Paul Hutchinson was managing the multi-billion-dollar investment fund he co-founded, as well as working with several charitable organisations when he received a phone call that would alter the course of his life. He was told that rescuing 100 trafficked children in Colombia required more than just the usual philanthropic cheques he had become accustomed to writing. He would have to become part of an undercover operation at great personal risk. 

The request was extremely dangerous, with unimaginable reasons underlying its urgency. The events that transpired as a result of that fateful phone call not only transformed Paul's perspective but also became the foundation for his new purpose – to eradicate child trafficking and its root causes. The organisation he founded as a consequence, the Child Liberation Foundation, is to date responsible for over 70 undercover missions in 15 different countries, recovering more than 5000 children. 

In this interview, Paul Hutchinson, entrepreneur, investor, philanthropist, and executive producer of the highly successful film "Sound of Freedom," partially based on his experience in Colombia, shares his extraordinary journey: one that saw him leave the investment fund he co-founded to spearhead a global movement to create a world in which every child can experience safety, freedom, and hope.  

We spoke to Cristina about the importance of the Carvajal family council, how international family members get involved and contribute to the different sectors of the council, and what the family council is doing to evolve and change as younger generations start to get involved with Carvajal. 

-Carvajal's family council is in its sixth generation with around 322 family members and growing. Cristina was the first family council member to be appointed who didn't live in the region, which opened the door to other family members joining from around the world. Today, Carvajal family council members live in Mexico, Miami, and Panama, in addition to Colombia — all committed to attending meetings and making contributions. 

-The family council was initially established to create a family protocol but has developed into an integral piece of Carvajal's organisation. The council interacts closely with the company's leadership and often acts as an information funnel for Carvajal's executive team where they can ask questions or communicate concerns. 

-In 2018, Carvajal's family council began a process of strategic planning to determine the programs that would be most beneficial to support. The council's areas of focus are communication, education, family unity, and legacy, while also overseeing the family protocol. Many of the council's programs are designed to inform, unify, and engage Carvajal family members. The council also acts as a pipeline for finding and cultivating new talent for the business within the family. 

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We spoke to Pedro about how his family’s core beliefs and social agenda are critical factors in maintaining the company’s performance and longevity, why he doesn’t think about the future too often, and how he balances his many roles. 

-Pedro was appointed CEO of Carvajal in 2020, just as the COVID-19 global pandemic was disrupting operations around the world. Pedro worked closely with the company's chair to address critical decisions and devise strategies that would see the company emerge from the crisis even stronger.

-The importance of sustainability and social responsibility has always been an important pillar of the family business. Today, ESG, conscious capitalism, and sustainability initiatives form the foundation of Carvajal's activities. The Carvajal organisation considers the community its largest shareholder, making the company's social objectives just as important as its economic ones. 

-Pedro believes that structure follows strategy, underscoring how important planning and preparation are for the business. While actively working to provide solutions for today's market demands, the company also focuses on the future and tries to anticipate what disruptive forces may lie ahead. 

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His book, “The Successor’s Voice”, is a practical guide aimed at empowered family enterprise successors looking to develop, grow, and make a difference in their roles. Join Philip as he discusses the succession process from the perspective of the successor and why he feels preparation brings key advantages to the opportunity.

-Intentionally, or unintentionally, many families put pressure on their next generation to join the business, often asking leading questions about their inevitable involvement. Consequently, successors can view their role through the lens of the family’s needs, instead of their own. Rather than answering the question of when they will join the business, successors would be better served asking themselves if they’ve taken command of the value they bring.

-Family business continuity depends on several factors, from asset growth to asset stewardship and a host of other details in between. But building family consensus is equally important. A critical task for successors is fostering agreement among family members that the enterprise will continue to progress forward from one point to the next, and the next again.

-Successors who take agency over their role and its function are better prepared for meaningful development and superior outcomes in their family’s business. A part of that is acknowledging how being a successor will probably always inform who they are and the approach they choose in their family enterprise and other professional contexts.

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“The Successors Voice” is available at http://www.philipmackeown.ie/

On this episode, Dr Malgorzata Smulowitz, Research Fellow, and Dr Peter Vogel, Professor of Family Business and Entrepreneurship at the IMD Global Family Business Center, discuss the findings in their study, “Navigating your family’s philanthropic future across generations”, and how it suggests a real need for families to transform, organise, and codify their philanthropic activities in a rapidly changing world.

- Considered a soft topic by many, secondary to the running of a company, philanthropy often emerges as a challenge for families, especially when philanthropic activities are an integral part of the family system. The emotion that drives charitable efforts makes uniting families around a common cause complex.

- The innovative and entrepreneurial spirit that drives the business activities of family firms can complement their philanthropic efforts, generating new opportunities and maximising the scale of their resources.

- Communication is key if families are going to align their philanthropic goals. The engagement itself can also be rewarding for family members, reshaping individual perceptions and testing rivalries. For next generation family members, finding a supporter respected within the family is often an important first step to initiating meaningful change in the family’s philanthropy program.

Listen and Subscribe on Spotify, Apple Podcasts, Google Podcasts, Stitcher, TuneIn, Amazon and YouTube.

View the IMD study, “Navigating your family’s philanthropic future across generations”.

Growing up with business-owning parents helped influence Ryan’s pursuit of personal and professional development, which continued after relaunching his father’s business and shaped the strategies he used to expand it. Ryan discusses the process that led him to alter the trajectory of the business and the lessons learned along the way by its family of stakeholders. Ryan also talks about how following his core principles informed his approach to leadership and why that is still so important to him.

-Failing is as much a part of the entrepreneurial experience as succeeding. Often moving forward means examining failures from different perspectives, and empathy is the key to understanding those diverse points of view.

-Ego can act as a barrier to greater growth as an entrepreneur. Realising you need help to achieve your goals, especially as those goals shift upward, is an important step to taking your business to the next level.

-For many people, the business journey is reflected in direct relation and proportion to the effort they’re willing to put into figuring it out. The difference between finding the right direction and staying lost is sometimes simply a failure of commitment.

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Laurette has been Edlong’s principal owner, President and CEO since 2012, making her the first and only woman to own a food flavouring company in the world. She sits on the board of several national and international business organisations and currently serves as the Vice President & Secretary of the Flavor and Extract Manufacturers Association of the United States. Laurette talks to us about what it takes to build a culture of innovation in a legacy business, the role of family dynamics and the journey towards defining her own leadership style.

- Fighting imposter syndrome and acknowledging your true power is the first step in owning your legacy. Trust that you own your accomplishments.

- The next generation can’t be their parents; they have to find their own voice and approach to leadership, which is difficult.

- Create an atmosphere that engenders authentic belonging. A culture where people can be themselves means that people will find their own way to success both for themselves and for the business.

Listen and Subscribe on Spotify, Apple Podcasts, Google Podcasts, Stitcher, TuneIn, Amazon and YouTube.

-Many next-gens feel the burden associated with believing they are not worthy enough compared to previous generations, which can result in a form of “imposter syndrome”. But the unique circumstances that contributed to the success of earlier generations must be taken into account. Next-gen business leaders must realise that contexts change and redefine what constitutes success for them using their own metrics.

-Where previous generations were driven by a hunger to survive, next-gens need to find their own motivation, such as increasing profitability, bettering processes, improving culture or introducing transformative technology.

-Creating a “sticky” environment that encourages employees to stay with the business is potentially critical for business successors, but next-gen’s should also realise that some changeover is healthy. There is a Darwinian process for every business in transition. It may be difficult, but not everyone is well suited to continue on a company’s journey when new leadership takes the reins.

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François de Visscher is the founder of de Visscher Advisors, one of the world’s leading independent financial consulting firms for family businesses owners. He’s also the Co-founder of FODIS, which specialises in direct investing for family offices.

Read the full article here.

-Families should take a ‘portfolio view’ of their wealth using a green, yellow, and red labelling system identifying activities that should continue, change, or halt, given current market or economic conditions.

-The assets in a portfolio should work toward the goal of stability, growth, or agility depending on the opportunities a family wishes to leverage or the uncertainty it hopes to sidestep.

-Risk is an important consideration when families are determining a course of action, but avoiding risk altogether can leave families just as exposed — stuck in traditional models that will inevitably become obsolete. Instead, families should stay close to their core competencies when approaching risk, fully understanding why it’s necessary and how it will lead to advancement.

