jerryking + family_business   45

What’s Left After a Family Business Is Sold?
Aug. 9, 2019 | The New York Times | By Paul Sullivan

Having a pile of money after a company is sold, in place of a company, with all of its stress and complications, would seem like a relief. But a company often holds families together by giving members a shared identity and conferring a status in the community established by previous generations.

Without the company, the family’s perception of itself and its purpose can change, and it is often something that members are not prepared for. Their focus was on running the business and then on the sale; little thought went into what comes next......“The key to doing it successfully is how you prepare yourself and how you prepare your family. It’s really a lifestyle choice.”

If families do not do it right, splitting apart is almost inevitable. “A shared business becomes very much a glue,” ....“When the business is sold, what we see in almost every situation is some family member splits away.” .....Most advisers say the sale of a family business should focus on the transition from operating a company to managing a portfolio of money, not on the money itself. Sometimes the magnitude of the sale becomes an issue for a family’s identity, particularly if the acquisition price becomes public......some families focus more on the money than the traits that made the business successful, and fail to grasp the difference between an operating business and financial capital. ....years before the sale, the family had been formulating a plan for its wealth that focused on family values but also held the members accountable. A family scorecard, for example, tracks their progress on 40 items that the family has deemed important, including working hard, investing wisely and the protecting its legacy.
Mr. Deary said the family used the scorecard to objectively answer the question: “Are we constantly trying to get a little bit better every day at what we do?”

As the wealth stretches out and families grow, those values can become a substitute for the company.
.....continuing education about a family’s values, particularly when the company was gone, allowed successive generations to understand where their wealth came from.

Those values often work best when they are broad — honesty, integrity, hard work — and not so specific that family members chafe. “The loose binds bind best,”

Family relationships can suffer when there are no shared values but strong financial connections, like a large trust or partnership that manages the wealth.
accountability  exits  family  family_business  family_office  family_scorecards  family_values  generations  generational_wealth  heirs  liquidiy_events  money_management  purpose  relationships  Second_Acts  self-perception  unprepared  values  wealth_management 
8 weeks ago by jerryking
Andrea Illy: adapting a family business to a multinational world
JULY 20, 2019 | | Financial Times | by Rachel Sanderson.

*The coffee group chairman argues his style of capitalism is good for business, workers and the consumer*

Andrea Illy, third generation heir of the Illycaffè dynasty, last year struck an alliance with investment group JAB Holdings to produce and distribute Illy coffee capsules...he makes it clear that he does not intend to sell the closely held family company..... “It is a very simple principle about preserving our freedom,” he says of his and his family’s decision, one....Freedom is a word that comes up frequently in conversation with Mr Illy.....who espouses a sort of pick-and-mix version of capitalism, resolutely refusing to focus only on sales and profits. Illy argues his style of capitalism is not charity but good business.......Illy has paid its growers on average 30% more over market value for decades in order to maintain its supply of top Arabica beans. “....The company is rooted in the border city of Trieste....which is also ingrained in the nature of the family......globalisation and increasing competition in the coffee sector has forced Illy to adapt. Staying closely held does not work any more. Co-opetition is his new mantra."“It is like the way to adapt in the savannah. If you do not want to be prey to the big lion, you live in a tree.”"

Part of that adaptation has been the deal with JAB, which allowed Illy coffee capsules to be produced and distributed in supermarkets globally, something that Illy could not do alone......The global coffee industry has become increasingly like the beer tie-ups of the 1990s, with big groups such as JAB and Nestlé snapping up smaller companies. Illy has risked being squeezed between these behemoths and the microroasters emerging as the hip caffeine hit for millennials and Gen Z.....Bigger groups have circled Illy for years. Mr Illy says the family chose JAB because it had the technology he wanted and accepted a licensing agreement rather than an equity one.....To build its global presence, Mr Illy is now looking for a retail partner in the US to help launch Illy coffee bars in the world’s largest coffee market. He says he could even sell a slice of equity. But he is very specific who it would be to: a private financial investor, not an industrial group.....there have been other adaptations. Three years ago, Illy hired an outside chief executive — Massimiliano Pogliani, a former executive at Nestlé’s Nespresso — for the first time since the company was founded in 1933 by Mr Illy’s grandfather, Francesco. Mr Illy has also built a board including executives from clothing group Moncler and Italian cosmetics group Kiko...... studies show that family businesses often fail in the third generation. The move to hire outside management and governance comes as studies also show that family-owned, professionally-run companies are among the best performing in the long term. ......Mr Illy sees these alliances as the only way for a family business model to thrive and to not have to cede control to a multinational when “complexity is becoming too big for a single person to manage”.
.....good stewardship is good business......The Illy family is a supporter of arts and culture, including Trieste’s annual sailing regatta, the Barcolana, where hundreds of boats race across the bay. Mr Illy says this creates a virtuous circle: the more attractive Trieste becomes, the more talented people Illy can attract to work for it and the more visitors come to the city and raise its brand profile........A portrait of his father Ernesto hangs opposite his desk. “I put the painting there to ask him to control what I do,” Mr Illy says.

