries to get the postcards out early and actually receives
phone calls if they are not received early. Many people have come to depend on them. Michael
says that these postcards definitely give the restaurant its greatest return. The restaurant has a
presence on Facebook, but that is geared to the bar crowd—a younger crowd.
3
Technology plays an important but mixed part in the restaurant’s operations. Michael says that
it is tough to run a restaurant these days without technology tools like POS (point of service)
systems. These systems include touch screens for placing orders and paying for food items.
Interestingly, however, most food vendors still do their business face to face (or telephone to
telephone), choosing to stick with personal relationships. Only a few suppliers, such as liquor
vendors, accept orders online.
The current Westbrook Lobster website was created by Michael and Matthew using services
from intuit.com. They built the site themselves and are proud to note that restaurant gift cards
can now be purchased directly from the site. This is a perfect example of Web 2.0 capabilities.
As far as running the business, currently fifty employees strong, Larry Larivere (Dad) is brought ...
jessa.pptx
This document discusses the importance and challenges of family businesses. It notes that family businesses are significant contributors to the local and global economy through job creation, economic activity, and tax revenues. They also tend to have a long-term perspective focused on sustainable growth. However, they face unique challenges around succession planning, balancing family and business, and professionalizing as the business grows. When family members have strong cohesion and governance structures, it can strengthen the business foundation and help ensure long-term success across generations.
The Entrepreneurial Spirit
This document discusses small businesses and outlines the author's plans to start a small handloom business with a friend. It provides background on small businesses, noting that they are major employers and play an important role in economic development. The author then lists characteristics of small businesses, such as being managed by the owner and having little delegation of authority. The document concludes by discussing some legal forms the proposed handloom business could take, such as a general partnership or limited partnership.
Family Business Succession: What You Need to Know to Effectively Advise Busin...
The owners of half of all small and medium size enterprises in Canada in Canada are set to retire in the next decade, with an estimated $1.9 trillion dollars of assets poised to change hands. Learn how to help your clients establish a successful plan for the transfer of ownership and management of the business to a chosen successor.
GROUP-1-INTRODUCTION-TO-BUSINESS.pptx
The document provides information on types of business ownership and factors to consider when setting up a business. It discusses sole proprietorships, partnerships, corporations, and not-for-profit corporations. For each type of ownership, it outlines advantages and disadvantages as well as legal structures and considerations. The document also covers business ethics and the internal and external factors that make up a business's environment.
Passaggio Generazione: i Family Assets
Articolo dell'INSEAD - Family Business Blog che evidenzia quanto sia importante il Senso di Famiglia per il Passaggio Generazionale!
Approfondito da me nel gruppo Facebook:
https://www.facebook.com/groups/CPeF.ConsapevolezzaPatrimonioFamiglia/
Etude PwC sur les entreprises familiales (2012)
http://pwc.to/Uj3NmI
Selon l’étude mondiale de PwC Family Business Survey 2012, les entreprises familiales ont prospéré en 2011. 81% d’entre elles prévoient d’ailleurs une stratégie de croissance ambitieuse au cours des cinq prochaines années. Cependant, elles font face à des défis très spécifiques à leur structure : la recherche de la taille critique, la gestion des talents, et les questions de succession notamment.
Chapter 5: Forms of Bus Organization
Most businesses are small, with over 90% having fewer than 20 employees. Small businesses make significant contributions to the economy through job creation and innovation. However, about half of small businesses fail within the first five years, often due to management issues, lack of financing, or government regulation. Establishing an effective business plan and obtaining financing from sources like the Small Business Administration can help increase a small business's chances of success. Common forms of business organization include sole proprietorships, partnerships, corporations, franchises, and cooperatives. Larger businesses sometimes join forces through mergers, acquisitions, or joint ventures.
Report on Future of Family Business
The document discusses the future of family businesses in India, noting that they account for a large percentage of GDP and employment in India. Family businesses are adapting by allowing younger generations more flexibility and input, and with continued professionalization they are expected to remain an important part of the Indian economy going forward. The success of transitioning leadership between generations will be key to the long-term success of family businesses.