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- Founders typically focus on the technical and legal side of transition, but building bridges and relationships within their organisation is just as important in preparing the next generation.

- Different cultures perceive the family structure within their unique and sometimes rigid context. Next-gens, exposed to Western ideas of independence and autonomy through school or travel, can clash with incumbent generations when they return home. Working through these complexities takes understanding and engagement from both sides.

- Data suggests that most unsuccessful family business transfers are due to a lack of trust and communication, not through failed strategy or technical planning. Next-gen members looking to bridge the generational divide should start small with open discussions that include siblings and other family members. First-gen members can take a similar approach, speaking with their spouses about the kind of legacy they wish to leave. The most compelling legacies revolve around the collective family and not any single individual.

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Sara Stern is a speaker, author and consultant who decided to write a handbook for spouses of family business owners because of the apparent vacuum of resources out there for them. Though they might not sit on the board or hold an operational role in the business, spouses are at the centre of it all. They are often influential in decisions and are subject to some unique stressors because of the ambiguity of their roles. 

- Spouses often get caught in triangles as the go-between for people that wish to talk to their partners, which is almost always a bad idea as it conflates family relationships with business relationships. Maintain strong boundaries to keep these areas separate.

- It's best for partners to provide support without taking sides. Try "That sounds hard. What would be an ideal outcome?" rather than "That sounds hard. Your sister is really difficult."

- Spouses need to understand their 'why' and have firm boundaries around what they're willing to do. At the same time, they need to understand their partner's 'why' and decide what that means for their relationship. For example, is a call every night at dinner acceptable? If it isn't, those expectations need to be voiced and respected.

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Read the full interactive article here.

- As it takes 10-15 years for a sturgeon fingerling to grow large enough to produce caviar, the Giovannini family have to plan far into the future. An operational reality that John says would be impossible without entrepreneurial self-belief and a positive outlook.

- Downturn and opportunity often go hand in hand. Demand for caviar actually went up over the pandemic, which, with a limited supply of caviar dictated by the spawning season ten years before, means that Ars Italica's product is worth more than ever.

- According to John, the way that Ars Italica approaches biodiversity, spawning natural species even if it means lower yields and a longer production cycle compared to hybridized variants, should be applied across the food chain to guarantee more nutritious products that are healthy for us and the environment.

Listen and Subscribe on Spotify, Apple Podcasts, Google Podcasts, Stitcher, TuneIn, Amazon and YouTube.

Dr Jamie Weiner’s experience as a clinical psychologist gives him insight into the complex dynamics that exist between family members. Since 2018, he’s devoted himself to qualitative research on the rising generation of prominent family businesses, culminating in The Quest for Legitimacy model. 

Russ Haworth is a UK based family business consultant who first entered the field nearly 20 years ago as a financial planner and wealth manager. Russ is also the host of The Family Business Podcast. 

- Rising gen family members often lack the sense that they belong in the position they find themselves in. Getting there requires awareness, introspection and exploration.

- Being part of the rising gen isn’t necessarily a product of age. Look at the new King Charles III, for example, who was a rising gen until 73.

- A rising gen’s path is often defined by transition points, which can be the death of a family member, the sale of a key company, or even something subtler, like a conversation.

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Read the full interactive article here: https://www.tharawat-magazine.com/stories/tavares-de-melo-5th-generation-family-enterprise/

Dennis Jaffe is a family business consultant and acclaimed author of books in the field. He is based in San Francisco. 

Maya Prabhu, based in London, leads J.P. Morgan Private Bank’s Wealth Advisory practice for the EMEA region and the International Family Governance practice.

- Tavares de Melo’s story is one of constant reinvention — an instructive example for family businesses that must deal with changing contexts, personnel, and dynamics over time.

- After 90 years in business, Tavares de Melo sold its physical assets and became a family office. Their work to keep the extended family engaged and unified since then is a lesson in governance and organisation.

Listen and Subscribe on Spotify, Apple Podcasts, Google Podcasts, Stitcher, TuneIn, Amazon and YouTube.

In this episode of The Family Business Voice, Tom McGinness and Andrea Calabró discuss the findings from KPMG Private Enterprise and the STEP Project Global Consortium's Annual Report, which surveyed 2,439 CEOs and other leaders from top family businesses across 70 countries and territories. Using this extensive data set, the report outlines three success factors that underpin multigenerational family success around the world.

Tom McGinness is the Global Leader of Family Business for KPMG Private Enterprise and an Experienced Senior Partner at KPMG.

Andrea Calabró is the Global Academic Director, STEP Project Global Consortium.

- The entrepreneurial orientation of upcoming leaders — a quality that allows them to take calculated risks that benefit the growth and innovation of the business — is a learned behaviour that can be developed by letting next-gens use small amounts of family capital to explore their entrepreneurial instincts from a young age.

- Unlike their non-family peers, family enterprises also measure their success through their socio-emotional wealth. This factor, which speaks to the intangible assets, including relationships, that an organisation holds, enables better decision-making and holistic, long-term strategising.

- With such strong ties to the organisation, family business members tend to exhibit motivational and transformational styles of leadership, which, coupled with their entrepreneurial orientation and emphasis on socio-emotional wealth, can contribute to better performance.

Read KPMG Private Enterprise and STEP Project Global Consortium's Annual Report "The Regenerative Power of Family Businesses" here.

Listen and Subscribe on Spotify, Apple Podcasts, Google Podcasts, Stitcher, TuneIn, Amazon and YouTube.

- Younger generations often think that senior generations don’t have the dynamism to undertake the change necessary to move forward, and trying to avoid conflict both generations avoid the subject, which can set this misconception in stone. 

- Sofia's positivity allows her to see change as an opportunity. Editoriale Domus has changed time and again over the last 90 years and innovation remains at the core of the family publisher's outlook.

- According to Sofia, there are distinct advantages to family ownership, especially when it comes to quick decision-making. As both CEO and owner, fewer obstacles stand in the way when the situation necessitates speed.

- For women entering key positions in the family business, Sofia's advice is: be yourself. Act, dress, and think like a woman because that’s who you are, and it’s one of the positive attributes you bring to a company. Diversity adds value and brings power to any organisation.

See the full interactive article here.

On this episode of the Family Business Voice, Helena Robertsson, EY’s Global Family Enterprise and Family Office Leader, discusses findings and insights from the EY 2021 Family Business Index, which illustrates the importance of the 500 largest family businesses for the global economy.

• The world’s 500 largest family businesses have shown a remarkable degree of resilience during the pandemic, weathering the storm admirably. Due to lockdowns and travel bans, many families had a chance to spend more time together, giving them an opportunity to sit down and discuss sensitive but critical matters such as succession.
• There is an opportunity to engage with the next generation through next-gen programmes and education, which is key to helping younger family members ascend to leadership and board positions, as well as encouraging diversity.
• Family businesses benefit from investment in people, such as philanthropic efforts. The wellbeing of not just employees but also the wider community can strengthen a family business’s position in the market, so they should strive to keep people at the centre of their business model.

See the full interactive article here.

See the full interactive article here.

- For Saliza Abdullah, the Managing Director and CEO of BG Capital Holdings, the continued success of her family’s business is only one part of her mission. With the help of technology, she's advancing the cause of women in her industry and ushering in a new kind of democratised security — achievements that are just as impactful as her family's extraordinary legacy.

- In working well with her mother, the delineation between business and family roles was critical. Mother and daughter could have a heated discussion at work, leave it there and then go home for a family dinner together. They wouldn't pick up the work discussion until the next day.

- In her work at BG Capital Holdings, as well as her role as vice-president of the association that governs the security industry in Malaysia, Saliza has overseen a dramatic rise in gender diversity in her industry. According to Saliza, there has been significant buy-in to the idea that gender diversity and inclusion hold the keys to sustainability in the long run.

Listen and Subscribe on Spotify, Apple Podcasts, Google Podcasts, Stitcher, TuneIn and YouTube.

See the full interactive article here.

Listen and Subscribe on Spotify, Apple Podcasts, Google Podcasts, Stitcher, TuneIn and YouTube.