What, then, has he learnt from his family? “Society is made by the private sector, mostly. And if you want to improve society then we need to be able to pursue long-term goals which are beyond profitability, and then you have to be free and accountable only to yourself,” he says.

Three questions for Andrea Illy
Who is your leadership hero? I have three: Muhtar Kent, former chairman of Coca-Cola; my father; Sebastião Salgado [the photojournalist].

If you were not a CEO/leader, what would you be? A neurosurgeon.

What was the first leadership lesson you learnt? My father asked me when I turned 14 years old where I wanted to go to school. Do you want to start a journey to be a leader or do you want to have fun? I chose the first option and as a result chose boarding school in Switzerland over a local school at home. There I learnt about discipline and hard work but also about the power of a charismatic leader from my headmaster.
alliances  boards_&_directors_&_governance  climate_change  coffee  coopetition  dynasties  family  family_business  family-owned_businesses  financial_buyers  heirs  high-quality  Illycaffè  investors  JAB  licensing  Nestlé  premium  private_equity  privately_held_companies  stewardship  sustainability  the_counsel_of_the_dead  virtuous_cycles 
july 2019 by jerryking
An unusual family approach to investing
May 30, 2018 | FT | John Gapper.

JAB’s acquisition of Pret A Manger resembles private equity but with a long-term twist.

Warren Buffett’s definition of Berkshire Hathaway’s ideal investment holding period as forever. ....Luxembourg-based JAB, owned by four heirs to a German chemical fortune, takes a family approach to investing. It is unusual in that this holding company seeks to retain its portfolio companies for at least a decade. These include Panera Bread, Krispy Kreme and Keurig Green Mountain coffee, which it merged with Dr Pepper Snapple in an $18.7bn deal in January 2018. This week JAB acquired the UK sandwich chain Pret A Manger for £1.5bn, continuing its buying spree of cafés and coffee, mounting a challenge to public companies such as Nestlé.

**These companies are acquired not to be traded but to be invested in and expanded.**

JAB is an innovative combination of ownership and investment in a world that needs challengers to stock market ownership and private equity. It is family controlled, but run by veteran professional executives. When it invests in companies such as Pret A Manger, it deploys not only the Reimann family’s wealth but that of other entrepreneurs and family investors.......Some of the equity for its recent deals, including Panera and Dr Pepper, came from funds raised by Byron Trott, the former Goldman Sachs investment banker best known for being trusted by the banker-averse Mr Buffett. Mr Trott’s BDT banking boutique specialises in advising founders and heirs to corporate fortunes, including the Waltons of Walmart, and the Mars and Pritzker families.

This is investment, but not as most of us know it. By definition, the world’s companies are mostly controlled by founders and their families — only a minority become big enough to be floated on stock markets and need to disclose much of their workings to outsiders. Family fortunes also tend to remain as private as possible: there is little incentive to advertise how much wealth one has inherited......As [families'] fortunes grow in size and sophistication, more of the cash is invested in other companies rather than in shares and bonds. That is where JAB and Mr Trott come in.

Entrepreneurs and their families tend to be fascinated by their own enterprises and bored by managing their wealth. But they want to preserve it, and they often like the idea of investing it in companies similar to their own — industrial and consumer groups that need more capital to expand. It is not only more interesting but a form of self-affirmation for the successful....Being acquired by JAB is appealing. The group turns up, says it will not take part in an auction but offers a good price (it bought Pret for more than its former owner Bridgepoint could get by floating it). It often keeps the existing executives, telling them they have to plough their own money into the company, and invests in long-term growth provided the business is efficiently run.

