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Family Business Management Programme 2020

Wednesday, 04 March 2020

The Family Business National Centre of Excellence is inviting business founders, next generation managers and those with an interest in learning how

 

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Growing a family business - LEO Enterprise Week BOI Workbench Centre Fri 6th March 8am

Wednesday, 04 March 2020

Phil Cone of Acadeny Crests Ltd and Michael Finn NSG Ltd will be interviewed by JJ O'Connell of Family Business Ireland to discuss their growth

 

Read more


Growing a family business - LEO Enterprise Week BOI Workbench Centre Fri 6th March 8am

Wednesday, 04 March 2020

Phil Cone of Acadeny Crests Ltd and Michael Finn NSG Ltd will be interviewed by JJ O'Connell of Family Business Ireland to discuss their growth

 

Read more



Family Business Management Programme 2020
Wednesday, 04 March 2020 21:21

The Family Business National Centre of Excellence is inviting business founders, next generation managers and those with an interest in learning how best to manage issues such as succession, legacy, transference and planning to make contact. Applications and expressions of interest to participate in the inaugural family business programme are welcome. The National Centre of Excellence is Ireland's only specialist family business centre. For more information please contact Sinead at 021 4211433.  

 
Growing a family business - LEO Enterprise Week BOI Workbench Centre Fri 6th March 8am
Wednesday, 04 March 2020 20:57

Phil Cone of Acadeny Crests Ltd and Michael Finn NSG Ltd will be interviewed by JJ O'Connell of Family Business Ireland to discuss their growth strategies as MDs of 2nd generation family businesses. This talk is part Enterprise Week and is taking place at the BOI Workbench space Patrick St. Cork. For information go to corkcityleo.ie. 

 
Growing a family business - LEO Enterprise Week BOI Workbench Centre Fri 6th March 8am
Wednesday, 04 March 2020 20:57

Phil Cone of Acadeny Crests Ltd and Michael Finn NSG Ltd will be interviewed by JJ O'Connell of Family Business Ireland to discuss their growth strategies as MDs of 2nd generation family businesses. This talk is part Enterprise Week and is taking place at the BOI Workbench space Patrick St. Cork. For information go to corkcityleo.ie. 

 
Energia Irish Family Business Awards 2020
Wednesday, 04 March 2020 20:39

Energia Irish Family Business Awards 2020 nominations deadline extended to March 11th. 

 
Calling all small firm owner-manager/senior managers……
Wednesday, 20 February 2019 11:42

The Innovation Value Institute (IVI) at Maynooth University, Ulster University (UU), N. Ireland and Anglia Ruskin University, England are undertaking research on small to medium sized enterprise (SME) use of digital technologies or ‘digitization’.

Digitization through leveraging digital tools and technologies has already had a significant disruptive influence on many industries, yet a lot of small firms continue to struggle to achieve effective digitization, and more often see digitization as an issue for larger firms. 

 

As a small firm owner-manager/senior manager, they are very interested in your views and opinions, on various aspects of digitization for your business.

 

If interested to help you could devote some time (approximately 10 minutes) to complete the online survey, at the following link: https://bit.ly/2MVXwRy

 

In return you will:

  • Be entered into a PRIZE DRAW for 10 x 50 euro Amazon vouchers
  • Receive a copy of the summary findings of this research. Gaining insights and learning how other firms are approaching ‘digitization’.

 

 

All responses will be treated in the strictest confidence and none of the specific information provided will be identified in the final research output.

 
PWC Family Business Report 2019
Wednesday, 13 February 2019 14:59

PWC Irish Family Business Report 2019

PWC survey of over 100 businesses, conducted in late 2018, reveals that the Irish family business sector is positive about the future. They have long term goals and success in sight - and the focus is on how to achieve them.

 

Click here:  https://www.pwc.ie/reports/family-business-report-2019.html

 
The Impact of Family Business in Ireland
Sunday, 20 May 2018 21:56
Although this repost is based on findings up to 2005. It is important to know the impact that family business has in Ireland. 
 
 
This report presents a comprehensive picture of the contribution of family businesses to the traded
services sectors in Ireland. The information is sourced from the 2005 Annual Services Inquiry
(ASI). The ASI is an enterprise survey covering the retail, wholesale, real estate, renting and
business services and other selected services sectors.

 

Click on the link below to read more:

https://www.dcu.ie/centre-for-family-business/impactoffamilybusiness.shtml

 
What Daughters Learn When Mom Is the Boss of the Family Business
Sunday, 20 May 2018 21:43

A well-run company may be the best Mother's Day gift of all for women who follow their mothers into family-business leadership roles. After all, their mothers were the ones who taught them about leadership in the first place -- both at home and in the office, where they focused on building enduring companies.