Capital n Tax mgmt session 1&2.pptx
Family businesses make up the majority of businesses worldwide and have unique characteristics. They are defined as businesses with significant influence from family members through ownership, management, or board participation. There are three overlapping subsystems in family businesses - family, management, and ownership - which can each have different goals. Maintaining balanced boundaries between these subsystems is important for long term success across generations.
What is Family Governance?
Two things are certain: First, maintaining harmony within a family is complex, and second, running a successful business requires considerable effort and self-discipline. Those two aspects come together in family-owned companies and regularly force family members to make challenging decisions: Do we put family unity before business interests? Can we implement business decisions despite possible family conflicts?
Core Values The SLU core values of responsible stewardship, exc
Core Values:
The SLU core values of responsible stewardship, excellence, and integrity will be emphasized in this course.
Responsible Stewardship: Our Creator blesses us with an abundance of resources. We foster a spirit of service to employ our resources to university and community development. We must be resourceful. We must optimize and apply all of the resources of our community to fulfill Saint Leo University's mission and goals.
Excellence: Saint Leo University is an educational enterprise. All of us, individually and collectively, work hard to ensure that our students develop the character, learn the skills, and assimilate the knowledge essential to become morally responsible leaders. The success of our University depends upon a conscientious commitment to our mission, vision, and goals.
Integrity: The commitment of Saint Leo University to excellence demands that its members live its mission and deliver on its promise. The faculty, staff, and students pledge to be honest, just, and consistent in word and deed.
Link for book
(PDF) Business and Society: Stakeholders, Ethics, Public Policy 14th Edition | Nhã Nhã - Academia.edu
Week 1 readings During this module, you are required to read Business and Society, Chapters 1, 2, and 3.
Chapter 1 covers the complex relationship between business corporations and the many individuals and organizations in society.
Chapter 2 covers the many public issues and matters of concern to business organizations and its stakeholders.
Chapter 3 covers the social responsibility challenges that affect businesses' interaction with its stakeholders while pursuing traditional economic goals.
Hint: Use the “Key Terms” listed at the end of each chapter to help guide your reading. You should be able to define, provide examples, and state the significance of each term.
Corporate Social Responsibility: Food for Thought
You are encouraged to visit the websites of some of your favorite businesses. See what they say about being socially responsible and consider the following:
· Would you be willing to patronize “green” companies, even if it meant lesser-quality goods at higher prices?
· What if you had to drive across town to patronize these companies?
While using different terminology, most companies address corporate social responsibility in some way or another. Here are some varying link titles that can be found by navigating the company websites.
As you were reviewing various websites, you likely found a lot of information about what corporations are doing to be socially responsible—or at least what they say they are doing. Do you believe that in general, corporations are “practicing what they are preaching”? Do their actions follow their words? Is it really possible to know for sure? What terminology does your organization use to address Corporate Social Responsibility, and does it make good on its words?
Corporate Social Responsibility
Corporate social responsibility is the idea that busines ...
GM_DLL hhhhhhhhhhhhhhhhhhhhWeek 10.docx
This daily lesson log from Sta. Rosa National High School covers January 22-26, 2024 for an 11th grade general mathematics class taught by Nimrod B. Cabrera. The week included the second quarter examination on Monday and a midyear break on Wednesday through Friday as the entire faculty and students went on an educational tour of Metro Manila. The objectives were for students to create reviewers in preparation for the second quarter exam. Sections on content, learning resources, procedures, remarks and teacher reflection were included but no details were provided due to the midyear break activities.
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Corporate Governance and Family business
The Family Business Importance, it´s Ownership And Control and the most common Corporate Governance Issues and Solutions
Aryan sharma[1]
This document discusses different forms of business organization in India. It begins with an acknowledgement and introduction. It then discusses the key forms of business organization including sole proprietorship, partnership, joint Hindu family business, cooperative societies, and joint stock companies. For each form, it provides an overview and highlights some of their key advantages and disadvantages. The document serves as a guide to the different options for organizing a business in India.
Outfront layout copy; copy by Anita Tyler for University of Louisville School...
This document summarizes insights from the advisory board of the University of Louisville's Family Business Center on the local business climate for 2013. Key points include:
- The local business climate is seen as "flat," "uncertain," and apprehensive. Growth is not expected to increase much in 2013.