This is more congenial than heading a public company and contending with a huge variety of shareholders, including short-term and activist investors. It is also less risky than being bought by 3G Capital, the cost-cutting private equity group with which Mr Buffett teamed up to acquire Kraft Heinz. While 3G is expert at eliminating expenses it is less so at encouraging growth.
coffee  dynasties  high_net_worth  holding_periods  investing  investors  JAB  long-term  Nestlé  Pritzker  private_equity  privately_held_companies  Unilever  unusual  Warren_Buffett  family  cafés  Pret_A_Manger  3G_Capital  discretion  entrepreneur  boring  family_business  heirs 
may 2018 by jerryking
India’s Biggest Competitors to Walmart and Amazon? Mom and Pop - WSJ
By Eric Bellman and Vibhuti Agarwal | Photographs by Smita Sharma for The Wall Street Journal
May 28, 2018 9:00 a.m. ET
Amazon  bricks-and-mortar  convenience_stores  e-commerce  family_business  India  local  mom-and-pop  retailers  Wal-Mart  small_business 
may 2018 by jerryking
Why wealthy families lose their fortunes in three generations - The Globe and Mail
AUGUSTA DWYER
Special to The Globe and Mail
Published Thursday, Jan. 26, 2017

Among the causes of the phenomenon are taxes, inflation, bad investment decisions and the natural dilution of assets as they are shared among generations of heirs.

Yet among the most compelling causes are younger family members who are ill-prepared or unwilling to shoulder the responsibility of wealth stewardship. They have grown up with plenty of money and are a step or two removed from the work ethic and drive of the people who made it for them.

“There is a risk of entitlement that comes to the fore, and that is where things tend to go off the rails,” says Thane Stenner, director of wealth management at Vancouver-based StennerZohny Investment Partners, part of Richardson GMP.

The key to overcoming that, he adds, is communication, which means “family discussions, family meetings, and trying to be very proactively engaging with the next generation, rather than reactive.

“Successful families are basically talking a lot to them about what the previous generation has done and engaging them by asking about their own dreams and aspirations. And really helping to enlighten them, or get them excited about their own future and how the family can help fund that future, but in a very responsible, business-like way.”

According to Mr. McCullough, almost as much time and effort should be spent in preparing the heirs to receive the wealth as actually investing and managing it.

“That involves understanding what your family’s set of values is,” he says.
attrition_rates  wealth_management  family  values  stewardship  generational_wealth  Tom_McCullough  Northwood  family-owned_businesses  family_business  Communicating_&_Connecting  mission_statements  entitlements  mindsets  family_office  work_ethic  heirs 
january 2017 by jerryking
When Impact Investing Stays Local - The New York Times
JULY 17, 2015
Photo

Rob Houghton, left, and James Houghton found a way to give some of their wealth back to Corning, N.Y., the town that helped make Corning, their family business, a success. Credit Porter Gifford for The New York Times
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Continue reading the main story
Wealth Matters
By PAUL SULLIVAN
Corning  impact_investing  philanthropy  wealth_management  high_net_worth  family_business 
july 2015 by jerryking
Three generations of de Gaspé Beaubien family give back to Canada - The Globe and Mail
ROY MACGREGOR
GATINEAU, QUE. — The Globe and Mail
Published Friday, Jun. 05, 2015

Working with Ottawa Riverkeeper’s capable executive director, Meredith Brown, the partnership last weekend hosted a summit, AquaHacking 2015, in a hotel just across the river from Parliament Hill. With the help of co-sponsor IBM, they held a “hackathon” and gave out $20,000 in prizes to computer wizards who came up with the best applications to help gather data on the health of the river. Some came from as far away as California to compete.
philanthropy  family  family-owned_businesses  water  family_business  public_service  Quebec  civics  youth  leadership  giving  serving_others 
june 2015 by jerryking
The poker-faced Bradley Shaw pegs his future on WiFi - The Globe and Mail
RITA TRICHUR - TELECOM REPORTER

CALGARY — The Globe and Mail

Published Friday, Apr. 11 2014
Shaw  Wi-Fi  CEOs  family-owned_businesses  family_business  profile 
april 2014 by jerryking
If I was...setting out to be an entrepreneur - FT.com
January 15, 2014 | FT | By Daniel Isenberg.

“Worthless Impossible and Stupid: How Contrarian Entrepreneurs Create and Capture Extraordinary Value”.

...If I were setting out as an entrepreneur today, I would buy an existing company to scale up rather than build a start-up from scratch. I would make incremental tweaks of improvement rather than innovate, exercise cool judgment rather than hot passion and build my departure plan from day one...a lot of great businesses, such as PayPal [the online payments system] and Kaspersky [the internet security company] are carved out of, or combined from, existing assets, or are family businesses taken sky-high by the second or third generation...Rather than start a new company, I would buy a rusty old business to fix up and grow as fast as I could. I want a discarded company that is undervalued but can be dusted off, refurbished with vision and talent, and scaled up. I would be talking to venture capitalists....I know that proprietary technology is not a market maker by itself. Great marketing and management almost always trump big innovation.