In the process, those mothers exemplified a new paradigm for their daughters, demonstrating how to put their values to work and build on the legacies they inherited.

 

 

As an EY global survey of the world's largest family businesses, Women in leadership: The family business advantage showed, the presence of women in family-business leadership roles makes it easier for all of the company's women -- family and non-family alike -- to see themselves as leaders.

The study, conducted by an independent research institute, surveyed 525 of the world's largest family businesses across multiple industries. The responses represented 25 of the largest family businesses in each of the top 21 global markets.

 

 

More recent data, to be released from EY's Global Family Business Survey 2018, showed that 60 percent of the world's largest family businesses were considering having a woman as their next CEO. In addition, 82 percent of these companies already had women in their C-Suites. Those that did averaged a leadership roster of nearly six women in these roles, up 20 percent in the just three years since EY's earlier survey.

Clearly, then, companies are increasing their numbers of women in leadership roles. The experiences of the following three leaders support these findings that show family businesses excel at advancing women.

 

 

Teach yourself to be brave.

Jayne Millard, chairman and CEO of global electrical and industrial distributor Turtle & Hughes, credits her mother Suzanne Millard, the company chair, with preparing her to lead the 900-employee business.

As a young woman, Jayne Millard recalled being impressed by her mother's fearlessness. "She never stopped to think, 'Maybe I shouldn't have this conversation, or make this ask,'" Millard told me in an interview.

 

 

The company, founded in 1923 by Millard's great-grandfather M. Berry Turtle and his business partner Bill Hughes, has had a history of leadership by women. After Turtle's death, his wife Ethel, who provided the funds to start the business, stepped in and ran it from 1942 to 1965. Her son, Jayne's grandfather, was in charge for just three years before he died.

 

Jayne's mother then took control and made big changes, moving the company from New York City to Linden, N.J., where it is headquartered today, and creating an employee stock ownership trust, which she used to buy out her sisters, who wanted to sell the business.

"My mother is the only reason we didn't sell this company," Millard said. While she admired her mother's sense of mission, she did not always envision following her into the family business, she said. Instead, early in her career, she worked in marketing for the Martha Graham Center for Modern Dance. Only later did she decide to earn an MBA as a tool to inform her role as a Turtle & Hughes board member.

 

 

 

Then, in 1991, at her mother's request, Millard joined the business, in the marketing department. She rose through the company, becoming CEO in 2008. In every role, she said, she benefited from her mother's influence. "My mother showed me that you have to teach yourself to be brave," she said. That means you may have to "fill in the blanks and fake it a little as you learn on the job," she added.

It's a lesson her great-grandmother and mother both lived by before her as they assumed roles that were especially untraditional for women of their time.

 

 

Just keep going.

Kris Kowalski Christiansen, CEO of Kowalski's Markets, a 1,500-employee company headquartered in Woodbury, Minn., grew up hearing stories from her mother, Mary Anne Kowalski, the company's owner.

But those stories were hardly children's fairytales. While the grocery industry remains male-dominated today, it was even more so in 1983 when Mary Anne and her husband, James, who died in 2013, founded the business. Kowalski recalled being dismissed frequently by men who were not used to working with a woman.

 

 

"Everything came in addressed to 'James Kowalski, Owner,'" she told me. When she answered the phone, it was a challenge to get vendors and suppliers to understand that, yes, she could handle their business -- there was no need to wait for a response from her husband.

During a trucking strike, Kowalski was particularly upset by sexist jeers from the truckers, though, she said, that didn't stop her from climbing into a truck and driving it across the strike line.

Over the years, she said, she would tell her daughter and only child, Kris, all of this. Kris was 16 when her parents started the business. By telling Kris her stories, Kowalski said, she hoped to prepare her daughter to navigate similar situations. "I wanted her to be aware both for herself and for other women at the company," the mother said. "I think, at times, I made her nervous -- she saw me get pretty angry."

 

 

For Kris Christiansen, who started working at the company in 1990 and became CEO in 2017, the takeaway was to know her worth and continue to do her job. "Even though I saw my mother's anger and disappointment, in me it manifested as, 'You just keep going,'" she said.

Christiansen said she also benefited from her mother's mentoring abilities. Due partly to hearing of Kowalski's early experiences, Christiansen said she recognized the importance of mentoring women, and diverse employees more generally, to assume leadership roles throughout the company.

 

She said she shares that priority with her own daughter, who's 13, though it's too early to tell whether that young girl will follow her mother and grandmother into the business.

 

 

Make it personal.

Diana Nelson succeeded her mother, Marilyn Carlson Nelson, as board chair of global travel and hospitality company Carlson in 2012. Curt Carlson, Diana's grandfather, founded the Minneapolis-based business in 1938, and took an autocratic approach to leadership that prioritized the chain of command.

