This document discusses entrepreneurship and family businesses. It notes that entrepreneurial companies often become family businesses over time. Family businesses make up a significant portion of businesses and employment globally. For example, in the US, family firms account for 64% of GDP and 85% of private sector employment. The document provides context on the definition of family businesses and their worldwide economic impact.
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Every business founder will be faced with the same decision at some point – “How do I exit this business I have created (or inherited)?” Nearly half of all business failures are precipitated by the owner’s death. Regardless of what stage your business or practice is at, thoughtful planning and communication with your family and business are critical components in a smooth business succession. Understanding how business, ownership and family are often interwoven is one pathway to success in any business transition process.
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Family businesses have received an increasing amount of attention of late, and rightfully so. They dominate the global economy, from the corner store to the Fortune 300. As publicly owned corporations grow larger, as political systems grow more fragile, and as uncertainty permeates through many corners of society, family businesses will continue to play a key role in building trust and driving innovation. Despite all of this, family businesses are still largely misunderstood; seen as small, insular and conflict ridden. The Smith Family Business Initiative was launched in 2014 to dedicate our efforts towards understanding what makes family business unique, amply positioned and ultimately well suited to tackle the business challenges of global economy. Learn what is now underway at the SC Johnson College of Business and across all of Cornell to connect, educate and inform students, alumni and leaders from family businesses all across the globe.
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3. HTTP://EMAGINE-GROUP.COM BRAND FOCUSED, SOCIALLY ACTIVE, DIGITALLY ENABLED
Entrepreneurship & Family
Businesses are two of the most
important parts of the economic map
of nations.
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Without entrepreneurs, innovations
don’t come to market leading to
employment opportunities, capital
creation and solutions to consumer’s
needs and wants.
5. HTTP://EMAGINE-GROUP.COM BRAND FOCUSED, SOCIALLY ACTIVE, DIGITALLY ENABLED
Without family businesses, a great
deal of resources and wealth would
be lost to future generations because
they would not have been channeled
properly.
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Both these business types are
significantly different while intimately
integrated.
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Through this course, I will take you
through a guided tour from the
origins and impact of family business
on the global economy.
8. HTTP://EMAGINE-GROUP.COM BRAND FOCUSED, SOCIALLY ACTIVE, DIGITALLY ENABLED
We will cover a number of different
aspects of running family businesses
effectively so that future generations
can be involved in the foundations
built by the original founders
9. HTTP://EMAGINE-GROUP.COM BRAND FOCUSED, SOCIALLY ACTIVE, DIGITALLY ENABLED
Additionally, I will introduce you to the
concept of entrepreneurship and how
it interlinks with family business to
help it grow, develop and innovate.
11. HTTP://EMAGINE-GROUP.COM BRAND FOCUSED, SOCIALLY ACTIVE, DIGITALLY ENABLEDHTTP://EMAGINE-GROUP.COM BRAND FOCUSED, SOCIALLY ACTIVE, DIGITALLY ENABLED
My Background
Educational Background
Central Michigan University
– 1991
Bachelor of Business
Administration - Marketing
Bachelor of Computer
Science
University of Michigan –
1995
Masters – Computer
Systems Engineering
Kellogg (Northwestern Univ.) –
1997
MBA - Marketing
Professional Background
SAP America – 7 years
Cisco UK – 2 Years
emagine group – 8 years
Sit on Boards of Directors
and Advisories for
organizations around the
world
Have consulted for
companies across multiple
industries and regions
Speaker at regional and
international conferences
on Marketing, ERP,
incubation and venture
capital
12. HTTP://EMAGINE-GROUP.COM BRAND FOCUSED, SOCIALLY ACTIVE, DIGITALLY ENABLEDHTTP://EMAGINE-GROUP.COM BRAND FOCUSED, SOCIALLY ACTIVE, DIGITALLY ENABLED
emagine group
Founded in 2003
Global venture development firm with investments in 15
countries across multiple industries
Since 2005, we have worked with entrepreneurs in every
stage of business development from brainstorm to
private equity investment both in our incubation center
and as independent ventures
14. HTTP://EMAGINE-GROUP.COM BRAND FOCUSED, SOCIALLY ACTIVE, DIGITALLY ENABLED
Our Venture History
Our Venture Portfolio
Fashion Houses (2)
Hollywood Movies (3)
Game Development Houses (2)
Massive Multiplayer Online
Gaming Platforms (2)