Minnovation – small tweaks on existing products – is what moves the ball of economic growth forward. Neither Facebook nor Google, for example, were technology pioneers.

Big innovations are few and far between and are often the stuff of large companies with long patience and deep pockets....Next, I would drain my venture of passion and replace it with commitment, hard work and realistic and relentless self-assessment....start with a stark test of harsh neon lights, exposing every flaw and crack long before the market does so that I can fix them before the customers vote with their feet....plan one's passionless departure from the start, creating a platform to allow the talented people and partners I hire to outperform me very soon.
entrepreneur  entrepreneurship  rules_of_the_game  unglamorous  books  Daniel_Isenberg  advice  howto  passions  exits  lessons_learned  turnarounds  contrarians  scaling  minnovation  undervalued  under-performing  carveouts  family_business  proprietary  incrementalism  self-assessment  customer_risk  breakthroughs  large_companies  vision  refurbished  spin-offs  hard_work  dispassion  marketing  management  commitments  marginal_improvements  unsentimental  outperformance 
january 2014 by jerryking
Long & McQuade CEO on family owned business success
Nov. 17 2013 | The Globe and Mail | RICHARD BLACKWELL.

What is that business model?

We take a very long term view of our customers – a cradle-to-grave thing.

Most people who are musicians, through their whole life they identify as being a musician. [Often] their kids are musicians and their parents are musicians. They might take piano lessons when they are little, then they might be in a school band, then a rock band in high school. They might get an acoustic guitar when they are in their 20s, and when they get older they might become a collector of expensive guitars. We want to interact with them all the way through.

So, very often, we are not really concerned with making the big sale. We want to be the company that, whenever this person needs anything regarding music, he immediately comes to us. Whether he needs a guitar pick or a $4,000 Les Paul [guitar], he comes to us.
music_industry  family-owned_businesses  family_business  business_models  CEOs 
november 2013 by jerryking
Historian David Landes’s theories of ‘superior’ cultures are still polarizing
Sep. 11 2013 | - The Globe and Mail | DOUGLAS MARTIN

David Landes, a distinguished Harvard scholar of economic history, saw tidal movements in the rise of seemingly small things. He suggested that the development of eyeglasses made precision tools possible. Maybe, he said, using chopsticks helped Asian workers gain the manual dexterity needed to make microprocessors....In his 482-page Revolution in Time: Clocks and the Making of the Modern World, published in 1983, Prof. Landes examined the growth of the Industrial Age through the history of timepieces, tracing their origin to medieval European monasteries; monks, he wrote, needed something to tell them when to gather for a regular round of group prayer.... His most influential work, The Wealth and Poverty of Nations: Why Some Are So Rich and Some So Poor (1998), answered the question posed in its title (a play on that of Adam Smith’s classic work) by pointing to the importance of the Protestant work ethic and European attitudes toward science and technology....His dissertation became his first book, Bankers and Pashas: International Finance and Economic Imperialism in Egypt....Reviewing his 2006 book, Dynasties: Fortunes and Misfortunes of the World’s Great Family Businesses, for The Times of London, Christopher Silvester described the writing as pithy, thoughtful and sprightly. The book offers 13 sketches of tycoons, including Henry Ford, John D. Rockefeller and Armand Peugeot.
historians  obituaries  books  cultural_values  family_business  economic_history  scholars  Harvard  work_ethic  industrial_age  precision  manual_dexterity  moguls 
september 2013 by jerryking
Steve Kroft: Growing a firm to help feed the world - The Globe and Mail
Feb. 17 2013 | The Globe and Mail | Gordon Pitts.

Steve Kroft runs the kind of company that is on Canada’s endangered species list. Winnipeg-based Conviron is a mid-sized manufacturer with a high-value-added product that is the world leader in its niche. The product line consists of environmentally controlled chambers used for plant research, and exports account for 90 per cent of sales. The family company – whose official name is Controlled Environments Ltd. – has been export-driven since it was established 49 years ago. As Steve Kroft explains it, the high Canadian dollar has only made it stronger....And where are the opportunities?