On this episode of the Family Business Voice, Joseph W Reilly talks about inheritance — the often-overlooked problems associated with wealth, strategies for young inheritors to cultivate a healthy relationship with wealth, and tools, including the family office, that enable inheritors to generate positive outcomes with their wealth.

Joseph W Reilly is a family office advisor and Director of the Inheritance Project, a platform that allows inheritors to explore the emotional and social impact of wealth through the experiences of others.

– That wealth can be burdensome in some ways is often surprising to people. The stigma associated with talking about these problems and wealth in general, can exacerbate the isolation some inheritors feel.

– There’s no hiding affluence from next-gens in the digital age. Instead, healthy relationships with wealth are rooted in open communication — talking about where it comes from and the responsibility that comes with it.

– For next-gens, finding a way to apply themselves to a project they are passionate about is key. Rather than feeling burdened by their wealth, they can utilise it to create the change they wish to see in the world.

Dr Bang, Associate Director of the Thomas Schmidheiny Centre for Family Enterprise at the Indian School of Business in Hyderabad, recently co-authored a study on the impact of share pledging for Indian firms. While it dispels some of the negative myths associated with share pledging, Dr Bang’s research also calls for caution, advocating a balanced approach for family enterprises considering the practice.

– In India, share-pledging has been very popular for decades now. Almost a quarter of all businesses listed on the National Stock Exchange of India have pledged their shares in some way. The average percentage of their holding that’s pledged is a staggering 44 per cent.

– There have been many high-profile cases in the last couple of years where Indian family promoters lost ownership of their company because of share-pledging.

– Despite these cautionary tales, the practice also has its benefits, freeing up capital for family enterprises to expand. Dr Bang’s ongoing research seeks to understand share-pledging in greater detail so that families can make informed decisions about the practice.

Now, three-and-a-half decades later, Nature’s Legacy products, manufactured using upcycled waste materials, are some of the most sought after in the interior design and furniture industries. And not only are these products sustainable, but they also reinforce the company’s socially responsible values in how they are made. According to the founders, creating an environment where their people can thrive is equally important as maintaining a sustainable value chain.

Read the full interactive article here: https://www.tharawat-magazine.com/stories/natures-legacy-business-of-doing-good/

On this episode of the Family Business Voice, Pete and Cathy Delantar, as well as their son Carlo, discuss their vision of sustainability, their innovative products and their commitment to social improvement.

– Marketing never-before-seen sustainable products hasn’t been without its challenges. But when Nature’s Legacy started filling orders with major brands, their detractors had to start taking them seriously.

– According to Pete, there’s plenty of ‘low-hanging fruit’ for companies that don’t know where to begin when it comes to initiating sustainability projects. Don’t be afraid to start.

– Nature’s Legacy’s sustainability is their competitive advantage, becoming a commanding force in the market because of their proprietary, upcycled products. 

Iraj is the CEO of Ispahani Advisory and the author of a new book, Family Business and Responsible Wealth Ownership: Preparing the Next Generation. Iraj’s book helps answer some of our burning questions about next-gens – how to engage, empower and prepare them for leadership positions – topics that Iraj has firsthand experience of.

As a Group Director and sitting board member of his family’s business, The Ispahani Group, a family business with over 200 years of history, Iraj draws on his own journey as a next-gen finding his way back to the family business to inform others.

– Next-gens must identify their purpose and be able to work towards it, regardless of whether that purpose overlaps with the purpose of the family business.

– Outside experience is critical: next-gen family members need to develop their skills independently. That way, they can bring new aptitudes back to the family business if and when they join, and feel confident that they deserve their position.

– Making mistakes, entrepreneurial or otherwise is an integral part of the learning process, and older generations need to make sure that next-gens know they are welcome in the family fold even if the risks they take don’t always pan out.

Read Iraj’s book https://www.globelawandbusiness.com/special-reports/family-business-and-responsible-wealth-ownership-preparing-the-next-generation

We spoke to Ben about his journey, how he markets homegrown, and why educating consumers is such a big part of his strategy.

Read the full article here: https://www.tharawat-magazine.com/stories/crosslands-flower-nursery/

– Crossland’s longevity is rooted in the family’s ‘survival mindset’ — an attitude that’s helped them deal with the economic downturn associated with Covid.

– The flower industry hasn’t benefitted from the same sustainable advocacy that the food industry has. As a result, flower labels in the supermarket don’t list where they come from or how they were grown — information that would bring more people to Crosslands.

– As a result, Ben has taken matters into his own hands, teaching consumers about where and how mass-produced flowers are grown, what differentiates his flowers, and why people should care.

Since 1938, the DeMichaelis family has built their business on a foundation of societal sustainability — prioritising suppliers, employees and consumers.

The loyalty and trust they’ve received in return have made their business — State Garden — what it is today: one of the largest repackagers of organic salad greens in the Northeast US.

On this episode of the Family Business Voice, we spoke to Mark DeMichaelis about the importance of relationships, how trust eases transitions, and how these values are passed to the next generation.

– Societal sustainability is part of State Garden’s culture. Mark saw how his father and aunt treated suppliers and customers with the utmost respect, and models those behaviours for others.

– State Garden’s good standing with suppliers was a critical part of the transition to organic, as farmers needed to trust DeMichaelis’ forecast that organic would be more profitable in the long-term.

– For the most part, Mark and his two brothers ‘divide and conquer’. John mostly looks after operations, Kevin oversees sales and Mark provides the general direction for where the company is going, giving each the independence to do what is needed. For bigger decisions, however, the brothers only move forward unanimously.

On this episode of The Family Business Voice, we spoke to Genette Gregson, CEO of All States Trailer Spares (ASTS), about open communication, next-generation structuring and the characteristic family business work ethic.



Since ASTS was founded by Genette’s father, Peter Hilton, in 1997, it’s become one of the industry leaders as a distributor of spare parts for trailers to the automotive, industrial and OEM markets in Australia and New Zealand. Genette now works closely with her sister, Sheree Robartson, who helps steer the business as a director.

– Genette and Sheree came into the business on a permanent basis after establishing successful careers elsewhere. Both credit these experiences with helping them transition to leadership roles in a male-dominated industry.

– For Genette, working with family means a level of support that non-family businesses simply can’t offer. Because they know each other so well, Genette and Sheree can step in to help one other when needed, often without verbalising the need to do so.

– ASTS has benefitted from the formalisation Genette and Sheree have implemented since taking over from their father. Gone are the days of stock paper, which for a company with over 5000 SKUs has been a gamechanger.

On this episode of The Family Business Voice, we spoke to Fanie van der Merwe, ninth-generation General Manager of Boplaas 1743, about stewardship, legacy, innovation and pragmatism.

Taking over from his father in the 1980s, Fanie has shouldered the responsibility of guiding the family business, a working farm that also accommodates guests, for more than three decades. Now, with the departure of his brother from the business after 28 of those years, he feels more than ever that instilling the value of stewardship in his sons and the generations that follow is his most important obligation.

– Boplaas has one foot firmly planted in the future. The company’s Marlenique Packhouse operates using 90 per cent renewable solar energy produced in their floating solar plant — an African first.

– At the same time, Boplaas embraces its history and the traditions that have grown up around it. The original farmyard was named a South African National Monument in 1973, with guests travelling from far and wide to get a sense of its heritage, enjoying its pastoral nostalgia.

– One of Boplaas’ core values is stewardship, and to Fanie, that means being part of something special — a link in the chain. Having this kind of perspective leads to long-term continuity and has served the van der Merwe family and Boplaas 1743 well.

Read the full article here: https://www.tharawat-magazine.com/stories/boplaas-1743-longlasting-success-responsible-stewardship/

On this episode of The Family Business Voice, Gonzalve Bich, CEO and third-generation owner of BIC, speaks with Ramia about the visionary spirit that inspired the company’s evolution and how digitalisation represents a transformative opportunity for BIC and other family firms.

Since 2018, Gonzalve Bich has been the CEO of the family business his grandfather, Marcel Bich, founded in 1945. He is guiding BIC through this period of unprecedented change using the same precepts of empowerment and family cohesion that made BIC a global brand in the first place.

Episode Takeaways

-The ability to transform has been one of BIC’s most important assets. The company places a high degree of trust in its people, which, Gonzalve explains, has been a key component in BIC’s international expansion — allowing BIC to adapt to every market at the local level. Adaptability is an asset that many family businesses possess, and it’s especially important now in this time of disruption.