When his daughter, Marilyn, who also served as CEO, assumed leadership following his death in 1998, she transformed the corporate culture, aligning it more with her personality and sensibilities.

 

 

"The workforce was demoralized by [Curt's] top-down rule," Marilyn Nelson told Family Business magazine. "I wanted to lead with love and create a collaborative environment that was less linear." A working parent herself, Nelson also structured the work environment to be more consistent with employees' family lives. The company, which was later honored as one of the "100 best companies for working mothers," was among the first companies to offer paid paternity leave. During Marilyn Nelson's tenure, Carlson's revenues doubled.

 

Enter the third generation: "My mother was a profound teacher," Diana Nelson told Family Business. "Everything she did reflected her personal ethics. She showed us that businesses could be profitable and good citizens."

 

It's a mindset that's particularly common among these women-led family businesses. Considering the women who came before her, Jayne Millard said, "The biggest gift they gave me was to create a culture that recognizes the company isn't ours to sell, it's ours to rebuild for the next generation."

 

 

 

 

 

Source:https://www.entrepreneur.com/article/313152

 
Your Family Business Won't Survive If You Don't Plan for the Leadership Transition
Sunday, 20 May 2018 21:03

The artice below is based on a topic that we here at Family Business Ireland are passionate about. Approximately 70% of Family Businesses in ireland have not successfuly continued on to the next generation. The main reason for this is that they had not thought about their succession plan. Please have a read at the article below and should you wish to enquire on Succession planning, please do not hesitate to contact us here at Famly Business Ireland.

 

 

 

--> When advising family business owners, one of the biggest challenges I see clients grapple with is the transition from being "power players" who dominate every aspect of the company, to "people builders" who cultivate the next generation.

 

 

Take the example of "Terry," who had successfully led his manufacturing company for almost three decades. At age 68, he just didn't have the energy that he'd had even 10 years ago. What he did have was a wealth of institutional knowledge, which was part of his company's success. Terry was still the public face of the company, known throughout the community and by his customers and distributors as an astute businessperson with a big heart. Unfortunately, all of Terry's secrets to success were locked in his brain, so when his two sons stepped up to take a leadership role, they had no relationships with key stakeholders, such as the advisory board, the bank, the local community, customers and suppliers. Their style of leadership also was different than Dad's. Key customers were leery of the impending change and suddenly became more interested in re-negotiating contracts.

 

Much of this difficult transition could have been averted if Terry had included his sons in key business meetings and relationship-building opportunities early in their leadership training. Terry had a lot to share, but he just didn't know how.

 

 

 

Family business challenges

Terry isn't alone. There are approximately 5.5 million family businesses in the U.S. According to Tharawat Magazine, these businesses are estimated to account for more than half of the U.S. GDP and employ more than 60 percent of the workforce. Yet, despite their outsized impact on our economy, many family businesses haven't planned properly -- or at all -- for a transition in business ownership. One study by MassMutual found that more than 40 percent of respondents expected to retire within 10 years. However, fewer than half of those expecting to retire in five years and less than one-third of those expecting to retire between six and 11 years reported that they had a chosen successor.

 

There are three main challenges that family business owners typically face:

 

  • How can they pass on the institutional knowledge gained through years of experience so that the next generation can keep the business going in the right direction?
  • Do they want to pass on their business culture and values, such as a connection to the community or concern for employees, to the next generation?
  • Most importantly, how can the business be strong and sustainable without them?

 

 

 

Understanding the business lifecycle

 

To address these challenges, an owner must first understand the three key stages of the business lifecycle and what must be done to progress to the stage where ownership can be successfully transitioned.

Stage one: Entrepreneurial. The founder/owner runs the show; the long-term vision is in his or her head. Rarely is there a written strategic plan. While the owner may have the support of key personnel, they are expected to execute while the owner makes the ultimate decisions.

 

Stage two: Durability. In this stage, an owner is surrounded by other leaders who have the responsibility and authority to make decisions. The business follows something of a shared vision and also has more formalized operating processes; performance metrics; and a semi-independent board, which is either fiduciary or advisory.

 

Stage three: Legacy building. Here, the owner and other company leaders have done a really good job of capturing knowledge and disseminating it throughout the organization. Businesses in this stage have done a solid job of building the leadership bench and making succession planning an orderly process.

 

Few family businesses actually progress to stage three. To get there, owners need to envision what their lives might look like 10 years down the road.

Answering questions regarding successor readiness helps owners clarify what would give them confidence as the transition evolves. The transitioning leader might gain clarity on the current state by asking: "What is working today?" This can be followed by imagining the desired future state once they have fully transitioned into the next phase of their life. However, to get from the current to the future state, most owners need to develop several interim phases that allow for making incremental changes in their role as they become more comfortable with their changing responsibilities.