- The biggest challenge is estate planning and tax increases, making generational transfers of family businesses more difficult.
- Opportunities exist in acquiring other struggling companies and improving operations, but access to capital remains challenging.
Governance mechanisms for unlisted family businesses
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
A family business is a business in which one or more members of one or more f...
A family business is one where family members have significant ownership and commitment to the business's well-being. Some of the world's largest companies are family-owned or controlled, including Walmart, Samsung, Tata Group, and Foxconn. Family businesses face unique challenges in balancing the interests of family members as owners and/or managers with the interests of the business. Successful succession and growth of a family business requires competency in managing these competing interests.
JWM - A Family Office by Any Other Name
Many Wealth Managers positioning themselves as a family office to wealthy investors. The term "family office" connotes sophistication, independence and objectivity.
Corporate Social Responsibility
Corporate social responsibility is becoming a renewed focus for companies. Non-profits can position themselves as a resource for companies seeking to integrate social responsibility into their business strategies. Successful corporate-nonprofit partnerships integrate the non-profit's mission and services into the company's CSR efforts in a way that provides value for both organizations. Non-profits must be prepared to demonstrate how their expertise can help companies achieve their social responsibility and business goals.
future of family run businesses POV FINAL
The document discusses the unique strengths and challenges of family-run businesses. It outlines several advantages family-run businesses have over publicly owned companies, such as flexibility, long-term thinking, strong corporate culture and better labor relations. However, only 3% of family businesses survive into the fourth generation, as many struggle with succession planning and an inability to innovate and evolve with changing markets. The key challenge for long-term survival is preparing the business for continuous renewal and innovation beyond just running existing operations.
1 This text was adapted by The Saylor Foundation under .docx
1
This text was adapted by The Saylor Foundation under a Creative
Commons Attribution-NonCommercial-ShareAlike 3.0 License without
attribution as requested by the work’s original creator or licensee.
http://creativecommons.org/licenses/by-nc-sa/3.0/
http://creativecommons.org/licenses/by-nc-sa/3.0/
2
Chapter 3
Family Businesses
Westbrook Lobster
Source: Used with permission, Michael Larivere, manager, Westbrook Lobster, Wallingford,
CT.
In 1957, Westbrook Lobster opened in Westbrook, Connecticut, as a specialized lobster and fish
market. As time went on, the company expanded to offer a comprehensive range of fish, shrimp,
and prepared foods. In 1989, Larry Larivere, who grew up near the docks of New Bedford,
Massachusetts, bought the business and had a dream of expanding the business with a seafood
restaurant.
Fast forward to 2004. Larry and his two sons, Michael (an environmental science major) and
Matthew (a business major), opened up their second restaurant in Wallingford, Connecticut. It
overlooks the Quinnipiac River in the historic Yale Brother’s Mill built in the late 1670s.
Originally a grain mill, later converted to a German and Britannia silver spoon factory, and
finally converted into a restaurant, the building was rich with history.
Michael speaks easily about the value that Westbrook Lobster offers its customers: high quality
food, great service…and visiting the tables while people are dining. He sees these visits as an
important part of the relationships that he has built with his customers over the years.
Westbrook customers eagerly await the monthly postcards that are sent out that feature dining
specials, discounts, and coupons. He tries to get the postcards out early and actually receives
phone calls if they are not received early. Many people have come to depend on them. Michael
says that these postcards definitely give the restaurant its greatest return. The restaurant has a
presence on Facebook, but that is geared to the bar crowd—a younger crowd.
3
Technology plays an important but mixed part in the restaurant’s operations. Michael says that
it is tough to run a restaurant these days without technology tools like POS (point of service)
systems. These systems include touch screens for placing orders and paying for food items.
Interestingly, however, most food vendors still do their business face to face (or telephone to
telephone), choosing to stick with personal relationships. Only a few suppliers, such as liquor
vendors, accept orders online.
The current Westbrook Lobster website was created by Michael and Matthew using services
from intuit.com. They built the site themselves and are proud to note that restaurant gift cards
can now be purchased directly from the site. This is a perfect example of Web 2.0 capabilities.