Search Engine
Restaurants (3)
Manufacturing Company (2)
Furniture Company
Biotechnology Company (2)
Medical Equipment Company (2)
Telecommunications Company
Mobile Payment Provider
Recent Investments
Middle Eastern Airline
2 Hotels in Europe
A Pakistani Fashion House
Hydro Electric Company
Mobile Company
15. HTTP://EMAGINE-GROUP.COM BRAND FOCUSED, SOCIALLY ACTIVE, DIGITALLY ENABLEDHTTP://EMAGINE-GROUP.COM BRAND FOCUSED, SOCIALLY ACTIVE, DIGITALLY ENABLED
Our History In Venture Capital
In the past 6 years
– Heard over 1500 elevator pitches
– Received over 500 executive summaries
– Assessed 200 business plans
– Invested over USD 700 million in industries ranging
from technology to fashion and publications
Current investment portfolio stands at USD 970 million
We have a special understanding of entrepreneurship
and how to build successful businesses
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How to Contact Me
email – khalid@emagine-group.com
cell – 0333 229 1234
Web – http://www.emagine-group.com/
Facebook
– http://www.facebook.com/khalid.muhammad
– http://www.facebook.com/emaginegroup/
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There are 21 different definitions
of a family business, each taking
in different aspects and
characteristics
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Forms of a Family Business
Sole Proprietorships
Partnerships
Limited Liability Companies
(LLC)
S Corporations
C Corporations
Holding Companies
Publicly Traded Companies
Worldwide, estimates
of all enterprises
considered to be
family businesses
range between 80%
and 98%
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Family firms are different from
other closely held firms because
of the relationship between the
shareholders and the
management.
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Two Things That Make It Different
Family firms are differentiated by both:
– Active involvement of family in firm
management
– Intent of family members to retain ownership
of the firm
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Definition 1:
A family business is an enterprise in
which two or more family members own
15% or more of the shares, family
members are employed in the business,
and the family intends to retain control of
the firm in the future.
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Another Consideration
Another aspect that must be accounted for is the
influence the family has on:
– Ownership
– Governance
– Management participation through strategic direction
– Direct family involvement in day-to-day operations
and/or
– Retention of voting control
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Our Definition of a Family Business
A Family Business is any enterprise in which
an entrepreneur or next generation CEO
and one or more family members
significantly influence the firm.
The influence can be managerial or Board of
Directors participation, ownership control,
the strategic preference of shareholders,
and the culture and values family
shareholders impart to the enterprise.
25. HTTP://EMAGINE-GROUP.COM BRAND FOCUSED, SOCIALLY ACTIVE, DIGITALLY ENABLEDHTTP://EMAGINE-GROUP.COM BRAND FOCUSED, SOCIALLY ACTIVE, DIGITALLY ENABLED
Our Definition of a Family Business
The influence can be managerial or Board of
Directors participation, ownership control,
the strategic preference of shareholders,
and the culture and values family
shareholders impart to the enterprise.
Preference – nature of involvement of family members in
the enterprise
Ownership Control – rights and responsibilities family
members derive from significant ownership of voting
shares and the governance of the relationship.
26. HTTP://EMAGINE-GROUP.COM BRAND FOCUSED, SOCIALLY ACTIVE, DIGITALLY ENABLEDHTTP://EMAGINE-GROUP.COM BRAND FOCUSED, SOCIALLY ACTIVE, DIGITALLY ENABLED
Our Definition of a Family Business
The influence can be managerial or Board of
Directors participation, ownership control,
the strategic preference of shareholders,
and the culture and values family
shareholders impart to the enterprise.
Strategic Preference – risk preferences and strategic
direction family members set for the enterprise through
their participation in top management, consulting, board
of directors, shareholder meetings, or family councils
27. HTTP://EMAGINE-GROUP.COM BRAND FOCUSED, SOCIALLY ACTIVE, DIGITALLY ENABLEDHTTP://EMAGINE-GROUP.COM BRAND FOCUSED, SOCIALLY ACTIVE, DIGITALLY ENABLED
Our Definition of a Family Business
The influence can be managerial or Board of
Directors participation, ownership control,
the strategic preference of shareholders,
and the culture and values family
shareholders impart to the enterprise.
Culture – collection of values, defined by behaviors, that
become embedded in an enterprise as a result of the
leadership provided by family members, past and
present. Family unite and the nature of the relationship
between family and the business also define this culture.