-Change simply for the sake of change is counterproductive, but re-evaluating strategies — even core business categories — is sometimes required to generate new successes. BIC leveraged this philosophy in developing its recent consumer centricity plan, which led to the creation of its BodyMark and EZ Reach product lines.

-Delivering lifetime value is a foundational part of the family firm’s longstanding relationship with consumers all over the world. BIC is also fiercely proud of its entrepreneurial spirit and continuously innovates, creating value and finding new opportunities as a means to uphold its legacy.

Read the full article here: https://www.tharawat-magazine.com/stories/bic-an-iconic-transformation/

On this episode of The Family Business Voice, Ramia speaks with business leader, entrepreneur and author Priyanka Gupta Zielinski talks about her book “The Ultimate Family Business Survival Guide”, which examines the effective characteristics of Indian family businesses that all enterprises can adopt to navigate unpredictable events, including the COVID-19 pandemic.

Priyanka Gupta Zielinski, Executive Director of MPIL Steel Structures Ltd., draws on what she has experienced working in her own family’s business to inform the findings in her book and present a unique manual to help family businesses thrive, even in times of crisis.

Episode Takeaways

-Many family business success stories begin when multiple generations are able to find common ground. Often, next generations can bring technological advantages to a business structure built with resiliency as a core tenant of its founding generation.

-When confronted with business roadblocks, families benefit from looking within themselves and examining their business history and legacy. Leveraging a management style fortified by experience and wisdom can both empower and inspire those tasked with the tough decisions.

-There are five tools that family enterprises can use as coping mechanisms during turbulent times, but the “flashlight tool”, which helps businesses visualise and fully understand future shifts brought on by disruptions such as digitization, is particularly relevant during the current times.

Read Priyanka’s book here.

On this episode of The Family Business Voice, Ramia talks to Professor Pramodita Sharma about her new book “Pioneering Family Firms’ Sustainable Development Strategies”, which charts the journey of 15 business families showing a commitment to sustainable development through their work in a diverse range of industries and geographies.

Professor Pramodita Sharma is the Schlesinger-Grossman Chair of Family Business at the Grossman School of Business, University of Vermont. A prolific author and pioneer in her field, Professor Sharma’s work draws on her close ties to the business community as well as her experiences growing up in a family enterprise. Recently, her research has focused on understanding the role of spirituality, philanthropy and sustainability on strategic decision-making in the family business.

Episode Takeaways:

• Sustainability is no longer considered an impediment to profitability; instead, it’s becoming a requirement. Long-term strategic planning has always been important for family businesses, where multigenerational entrepreneurship and succession are typically paramount. Sustainability supports survival and longevity by its very nature, connecting business activities with social and environmental initiatives that generate future prosperity.

• Examples from the book “Pioneering Family Firms’ Sustainable Development Strategies” illustrate the drivers behind 15 family’s sustainability journeys. In many cases, both consumers and next-gen leaders share the same passion for mitigating the long-term impact of harmful human activities on planet and people, helping to make these sustainable strategies successful.

• It’s typically easier for first-generation business owners to establish their sustainability strategies right out of the gate than for family businesses to pivot generations down the line. However, the case of a nearly century-old conventional produce packager that successfully shifted to offering 98 per cent organic products over 10 years shows how slow and consistent efforts can transform even the most established businesses.

• Despite the growing sustainability trend, many family businesses struggle with the first few steps on their path toward an environmentally and socially friendly business model. Business networks can be a valuable resource that brings business families together, allowing them to learn about sustainable development issues and approaches from each other. In addition, innovation focussed sustainability programs, such as the ones offered by the University of Vermont and others, provide a comprehensive education in sustainable marketing, accounting, and finance, accessible anywhere in the world through online learning. More and more, organisations are bringing families together in support of sustainability and helping to build a vibrant, environmentally and socially kind business community.

Pioneering Family Firms’ Sustainable Development Strategies, Pramodita and Sanjay Sharma’s latest book, can be purchased here.

On this episode of The Family Business Voice, Rodolfo Paiz and Ramia discuss how a family office can help families with everything from philanthropy to next-generation engagement, and what Rodolfo’s iceberg model reveals about the impact of the pandemic on family offices.

Rodolfo Paiz grew up in a successful Guatemalan family business, and translated those experiences into a career in the family office space as a consultant and the CEO of Fidelius Family Office.

Episode Takeaways:

•  When it comes to starting a family office, the two most significant barriers are a lack of awareness around family offices in general, and the myth that the primary purpose of family offices is wealth management. Many family business leaders never think of starting a family office because they don’t see how it applies to them, especially when there are so many other matters to contend with.
• Family offices are a priceless asset to family businesses when it comes to family unity, education and back-office services — aspects that only become more relevant with time as family principles disperse geographically and the culture gap between generations widens.
• Rodolfo’s iceberg model separates the family office into six constituent parts. Wealth, financial and otherwise, is the only part of the iceberg that’s visible to outsiders, and is kept afloat by the other five layers below, which are family, education, governance, people and business.
• The pandemic has most affected family offices on the level of business and family, but in many cases, owning families were able to turn this pressure into positive outcomes by spending more time with each other while protecting or pivoting their businesses.

Rob Lachenauer, CEO and Partner at Banyan Global is an entrepreneur and consultant who advises owners of some of the world’s leading family businesses.

Josh Baron is a Partner and Co-founder at Banyan Global. As a family business consultant, Josh has worked with a diverse range of family enterprises around the world, helping them manage conflict, achieve their goals, and move their businesses forward. He also teaches family business courses at Columbia Business School

Episode Takeaways

• Many misconceptions exist around the family business — that family businesses are hotbeds of conflict, that family businesses aren’t agile, that the family business model becomes less relevant day-by-day — and these misconceptions, which proliferate in part because they make such good stories, can be harmful. Family businesses must understand that these ‘weak spots’, complicated family dynamics, for instance, when managed well, can give them a competitive advantage that non-family businesses can never access.
• Family businesses are exceptional survivors. While they may not be able to pull together as much capital as quickly as non-family firms, their history and identity gives them a natural acuity for prospering in harsh environments.
• The value of family ownership shouldn’t be underestimated. Family ownership influences every aspect of the organisation, especially the more innate factors including culture, which positions a business for success or otherwise.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher, TuneIn and Youtube.

On this episode of The Family Business Voice, Daniel G Van Der Vliet and Torsten M Pieper talk with Ramia about updating Astrachan and Shankar’s seminal 2003 research paper “Family Businesses’ Contribution to the U.S. Economy: A Closer Look,” and what their updated research says about the field of family business education.

Daniel G Van Der Vliet is the John and Dyan Smith Executive Director of Family Business at Cornell University. Over the last 25 years, Daniel has worked with family business owners and next-gen successors, helping them connect with each other over the issues that matter most — those with the potential to impact continuity.

Torsten M Pieper is an Associate Professor at UNC Charlotte Belk College of Business and the President of the International Family Enterprise Research Academy (IFERA), the largest network association of family business researchers in the world. Torsten’s and his team’s work allows for an unprecedented overview of the state of family businesses in 2021 and a good indication of where they might go next. 

•  The research team was surprised to find that there are roughly 10 million more active family businesses now than there were in 2003 — encouraging news in the face of stereotyping that sees the family business model as outdated and losing momentum.
•  Family businesses have, traditionally, been quite hard to study, with private ownership and staggering diversity in size and industry making data harder to come by than it is for large public companies. Getting the facts together is no less important, however. Family business knowledge translates to policies and practices that can help family businesses succeed.
•  There is a huge gap between how people think of and idolise entrepreneurship (and how it’s generally taught) — the extraordinarily successful entrepreneur who builds a million-dollar company from nothing and then sells it for profit — and entrepreneurship in practice — families with a more long-term perspective and modest, compounding gains.

A copy of the full research report, sponsored by Family Enterprise USA, and co-authored by Torsten Pieper, Franz Kellermanns, and Joe Astrachan, can be found here.

On this episode of the Family Business Voice, Philip Grindell, CEO of Defuse Global, and Ramia talk about how family businesses can stay safe in the digital age.