As far as running the business, currently fifty employees strong, Larry Larivere (Dad) is brought ...
jessa.pptx
This document discusses the importance and challenges of family businesses. It notes that family businesses are significant contributors to the local and global economy through job creation, economic activity, and tax revenues. They also tend to have a long-term perspective focused on sustainable growth. However, they face unique challenges around succession planning, balancing family and business, and professionalizing as the business grows. When family members have strong cohesion and governance structures, it can strengthen the business foundation and help ensure long-term success across generations.
The Entrepreneurial Spirit
This document discusses small businesses and outlines the author's plans to start a small handloom business with a friend. It provides background on small businesses, noting that they are major employers and play an important role in economic development. The author then lists characteristics of small businesses, such as being managed by the owner and having little delegation of authority. The document concludes by discussing some legal forms the proposed handloom business could take, such as a general partnership or limited partnership.
Family Business Succession: What You Need to Know to Effectively Advise Busin...
The owners of half of all small and medium size enterprises in Canada in Canada are set to retire in the next decade, with an estimated $1.9 trillion dollars of assets poised to change hands. Learn how to help your clients establish a successful plan for the transfer of ownership and management of the business to a chosen successor.
GROUP-1-INTRODUCTION-TO-BUSINESS.pptx
The document provides information on types of business ownership and factors to consider when setting up a business. It discusses sole proprietorships, partnerships, corporations, and not-for-profit corporations. For each type of ownership, it outlines advantages and disadvantages as well as legal structures and considerations. The document also covers business ethics and the internal and external factors that make up a business's environment.
Passaggio Generazione: i Family Assets
Articolo dell'INSEAD - Family Business Blog che evidenzia quanto sia importante il Senso di Famiglia per il Passaggio Generazionale!
Approfondito da me nel gruppo Facebook:
https://www.facebook.com/groups/CPeF.ConsapevolezzaPatrimonioFamiglia/
Etude PwC sur les entreprises familiales (2012)
http://pwc.to/Uj3NmI
Selon l’étude mondiale de PwC Family Business Survey 2012, les entreprises familiales ont prospéré en 2011. 81% d’entre elles prévoient d’ailleurs une stratégie de croissance ambitieuse au cours des cinq prochaines années. Cependant, elles font face à des défis très spécifiques à leur structure : la recherche de la taille critique, la gestion des talents, et les questions de succession notamment.
Chapter 5: Forms of Bus Organization
Most businesses are small, with over 90% having fewer than 20 employees. Small businesses make significant contributions to the economy through job creation and innovation. However, about half of small businesses fail within the first five years, often due to management issues, lack of financing, or government regulation. Establishing an effective business plan and obtaining financing from sources like the Small Business Administration can help increase a small business's chances of success. Common forms of business organization include sole proprietorships, partnerships, corporations, franchises, and cooperatives. Larger businesses sometimes join forces through mergers, acquisitions, or joint ventures.
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The document discusses the future of family businesses in India, noting that they account for a large percentage of GDP and employment in India. Family businesses are adapting by allowing younger generations more flexibility and input, and with continued professionalization they are expected to remain an important part of the Indian economy going forward. The success of transitioning leadership between generations will be key to the long-term success of family businesses.
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Family businesses make up the majority of businesses worldwide and have unique characteristics. They are defined as businesses with significant influence from family members through ownership, management, or board participation. There are three overlapping subsystems in family businesses - family, management, and ownership - which can each have different goals. Maintaining balanced boundaries between these subsystems is important for long term success across generations.
What is Family Governance?
Two things are certain: First, maintaining harmony within a family is complex, and second, running a successful business requires considerable effort and self-discipline. Those two aspects come together in family-owned companies and regularly force family members to make challenging decisions: Do we put family unity before business interests? Can we implement business decisions despite possible family conflicts?
Core Values The SLU core values of responsible stewardship, exc
Core Values:
The SLU core values of responsible stewardship, excellence, and integrity will be emphasized in this course.
Responsible Stewardship: Our Creator blesses us with an abundance of resources. We foster a spirit of service to employ our resources to university and community development. We must be resourceful. We must optimize and apply all of the resources of our community to fulfill Saint Leo University's mission and goals.
Excellence: Saint Leo University is an educational enterprise. All of us, individually and collectively, work hard to ensure that our students develop the character, learn the skills, and assimilate the knowledge essential to become morally responsible leaders. The success of our University depends upon a conscientious commitment to our mission, vision, and goals.