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Our Working Definition of Family
Business
Ownership control (15% or higher) by two or more
members of a family or a partnership of families
Strategic influence by family members on the
management of the firm, whether by being active in
management, by continuing to shape the culture, by
serving as advisors or board members, or by being
active shareholders
Concern for family relationships
The dream (or possibility) of continuity across
generations
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Characteristics that Define a Family
Business
The presence of the family
The overlap of family, management, and ownership, with
its zero sum (win-lose) proposition, which in the absence
of growth of the firm, render the family business
vulnerable during succession
The unique source of competitive advantage derived
from the interaction of family, management, and
ownership, especially when family unity is high
The owner’s dream of keeping the business in the family
(the objective of business continuity from generation to
generation)
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Characteristics that Define a Family
Business
The fact that the family business managers are dealing
with their own money and the inheritance of their
children and are not as subject to the quarterly whims of
Wall Street allows for more patient capital
They will act intelligently but boldly at critical junctures,
knowing that the benefit or loss will directly affect the
family
That knowledge keeps family managers making
decisions that steadily contribute to the family’s
incremental and long-term wealth
The goal is for each generation to grow the company’s
value leaving behind a stronger and better than the one
they inherited
This makes them more imaginative, innovative and
progressive in their decision making
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The real transition from an
entrepreneurial to a family
business typically happens when
the children of the company
founder join the business as
employees.
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The business may continue to be an
entrepreneurial company and may
prefer to be known that way because
owners are concerned with the
perception of nepotism and lack of
professionalism associated with
family businesses.
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Once “next generation” family
members join the ranks of
employees and/or shareholders, the
nature of the firm changes, as do its
challenges and its unique
competitive profile
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Family-owned and family-controlled
firms account for approximately 90%
of all incorporated businesses in the
United States
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1/3 of all Fortune 500 companies are
family-controlled and about 60% of
publicly traded firms are under family
influence.
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Most family businesses are
small, but there are about 138
billion-dollar family firms in the
United States alone.
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In the US, family firms account
for 64% of the Gross Domestic
Product – about $6 Trillion
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In Germany, about 80% of all
businesses are family firms and
employ 80% of the working
population
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In Spain and France, about 80%
of all companies are family
owned and account for 75% of
employment
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In Italy, India and Latin America,
estimates are skyrocketing with
90 – 98% of all companies being
family firms.
46. HTTP://EMAGINE-GROUP.COM BRAND FOCUSED, SOCIALLY ACTIVE, DIGITALLY ENABLED
So as you can see, family-owned
and family controlled firms have
had a huge impact on the global
business environment
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Now, many people believe that
family firms are nepotistic and
conflict ridden underperformers,
family firms perform better than
non-family firms.
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35% of the Standards & Poor 500
firms are family controlled and
have outperformed non-family
controlled firms by 6.65% in
return on assets during the past
decade.
49. HTTP://EMAGINE-GROUP.COM BRAND FOCUSED, SOCIALLY ACTIVE, DIGITALLY ENABLED
Family firms were also
responsible for creating an
additional 10% in market value
between 1992 and 1999,
compared to the remaining 65%
of S&P firms.
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Research shows us that family
firms are the primary engine of
economic growth and vitality not
only in the United States but in
free economies all over the
world.
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Outside of financial
outperformance, families are a
significant factor in the creation of
new ventures.
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While the venture capital industry is
usually credited for its role in the
growth of new ventures, it is the
wealthy individuals and families in
business that provide the large share
of seed capital and early-stage
funding for large segments of the
entrepreneurial population.
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Of the 286,000,000
entrepreneurs worldwide who
launched new ventures since the
mid-1990s, only 19,000 were
financed by venture capital firms,
totaling US$ 59 billion.
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While we can see a great deal of
advantages with the family business,
there are also a number of factors
that have a negative impact
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Approximately 85% of all new
businesses failing within the first 5
years of operation.
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Among the 15% that survive, only
30% are successfully transferred to
the 2nd generation of founding family
owners
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This high failure rate amounts to the
wastage of opportunities for job and
wealth creation in many
communities.
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Not all family businesses that are not
passed down to the next generation
go on to close their doors, but many
do.
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The odds get worse between the
2nd and 3rd generations – 12% &
the 3rd and 4th generations – 4%
remain in the family.
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Today, there is a widespread belief
that a company is prehistoric and on
the road to extinction unless it is
“high tech” or has grown to be a very
large, diversified multinational
corporation.
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The Myth
There is a widespread
myth that a company is
prehistoric and on the
road to extinction if it is
not “high tech” or has
grown to be a very
large, diversified
multinational
corporation.
Murdoch
Graham
Sulzberger
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Next Week
We’ll look into the family business culture,
stewardship and relationships
We will also look at the different types of family
businesses that are created and managed in
today’s economic marketplace