Philip Grindell’s background as a Scotland Yard Detective with time spent seconded to British Intelligence gives him an in-depth view on just what can happen in unsafe situations. And now, he’s applying those insights to the world of private security, helping family business members, politicians and other high-profile clients stay safe both online and in-person.

• Safety starts with people. Regardless of the type of threat a family business has to deal with, that threat originates from a person on the other end, and a person in the business must let that threat in — knowingly or unknowingly. As such, businesses should vet their employees thoroughly and check in with them regularly to make sure they are doing everything they can to keep the organisation safe. Check more than just a possible recruit’s experience or skills; check their associations and their potential to heighten risk.
•  Businesses should consider implementing safety governance. Even a few simple regulations can go a long way. Some examples of good safety governance are: changing passwords regularly and not using third-party hardware with unknown providence (thumb-drives from tradeshows, for instance).
• Start the conversation around safety before circumstance necessitates it. Only by encouraging a culture that recognises threats, whether physical, reputational or psychological, as real and serious can family businesses mitigate those threats when they arise.

– John and his siblings literally grew up in the chemical factory, even living on-premise for a year after their parents relocated the family and started the business — an experience that brought them closer together.

– The Lamont family approached succession in the most pragmatic way, starting an open, honest dialogue between everyone involved years before transition was imminent. As a result, John was able to make ambitious plans for the future, confident that family issues wouldn’t stand in the way of Nowchem’s expansion.

– Nowchem has played a critical role in their community through the pandemic, staying open six days a week to manufacture cleaning supplies and keep people employed.

Listen to this episode on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Experience the full interactive article here: https://www.tharawat-magazine.com/stories/nowchem-the-bond-that-shapes-family-and-business/

Rania Labaki is the Director of the EDHEC Family Business Centre and Associate Professor of Management at EDHEC Business School. She also sits on several boards, including those of the predominant academic journals devoted to family business, offering her expertise both in an advisory and editorial capacity.

In her work with family businesses all over the world, she’s seen transformational leadership in action, and has cultivated a deep understanding of the structures that make that transformational leadership possible in the first place.

– Transformational leaders are agents of positive change in their family businesses. They set a course based on their values and motivate others to follow along in their stead, creating a ripple effect that stands to benefit the entire organisation.

– Leadership is in no means static. Transformational leaders are perceptive, and act accordingly to the environment they are in, letting their context inspire or amplify the change they create.

– Transformational leaders often initiate the process of building governance into the family business. Once that framework has been established, it paves the way for other transformational leaders, especially next-gens, to find their place and create the greatest impact.

Listen to the episode on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Headquartered in Gouda in the Netherlands, Compaxo can trace its roots back to 1896 when Johannes van der Post opened a pork butcher’s shop. Since then, Compaxo has grown into one of Europe’s most successful pork processing operations. Today, Michael van der Post is one of 13 shareholders tasked with guiding this century-old operation through the era of digital disruption.

On this episode of The Family Business Voice, Michael van der Post and Ramia discuss balancing tradition with the need to adapt to a rapidly changing industry.

– With a total of 13 family owners in the business, maintaining harmony can sometimes be challenging. For Compaxo, it comes down to trust and clearly defined roles within the family. This way, there is room for everyone’s ambition, and individuals can advance as far as they like within the business. 

– Michael and his generation of leaders often look to the experience of their predecessors. Once every couple of months, the older generation comes together to offer formal advice and guidance where needed.

– However, it’s important to maintain a balance between the traditions of Compaxo’s past and the need to innovate. The processed meats industry is changing rapidly, and new ideas, like vegetarian options, for example, must be part of the equation to ensure Compaxo’s continuity.

Listen to this episode on Spotify, Google Podcasts, Apple Podcasts, Stitcher or TuneIn.

On this episode of The Family Business Voice, Chris and Ramia talk about Amorini’s family business dynamic, it’s new technological underpinnings and its continued commitment to the people that make it all possible.

– Working outside Amorini with various start-ups provided Chris with a unique entrepreneurial environment, but he always felt somewhat removed because it was someone else’s money at risk. By joining the family business, he became directly invested in its success and ensuring the longevity of its legacy.

– Helping others grow remains one of the fundamental principles of Amorini, and a value that Steven Bosley instilled in his sons from an early age.

– The brothers know their strengths and are encouraged to excel in their respective areas. Having clearly defined roles has allowed Steven, and others, to watch the next-gen grow.

Listen to this episode on Spotify, Apple Podcasts, Google, Stitcher and TuneIn.

Haworth believes that healthy transitions lie at the heart of continuity, and as such, is passionate about helping next-generation family members find their place in the business.

As Co-director of ‘The Land of Giants’, a research project that focuses on next-gen journeys, Haworth knows all too well the generational gap that threatens to derail even the most well thought out transitions.

However, he’s also seen how purpose, defined in open, honest intergenerational dialogue can do just as much to get the transition process back on track, even if it means next-gens opting out of the active role envisioned for them by their parents.

With baby boomers reconsidering their place at the family business in light of the pandemic, managing transitions effectively so that all stakeholders involved benefit has never been more important.

– The meaning that family business leaders give to the values they hold through their actions is the purpose of the business.

– Translating that purpose from one generation to the next is difficult because even if they hold the same values, they will invariably see how those values apply to the everchanging world around them in fundamentally different ways.

– Getting over those differences requires a high level of emotional intelligence, which families can work on by levelling with each other regularly and approaching their collaboration with empathy and openness.

Listen to this episode on Spotify, Apple Podcasts, Google, Stitcher and TuneIn.

– Since 2014, CEO Dr Axel Göhler, the grandson of founder Max Göhler, has spearheaded the company’s international expansion. Now, BESTMALZ distributes quality malts to more than 85 countries, including the US, China and Brazil.

-The traditional German family malt producer is at the forefront of a recent surge in global demand for a modern bespoke beer experience, which, according to Dr Göhler, revolves around identity.

– German brewers by law must adhere to purity guidelines set out in the 16th Century, but Dr Göhler’s approach shows that there is still plenty of room to innovate, especially when it comes to logistics, customer care and IT support.

Read the full article here.

Listen to the podcast on Spotify, Apple, Google, Stitcher and Tunein.

• For generations, 40 million Oromo have depended on coffee for their income – and, thanks to the Oromia Coffee Farmers Cooperative Union, they now see an appropriate share of the profits from a global market that depends on their labour and expertise.
• With extensive research, international NGO funding and hard-earned governmental support, Meskela completely revamped the Ethiopian coffee industry to a new standard that allows farmers to reap the benefits of their hard work.
• Throughout history, people have come together to solve their problems, and for places such as Ethiopia, where the primary economy is based on agriculture, cooperative formation directly translates to prosperity. 

Read the full interactive article here.

Listen to the podcast on Spotify, Apple, Google, Stitcher and Tunein.

• Aquaponics is an ancient agrarian practice that has been in use for thousands of years, but applying aquaponic principles to modern agriculture is revolutionary.
• When Kaben Smallwood first learned about aquaponic systems, they resonated with his vision of sustainability – a cultural tenet passed down to him through the generations of his tribe, the Choctaw Nation.
• Symbiotic Aquaponic’s mission is to re-introduce aquaponic technology and bring it into the modern age to show people that they can feed themselves and their communities.

Listen on Spotify, Apple, Google, Stitcher and TuneIn.

Experience the full interactive article here.

• As soon as Sol de Minca’s owners knew they wanted to start a business on indigenous land, they contacted the local indigenous community to ask for guidance.
• A spiritual leader came onto the property and conducted a ritual so that they could grow food and build structures with nature on their side.
• They’ve learned that profit and sustainability aren’t mutually exclusive and that the latter should always come before the former. 

Listen to the podcast on Spotify, Apple, Google, Stitcher and TuneIn.

Read the full interactive article here.

– In the remote mountain village of Xiguie’a (Teotitlán del Valle), Mexico, Benizaa (Zapotec) families combine a consummately modern approach to marketing with ancient artisanship and singular local wisdom. The 14,000-year-old craft of Benizaa textile has gained traction with a global audience on the digital marketplace through Dixza Rugs and Organic Farm.

– Dixza is a business owned and operated by the Bautista Lazo family, master weavers for countless generations. Their rugs are hand-died and woven from “criollo” native wool, which honours both the timeless method of their ancestors, as well as the enduring quality they produced.