Integrity: The commitment of Saint Leo University to excellence demands that its members live its mission and deliver on its promise. The faculty, staff, and students pledge to be honest, just, and consistent in word and deed.
Link for book
(PDF) Business and Society: Stakeholders, Ethics, Public Policy 14th Edition | Nhã Nhã - Academia.edu
Week 1 readings During this module, you are required to read Business and Society, Chapters 1, 2, and 3.
Chapter 1 covers the complex relationship between business corporations and the many individuals and organizations in society.
Chapter 2 covers the many public issues and matters of concern to business organizations and its stakeholders.
Chapter 3 covers the social responsibility challenges that affect businesses' interaction with its stakeholders while pursuing traditional economic goals.
Hint: Use the “Key Terms” listed at the end of each chapter to help guide your reading. You should be able to define, provide examples, and state the significance of each term.
Corporate Social Responsibility: Food for Thought
You are encouraged to visit the websites of some of your favorite businesses. See what they say about being socially responsible and consider the following:
· Would you be willing to patronize “green” companies, even if it meant lesser-quality goods at higher prices?
· What if you had to drive across town to patronize these companies?
While using different terminology, most companies address corporate social responsibility in some way or another. Here are some varying link titles that can be found by navigating the company websites.
As you were reviewing various websites, you likely found a lot of information about what corporations are doing to be socially responsible—or at least what they say they are doing. Do you believe that in general, corporations are “practicing what they are preaching”? Do their actions follow their words? Is it really possible to know for sure? What terminology does your organization use to address Corporate Social Responsibility, and does it make good on its words?
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Family Business.pptx
- 1. OVERVIEW, NATURE, AND IMPORTANCE OF FAMILY BUSINESS By: Nimrod B. Cabrera
- 2. Learning Objective At the end of the lesson the students must be able to explain the steps and importance of starting a family business .
- 3. Family Business Is a commercial organization in which decision-making is influenced by multiple generations of a family related by blood or marriage who are closely identified with the firm through leadership and ownership.
- 4. Owner-Manager Entrepreneurial Firms Not considered to be family business because they lack the multigenerational dimension and family influence that create the unique dynamics and relationships of family businesses.
- 5. Corporate vs Family business Corporate The roles of the manager of a business are separate and distinct and are equally significant to the success of any enterprise. Family In the family business, the roles are usually performed by the same people, leading to some unique problems that do not affect public companies.
- 6. General Partnerships, Limited Liability Partnership Different Types of Family Business These two have differences when it comes to shareholders’ liability, taxation, separate legal entity, and public disclosure. Public and Private Limited Companies A public limited company is able to offer its shares to the public. These are also subject to stricter legal requirements than private companies.
- 7. Importance of Family Businesses Family businesses have more longterm strategic outlook due to their main motivation consisting of creating a legacy for generation to come. Family businesses are less likely to raise debt and are widely deemed financially prudent. Family businesses show higher profitability in the long run. Family businesses are less likely to lay people off and more likely to hire despite the possibility of an economic downturn. Family businesses are more likely to give charitably to their respective communities and engage in extensive philanthropic activities.
- 8. Seven Reasons Why Family Businesses Benefit the Society 1. Acting Responsibility: Family businesses are the largest employers. 2. Prepared for the long term: Family companies plan for resilience in crises. 3. Regional roots: Family businesses and their location. 4. Well, positioned: Young specialists value family businesses. 5. Big contribution: Family businesses fill the state coffers. 6. Building trust: Risk and control in the same pair of hands. 7. Generous donations: Family businesses take on social responsibility.
Editor's Notes
- Another Definition of FAMILY BUSINESS The family owns a majority of the voting shares or effectively controls the business More than one generation is, or will in the future, become involved in the business.
- The main difference between these partnerships is that general partners have full operational control of a business and unlimited liability, in the business sense. Limited partners have less liability and do not take part in day-to-day business operations. Limited partners only share in losses and liabilities to the extent of their investment in the company. General partners have unlimited liability for debts and lawsuits.
- The family business is the most frequently encountered ownership model in the world and their impact on the global economy is tremendous