 

Embracing a new role helps many business leaders to both add value, due to their vast experience, and to learn new skills that will benefit both the company and the next generation. However, this is not always easy. Owners are generally engaged and entrepreneurial people, and it is difficult to step away from the heady days of making all of the important decisions. This is why we encourage a step-by-step process that has a clear goal in mind and helps the owner to take baby steps as he or she becomes more comfortable with a new role. It also helps to be transparent with other leaders in the company about what the owner is trying to achieve and what help or support is needed to get there. Some owners choose to include their transition objectives as part of the strategic plan and may begin to introduce new organizational practices, such as an advisory board or a family council, to help to achieve those objectives.

 

 

 

Once Terry was aware of the value and importance of his years of experience, we were able to develop a plan for gradually transitioning his role and systematically sharing his wealth of knowledge. Terry began by identifying his most important strategic relationships, detailing how he formed and maintained those relationships, and introducing his sons to his many advisors, clients and business colleagues. Next, we worked together to develop a training plan that incorporated the opportunity to learn directly from Terry and other leaders in the organization. Finally, Terry and his sons developed a clear agreement, outlining the process for transitioning their roles and responsibilities over a three-year period.

 

 

Because a business transition may not come naturally to the owner, it is crucial to create a formalized process, like Terry's, that includes well-defined goals, open communication and frequent feedback. Through this process, the owner gains the ability to move from the power player position to that of a people builder.

 

 

 

 

 

Source:https://www.entrepreneur.com/article/312807

 
3 Secrets of Successful Family Businesses
Sunday, 20 May 2018 20:57

Running a business is hard work. Aside from wearing different hats to keep the company afloat, an executive also has to manage the entire team. When it comes to managing a family business, however, another layer of difficulty arises.

 

When it comes to managing a family business, separating work and personal relationships can be admittedly tricky.

It's not impossible; there's just another layer of difficulty. In fact, successful family businesses are a fairly common thing with more than two-thirds of all the companies in the world being family owned. Not only does this indicate that managing a family business can be done, but that it has a huge impact on the success of the business as well as on the global economy.

 

What are the secrets of these family businesses? Here are three. 

 

 

Secret No. 1: Family businesses practice minimalism.

 

In a world that values innovation, it's tempting to ride along every trend that takes the industry by storm. But successful family businesses have a common habit of practicing minimalism in running their business – that is, being more mindful of what they invest in and whether or not it adds value to the company in the long run.

That's why you’ll rarely see a family business with such a hip and trendy office a la Google or Apple. Instead, they'd rather focus their capital on building lean frameworks and hiring core employees so that when a recession hits, they're less likely to do any layoffs or lose money from unnecessary acquisitions.

 

 

The opportunity cost to this philosophy is that family businesses have fewer chances of "winning the jackpot" during good economic times. Hence, a smaller growth rate in the short term for the chance of a higher return on investment in the long term. 

 

 

Secret No. 2: Family businesses don't prioritize profit maximization.

Family businesses anticipate that they will stick around longer than the average startup, so they have a tendency to have a defensive business strategy.

 

 

As mentioned, family businesses are wary of joining the trend bandwagon. Cryptocurrency is one such example of a trend that may be seen by others as highly rewarding but is ultimately risky for the rest of us. Hence, you won't see many family businesses participating in such a business model.

That said, just because family businesses don't focus on maximizing profits doesn't mean they don't earn a profit. There are investments that may lose money in the short term but that prove to be a solid business model in the long run. Family businesses tend to spot these deals and build on them. Instead of earning profit for the sake of it, most family businesses do it the other way around: focusing on their product, their customers, and their employees, which consequentially leads to a higher profit in the long term. 

 

 

Secret No. 3: Family businesses draw clear lines to avoid conflict.

Unlike non-family businesses, one weakness of family-owned businesses is that there is an increased risk of conflicts when the professional and personal worlds collide. But a common secret in overcoming conflict among successful family businesses is the clear definition of roles of every member of the family.

This is how Jayco, an RV company in the U.S., continues to be the largest family-owned company in the industry 50 years after it was established.

 

 

Derald Bontrager, CEO of Jayco and son of founder Lloyd Bontrager, says one of their rules is that they don't allow conversations about work during family gatherings. They leave business at the office. 

 

 

Takeaway

You don't have to be a family business to apply these secrets to your organization. If you're having trouble running your business, then you could learn a thing or two from how family-run organizations maintain their momentum and stay successful in the long run.

 

 

 

 

 

 

 

Source:https://www.business.com/articles/successful-family-business-secrets/

 
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