– Samuel Bautista Lazo is the latest in a long line of Bautista Lazos to run the business. Unlike his ancestors, however, he studied in England where his research focused on eco-efficiency, industrial ecology, eco-design and industrial waste management. It was other more mundane experiences while in London, however, that led to a sea change in the way his family business would operate.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

– The world is out of balance. The cycle of life was established long before humans, but we disrupted it and altered or destroyed elements that keep the planet healthy.

– To achieve this balance once again, the next generation must find fixing and maintaining their land more rewarding than supporting a world of economic disparity overseen by billionaires. For the world to heal and grow again, living in harmony must trump living in wealth.

– It’s never too late to learn from the past. The world wasn’t always run like a machine – there was a time when the sun and the seasons guided our actions. In many ways, that message is what Aboriginal stories convey. That message of harmony is exactly what the world needs to hear right now.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

The Australian-Swedish dual-citizen has shared the stage with heads of state, penned three books and featured as a keynote speaker around the world.

Growing up in a family business environment, Anders is well-acquainted with the obstacles that SMEs come up against when faced with a crisis. But he’s also quick to point out that in times of upheaval, change and opportunity exist simultaneously alongside each other.

– Those companies that place a high value on learning and curiosity are better positioned to navigate the crisis, finding opportunity through innovation and creativity.

– Pandemics of the past have changed the way we work: the Black Death may have led to the Rennaissance and Spanish Flu saw women enter the workforce in unprecedented numbers. Looking past the hardships to pay attention to how our society is changing as a result of the pandemic will serve family business leaders well over the coming months.

– Artificial Intelligence and Big Data are just two of the technologies that will likely be catalysed by COVID-19. Using these technologies to free up human talent for creative work has the potential to make family businesses even more sustainable.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

– Edward’s father, Jimmy Gallagher, started Irish Premium Oysters in the mid-90s hoping that his son would one day take an interest in entrepreneurship.

– The international market for shellfish, and Irish Premium Oysters’ strategic partnerships with international dealers who have access to that market, has driven their expansion.

– It’s not merely about the bottom line at Irish Premium Oysters. Sustainable aquaculture has been woven into the DNA of the multigenerational family business, and they have the accreditations to prove it.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

– Regardless of the decade, there is continuity in the message passed from one generation to the next: the means of production and distribution may change, but there is no substitute for quality, service or value.

– A return to the businesses’ core product offering, exceptional handmade mattresses, has seen Hästens expand on a global scale.

– Hästens focus on quality adds value to the customer experience over lifetimes; they’ve found some of their mattresses still in use after a century.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

– Right now, most people are in fight or flight mode, which does not allow for logical thought and rational decision-making.

– Reestablishing a sense of calmness with meditation is one way to regain the clarity of mind necessary to get through this crisis in the best way possible.

– While change is uncomfortable and uncertainty is stressful, this is also an opportunity for individuals to get back in touch with themselves, and families to get back in touch with each other.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

Borrowed from your Grandchildren is less of a how-to manual and more of a collection of shared wisdom from families that have gone the distance – a wealth of insight into the experience of enterprising generations. While the families Jaffe surveyed may not yet have survived the economic fallout of COVID-19, they have survived other crises over their operational tenures, and their resiliency provides a framework for sustainability through the downturn.

– Successful multigenerational family businesses tend to have healthy relationships between the principal owners. Often, they are united by a common goal beyond financial success; their values bind them together and keep them on track. 

– Generally, the subsequent generations of successful multigenerational family businesses are actively building wealth rather than just living off it. Determined next-gens look for meaningful ways to put their families’ fortunes to good use.

– Large corporations can learn from family businesses by developing more long-term thinking. They should look to reinvest their money and clarify their financial values.

– With each generation comes strengths that the previous generation does not necessarily have. Not only does each generation bring its strengths to the alliance, but they are also willing to collaborate.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.
Also, read the full article here.

Nike Anani is a speaker, author and next-gen coach and mentor as well as a next-gen family member executive in her parents’ businesses and family office. Since the start of this outbreak, her mission to protect sustainable multigenerational family businesses has gained an immediacy that seems unthinkable only a few weeks ago.

Aside from her work with the AFF, Tsitsi Mutendi is an entrepreneur, Montessori Educationalist and Family Business Expert with Nhaka Legacy Planning. She is on the ground working with Family Businesses in her community across Africa as they grapple with the unprecedented disruption felt globally.

– COVID-19 has revealed a false sense of security; the world’s systems are actually quite vulnerable.

– Family businesses, however, are resilient, and their role in this crisis is critical. If family businesses can stay safe people will also stay safe.

– Preparation is key. Family businesses who were prepared and had a crisis management plan in place are faring better than those without – a valuable lesson for next time.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

Alfredo De Massis, Professor of Entrepreneurship & Family Business, Free University of Bolzano in Italy, and Lancaster University Management School UK, is an organisation and management scientist who specialises in family enterprise. Based in Italy, Alfredo is at the epicentre of the outbreak currently.

Farida F El Agamy is the General Manager of the Tharawat Family Business Forum and attorney-at-law. Farida works closely with businesses all over the MENA, facilitating understanding within families and between regions and people. She’s been on the ground working with family businesses to ideate and enact strategic ways to deal with this disruption as it unfolds.

– Some businesses are reacting very generously, altruistically even, doing their part to mitigate the effects of this crisis despite feeling immense pressure themselves.

– COVID-19 is a bellwether test for family business governance. Organisations with robust protocols in place will fare much better than organisations where governance is merely a piece of paper.

– The ability to collect and process data might well be the deciding factor when it comes to sustainability through the worst of this downturn. Family businesses that can use data to make informed decisions will have a better chance of reacting positively

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

– A preventive approach, according to Gerber, is the most effective way for family business members to look after each other’s mental health, so awareness and communication are critical.

– Stress is the most significant trigger for anxiety – a key ingredient in mental health and addiction problems. We live in a world where both the young and old say they are under more stress than ever before.

– Family businesses in crisis should reach out for help. A professional can tell whether or not the situation constitutes a mental health crisis and, if it does, what can be done to address it.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

Haenlein’s hypothetical future is informed by the past; to understand where AI is going, we must first understand where it came from:

– AI is not new; it first appeared in WWII, and since then, we’ve slowly integrated it into our lives and businesses.

– As such, doomsday scenarios that have AI “taking over” are unrealistic. Instead, the gradual march of AI is likely to continue in much the same manner that it has progressed so far.

– That said, intentional integration is key. We must make sure that AI continues to benefit all of humanity and for that to happen, regulation is required.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

– Oscar’s first rule is preparatory. Clear your mind so you are available to listen.

– His second rule involves removing distractions – cell phones, laptops and tablets have no place in deep listening.

– Oscar’s third rule helps with concentration – take 3 deep breaths.

– His fourth rule is to drink water – a hydrated mind is a listening mind.

– Oscar’s final rule is to listen to what is unsaid to gain a clear and comprehensive understanding of what the speaker wants to say.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

Ironically, the business that helps other family businesses keep their governance in order was never intended to be a business at all.

It wasn’t until Edouard Thijssen’s early twenties, when his father sent him to a family business conference, that he realised how little he knew about the family business. Furthermore, their firm’s documentation and communication wasn’t centralised, which made the learning curve steeper than it needed to be.

At the same conference, Thijssen, who had been coding since his teens, met Edouard Janssen, who was experiencing a similar problem in his family business. Together, they came up with a solution: an online platform to help create transparency, enhance governance, and essentially manage their entire family business ecosystems. Initially, the platform they wrote was intended for their families only.

However, they soon realised that other family businesses in their circle and beyond could benefit from the same platform. They also noticed that with each subsequent generation, the need for a centralised solution becomes more acute.

As successful businesses transition to the second and third generations, the family grows not only in size, but also in geographic spread. Moreover, ownership itself becomes more complex over time; by the third generation, family members often have different ownership stakes and varying levels of involvement.

To reflect these observations, Thijssen and Janssen targeted the 20 largest family businesses in every country. To strengthen their global positioning, Thijssen moved to New York, encouraging families across North and South America to adopt the technology.