Our core competence is designing controlled environments. We happened to focus on agriculture and plant growth, but controlled environments are needed in other industries. People come to us to test protective clothing for first responders, or for applications in pharmaceuticals and chemical storage, and we do a very good job. We haven’t marketed yet in those kinds of areas, but they are where we can make a contribution.
Canada  Canadian  core_competencies  Gordon_Pitts  greenhouses  manufacturers  mid-sized  exporting  family-owned_businesses  value_added  niches  Winnipeg  farming  agriculture  family_business  value  endangered 
march 2013 by jerryking
When Junior lacks the family royal jelly
May 2, 2004 | FINANCIAL POST | Thomas Watson

'You can hire better than you can sire,' says one successful entrepreneur

When Junior lacks the family royal jelly

BY THOMAS WATSON
entrepreneur  succession  family_business  family-owned_businesses 
january 2013 by jerryking
Family Circus.pdf (application/pdf Object)
December 31, 2001 By Thomas Watson
Canadian Business Magazine - RICH 100
succession  family_business  family-owned_businesses  retire 
january 2013 by jerryking
FROM BIRDSEED TO VIRTUAL WORLDS: CELEBRATING WESTERN’S ENTREPRENEURS
Spring 2008 | Alumni Gazette

So, what ideas have Western alumni breathed entrepreneurial life into?
Birdseed, chocolate, wine labels, IT solutions, theatre renovation, student marketing, video screens, comic books, sick leave business, changing the world, men’s underwear, Christian dating, wellness centre, CT scanners, dog prosthetics, run-down apartments, Canadian books, fast sushi, ESL, global currency, handheld 3D scanners, Greek school, dry cleaning bag advertising, game inventing, clothing, virtual tours,global currency, contrarian investing, computer parts, cholesterol control, virtual worlds, better foods, humanitarian bank…
It’s just the tip of the iceberg in terms of how many actual businesses have been created by alumni around the world.
UWO  Ivey  entrepreneurship  family-owned_businesses  family_business  alumni 
november 2012 by jerryking
New business model grows family farm into global player - The Globe and Mail
PAUL WALDIE innovators
From Tuesday's Globe and Mail
Published Tuesday, Nov. 23, 2010 (send to Michael Watson)
In 2005, Mr. Menzies agreed to return home and become a co-owner of Wigmore Farms. He came with one condition – the farm’s business model had to change.

Instead of growing crops and then finding a buyer, Mr. Menzies said the farm had to start looking for customers first. The typical farm model is “backward to everything I ever did in the engineering and technology side,” he said in an interview. “We looked for a need and we filled it. And where we found that need was from the world.”
business_models  farming  agriculture  globalization  Wigmore_Farms  Paul_Waldie  change  OPMA  family_business 
may 2012 by jerryking
Entrepreneur's Enigma
March 2004 | Worth | Dwight Cass (Editor-in-Chief)

Nearly 90% of the nation's entrepreneurs want their firms to remain in family hands after they exit the scene...."If you want to have a good family business, it's important to have a good family"
family-owned_businesses  family_business  entrepreneur  values  family 
may 2012 by jerryking
How to Save the Family Business - WSJ.com
This article originally appeared in The Wall Street Journal on Aug. 19, 1994 | WSJ | By PETER F. DRUCKER
family-owned_businesses  Peter_Drucker  howto  family_business 
may 2012 by jerryking
CURSE OF THE THIRD GENERATION?
22 Nov. 2006 | Report on Small Business | by Oliver Moore.
motorcycles  family_business  Seagram  succession 
december 2011 by jerryking
Who are you without your business?
Jun. 12, 2009 | The Globe and Mail | Thane Stenner. “When
you sell a company, it can be like having a large part of your identity
suddenly removed,” he told me. For Mr. Bentall, the feeling was
compounded by the fact that Dominion Construction had been a family
business for three generations. “I distinctly remember selling, and
feeling like half my face had been erased.”

As a way of dealing with those challenges, Mr. Bentall founded Next Step
Advisors ( http://nxtstp.net/ ), a succession coaching and consulting
group. He now draws upon his personal experience to help other business
owners through the selling process, and to find what he calls
“endeavours of purpose” after the sale.

Contact Info:
David Bentall's Office
604.317.2624
Toll Free: 1.866.594.4012
#701-150 Athletes Way
Vancouver, BC
V5Y 0B5
bentall@nxtstp.net
high_net_worth  exits  Thane_Stenner  succession  owners  jck  Second_Acts  family_business  family-owned_businesses 
august 2010 by jerryking
Family Ties Put Companies in Bind - WSJ.com
MARCH 23, 2010 Wall Street Journal | By EMILY MALTBY. Family
Ties Can Put Companies in a Bind . Partnerships Between Siblings,
Parents, Cousins Become More Strained Amid Tight Finances, Issues of
Future Strategy.
partnerships  small_business  stressful  family_business  relationships 
april 2010 by jerryking
Whose Business Will This Be? - WSJ.com
March 17, 2008 WSJ article by Jilian Mincer on estate planning when one child works for the company but the others don't
estate_planning  small_business  entrepreneur  family_business 
february 2009 by jerryking

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