Trusted Family has steadily expanded its reach. Many of the family businesses they initially contacted now use the Trusted Family platform to manage the boards, investment committees, family councils and governance bodies they create. Thijssen and Janssen’s web-based management solution creates transparency between those family members with a more active role in ownership and governance and those who are more on the sidelines. This democratisation of access prevents doubt and suspicion from creeping in. Trusted Family engenders its namesake.

When it comes to governance, the structure of the Trusted Family platform also makes it clear what families are missing. Thus, their solution has helped family businesses set up governance processes, establish policies and charters and, essentially, get their family business governance house in order.

Their success, and the success of the Trusted Family platform, is homegrown – a best-of-both-worlds advantage. The fact that Thijssen and Janssen come from a family business background means that they know what 21st-century family businesses need to help them ensure their sustainability; their technological know-how has allowed them to make it a reality.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

Chris’s book, Comediology defines the principles of his practices as, “Applying successful comedic techniques traditionally used to amuse, entertain or make an audience laugh to your regular occupation, profession or trade to enhance your daily effectiveness, fulfilment and joy.”

– Authenticity, presence and a unique voice are as essential in the board room as they are on the stage.

– Comedy helps develop personal connections quickly. Studies have shown that making people laugh is one of the best ways to make them feel connected and open.

– In comedy, contextual awareness is essential: fitting a joke into the context of what the audience believes is far more critical than the joke itself.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

Andy’s path to success wasn’t easy. Like many immigrants, he was a cartographer mapping an unknown land. He integrated into the community finding his bearings in life and business while trying to live up to his parents’ lofty expectations.

On this episode of the Family Business Voice, Andy Yuen talks to Ramia about owning a favourite restaurant in one of Canada’s surprise culinary destinations.

– Andy was inspired to do something different than the previous generation of Chinese-Canadian restauranteurs.

– Like many Canadians, Andy identifies with more than one community – a rich cultural history that translates to Odd Couple’s singular take on Asian Cuisine.

– Andy is both proud of where he comes from and where he is; it’s the synthesis that makes it all possible.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

Isaac sat down with Ramia to share his insight through a nine-step programme designed to ensure the continuity of family businesses. He advocates:

– Setting clear expectations and defining each family member’s role

– Formalising employment and shareholder agreements with binding documentation

– Planning a fulfilling retirement

– Differentiating between corporate governance and family governance

– Revising strategy to take advantage of market opportunities

– Mitigate risk by creating contingency plans

– A willingness to restructure and change personel

– Developing future leaders

– Clear communication with all stakeholders

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

Zagel’s experience coming to terms with isolation, obligation and overwork informs her passion for next-generation mentorship. Her brand, Successful Generations, is a resource for leaders to promote healthy decisions and personal boundaries.

On this episode of The Family Business, Ellie Frey Zagel speaks with Ramia about family business health and well-being for the rising generation.

– Family business membership can come with a lot of pressure to perform.

– Lacking resources to help them deal with that pressure, many next-gens are unable to reach their full potential.

– The health of a business depends on the health of its leadership. Business leaders need to learn how to say no, so they can work better, not just more.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

– Gaurav’s path to Marshal wasn’t straight forward. According to Gaurav, joining a new company, regardless of whether or not it is a family business, is like entering a new country – an unfamiliar language and culture drive it.

– When he joined, Gaurav began looking in different sectors, and became an angel investor in unrelated businesses to see if he had the skills to grow them. Continuous learning is the only way forward.

– Gaurav’s experiences travelling and networking have been integral to Marshal’s growth. The people he met abroad are more than business contacts; they are allies and close friends foremost.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

– According to Sheel, success is the product of a supportive community. In a continuation of this trust and support, Sheel founded the venture capital company Amplo.

– Entrepreneurship is not limited by geography or political boundaries because talent is universal. Amplo’s global portfolio reflects this reality.

– The most impactful companies in the world are founded by entrepreneurs motivated by more than just money. People that set out to solve problems get through the hard times, recruit the right people in challenging markets and ultimately build something impactful.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

– Boundaries become increasingly important the more time we spend together, which makes them much needed in the family business context.

– Boundaries are foundational; managing them is an essential part of leadership. As leaders, the work culture we create impacts every person who comes into contact with it.

– Boundaries help us keep emotionality out of the business, and problems are inevitably more charged when family is involved.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

– The transition to the third generation of leadership in 2018 was an opportunity to restructure the company.

– Hiran remains Chairman of the two public listed companies – Jetwing Symphony PLC and The Lighthouse Hotel PLC, as well as the holding companies of hotels owned by the Cooray family. This arm of the business is more focussed on asset management and development.

– Shiromal is now the Chairman of the two management companies, Jetwing Travels Limited and Jetwing Hotels Limited – the operations side of the business. The shareholdings remain the same but the responsibilities have been distributed.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

– Mark applied a performance-based earning matrix to Humtown’s operations with a revolutionary digitised system – one that shows the earning rates of individual team members as they cycle their machines.

– The system shed new light on productivity from a managerial perspective. Mark saw that employees perform better in six-hour shifts, and Humtown modified their scheduling to reflect this insight.

– The key to efficiency is empowering people with technology, not using it to keep tabs on them.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

– Dennis read reviews on Amazon and eBay to see what wasn’t working in the yoga industry and then innovated a product to meet consumer requirements based on these reviews.

– Now, 18 years later, online sales account for the bulk of Aurorae’s business in part because of Dennis’s ongoing attention to the needs of his customers.

– Innovation is an endless process and Aurorae’s catalogue reflects the continuous product improvement that translates to sustainability.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

According to Koeberle-Schmid, prospective family offices should ask themselves the following:

– Is Everyone Committed?

– What Kind of Family Office Works Best?

– Is the Investment Threshold Adequate?

– Is there a Succession Plan in Place?

– Could External Help Make Reaching Financial Goals More Feasible?

– Mitchell Stores thrives on its ability to engage its people, both customers and employees.

– Jack Mitchell calls his people-first philosophy hugging.

– People-centrism coupled with Mitchell Stores’ impeccable governance has carried the family business through retail disruption. Despite a growing online presence, brick and mortar stores are still their main breadwinner.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

– Effective leaders are able to align their goals with their purpose.

– Failure is an important step on the road to success. We should not hide our failures but learn from them.

– It’s the responsibility of entrepreneurs to see business sustainability and environmental sustainability as one.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

– Siblings desire the attention, blessing and love of their parents. Rivalry exists if one feels that the other receives more attention, love and care than they do. In this way, sibling rivalry is tied to self-esteem.

– Unhealthy sibling rivalry, where one sibling feels they need to compensate for this lack of attention, often plays out in high conflict over familial money, power and control of the business.

– Strategic rivalry occurs in families where familial relationships are healthy – family members with high self-esteem know who they are, and competition is a net positive for the business.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

– When it comes to outdoor sports, it’s the tools or hard goods that drive the industry. Norrøna designs products for these niches as soon as the tools make them possible, thereby staying ahead of the demand.

– Norrøna targets its marketing towards a mindset rather than a specific demographic. Age and background don’t matter as much as a passion for a particular sport.

– Most of Norrøna’s family of employees are outdoor enthusiasts themselves. They know the industry because they live the lifestyle.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

– There is a direct correlation between the health of family relationships and the health of the family business.

– Now Gens are defined by a life stage where responsibilities and accountabilities are more material than when they were next-gens. They occupy important roles in the family business.

– Problem-solving in the family business revolves around the ability to start conversations and build empathy.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

– Some companies have the story but do not offer a satisfactory product, while others make a decent product but lack the story. Having both is critical.

– Attention to detail is another factor that sets Henri Willig apart from its competitors.

– Henri Willig’s branding, which sees the name of the founder on every product speaks to both the quality of its product and the story behind it.

– Working in a family business is potentially more rewarding, but leadership roles are never simpler.

– Awareness is critical, and one great way to cultivate awareness is by creating a culture of feedback.

– If family members are committed to their family business’ well-being, they have to look at their own well-being first.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

– Craftsmanship is the common thread that ties all four of the family group’s companies together.

– Product quality is both a point of pride and the main selling point. Gränsfors Bruk axes and Woolpower garments bear the initials of the blacksmith or seamstress that made them.

– Their production hearkens back to a time when things were built to last for a century or more – a disruptive model with compelling environmental implications.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

– Craftsmanship is in crisis – not just in Egypt but around the world.

– Mass-produced goods threaten artisanal makers, but there is a growing movement that again sees the significance of handmade.

– Making craftsmanship relevant to the next generation may hinge on its environmental benefits, for example, handmade products’ reusability.

– The business, which grew out of the dot-com bubble, was faced with immense challenges when the bubble burst.

– Mittelstaedt’s defensive strategy through hard economic times paid off, and The FruitGuys rebuilt stronger than ever.

– Independent ownership means The FruitGuys can continue to live their values through their work with small farms and charities without any outside influence.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

– Competition isn’t necessarily something to be afraid of; growing a coffee business at the same time as Starbucks’ rapid expansion worked in Woods’ favour.

– By carefully curating their products as well as their space, Woods has built up a loyal customer base that enjoys both the coffee and the community.

– Community is essential to philanthropy as well. Giving back is important, but so is engaging others to reflect on what they too can add.

– In the past, Rossi Boots relied solely on its products – marketing wasn’t a priority. By the time the fourth generation joined, the family business needed a rejuvenation.

– The rise of imported goods meant Rossi boots could no longer rely on the model that had carried them for over a century.

– Under their leadership, Rossi has managed to reinvent itself as a forward-facing, global brand giving allowing access to a much larger consumer base.

– By keeping a portion of their business local, however, Rossi has stayed true to the regional Australian consumers that have been buying their products for over 100 years.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

– Many organisations, financial institutions included, collect vast amounts of data but don’t know how to use it

– Using these systems to inform significant decisions, procurement, for example, means we no longer need to rely solely on human intuition.

– Leveraging Big Data doesn’t necessarily start with a significant investment in complex solutions. Smaller companies should look to their existent analytics using programs like excel and concentrate on optimising them first.

Watch Dr Gah-Yi Ban’s Tedx talk “The Power and Perils of Algorithms”.

– The Thompsons started Monkey Business Catering because they found the franchise model they were working under before too restrictive.

– Flexibility is key; their size and close association mean they’re ready to capitalise on opportunities as they arise.

– Each member of the family brings a unique strength to the organisation, and Monkey Business Catering is structured in such a way that they complement each other.

• Mark Wagner, 6th generation family business member, joined Wagner Quality Shoes right after graduating from college because he knew his satisfaction depended on it.
• Wagner Quality Shoes relies on its strength, superlative customer service, to maintain its market share despite the digital retail revolution.
• Customers come to Wagner Quality Shoes because they want the specialised service that only Wagner can offer.

His work on nepotism explores the complexity of its expression in practical situations. The behaviour is difficult to define outside of the classroom and is neither categorically harmful or beneficial. That said, however, Dr Liu asserts that nepotistic practices, rooted in the tribal protectionist societal structures of our ancestors, are becoming less relevant in modern business settings.

Recently, we sat down with Dr Liu to discuss the symptoms of nepotism in family business, how size plays a role in determining whether the behaviour is a detriment or an advantage and why family business leaders should embrace plurality.

Read the full article on Tharawat Magazine.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

The Latif sisters had always dreamt of starting a business together. Before Our House of Spice, they both felt trapped in careers they were ambivalent towards. When they lost a close friend unexpectedly, they had a realisation that many entrepreneurs share: life’s too short. So, they handed in their notices. Without knowing what they would do exactly, they looked to what they loved for inspiration. 

Since then, they’ve been sharing the soul of homestyle Indian food with kitchens across Great Britain through their family recipes. Julia and Nadia communicate their experience of Indian food and the recipes they grew up on through their e-commerce spice mix business, Our House of Spice.

We sat down with Julia Latif, Co-founder of Our House of Spice, to talk about how the sisters’ spice mix start-up came to be, what family had to do with it and how packets of spice have changed their lives forever.

Read the full article on Tharawat Magazine.

Carlock and Loh emphasise the human dimension. They assert that consulting efforts often fall short by focusing exclusively on business planning at the expense of planning for the family. A Family Business on the Moon demonstrates the importance of focusing on both aspects simultaneously to sustain long-term success in the family enterprise.

A Family Business on the Moon is Prof. Carlock’s sixth book on the topic of family business strategy. His years of experience as a CEO and family business consultant, coupled with his postgraduate degrees in both entrepreneurship and psychology, uniquely qualify him to address the challenges of family businesses across industries and geographies.

Recently, we had the opportunity to speak with Randel Carlock about the importance of the Parallel Planning Process (PPP), the critical task of developing talent within family businesses, and why we should think of family businesses as family enterprises.

Read the full article on Tharawat Magazine.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

Under his stewardship, DLC has become one of the leading private owner-operators of open-air shopping centres in America.

Initially, Adam Ifshin‘s primary concern for the company was expansion. Now, culture is his priority. Business, in his view, is not just about the numbers; sustaining success is a matter of investing in DLC’s people. The retail property giant’s core values reflect Steve Ifshin’s unwavering belief in his son’s capabilities as a family business leader.

Their journey has not been without challenges. In 2010, DLC came close to going public. After two years of recession, Adam Ifshin found himself at San Francisco airport’s private terminal contemplating the future of his business. DLC owed the banks $365 million. Adam was going to clear the debt with proceeds from a public offer, but something didn’t feel right – the value wasn’t there.

Following his intuition, Adam Ifshin notified his team — the deal was off. Directly after, he stepped out on to the exposed tarmac and called his father.

Steve Ifshin, who was recovering from open-heart surgery at the time never asked his son why, nor questioned his judgement. He simply said, “Get the plane and come home. Tell me what I need to do. I’ll be in the office at six in the morning.”

Had Adam decided to follow through on the offer, the move would have made DLC the largest real estate IPO in the 2009-2010 cycle to that point.

Recently, we sat down with Adam Ifshin to discuss why he never regretted that momentous decision, the critical importance of developing exceptional talent and the future of DLC.

Read the full article on Tharawat Magazine.

Dr Claudia Binz Astrachan and Dr Joe Astrachan have been researching the subject of family business branding for the better part of the last decade. The pair first met at the International Family Enterprise Research Academy conference in 2011. Now married, they share their combined experience and expertise on the subject with the world through their roles as teaching faculty, researchers, independent board members and more. Through their research, they have gained insights into consumer perception of family-owned brands and formulated a set of questions family businesses must ask themselves before developing a branding strategy that emphasises family ownership.

We had a chance to speak with Dr Claudia Binz Astrachan and Dr Joe Astrachan about the efficacy of family business branding, the various approaches families can use when marketing their products and services, and why they must be prepared for what such a strategy entails.

Read the full article on Tharawat Magazine.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

The Lanphears’ love for trees runs in the family. As President of Cleveland Ohio‘s Forest City Tree Protection Co., Lauren Lanphear represents the third generation of arborists in the family continuing a tradition of urban forest stewardship that began over a hundred years ago.

One of the company’s greatest assets is its attention to the continuously evolving science of preventive care. While tree care was once limited to cutting and pruning, arborists are now comparable to physicians.

Today, Lauren Lanphear works diligently to protect trees from insect and disease attack around the greater Cleveland area and wherever else he can be of assistance.

We had the opportunity to sit down with Lauren to discuss his family’s love for trees, the work of an arborist and the significance of protecting mature trees.

Read the full article on Tharawat Magazine.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

Here are some of our favourite excerpts from the show, with Anders Sörman-Nilsson, Phillip Kalli, Sara Irvani, John Barrow, Lauren Lanphear, Christina Armentano and Joel Clark.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

His recent article co-authored with Andreas Kaplan, Siri, Siri, in my Hand: Who’s the Fairest in the Land? On the interpretations, Illustrations, and Implications of Artificial Intelligence, explores practical approaches to the categorisation of AI. Understanding the fundamental differences between kitchen speakers and smart diagnostic systems makes room for a much broader appreciation of AI‘s implications and potential applications.

In business, many overlook the tangible impact AI can have. Firms should focus on eliminating simple, repetitive tasks both for the benefit of employees and the organisation as a whole. Freeing humans from servile chores that machines perform more efficiently means that businesses can benefit from what humans excel at: creative thinking.

We had the opportunity to sit down with Michael Haenlein to discuss the inspiration for his latest article, his system for the categorisation of AI and where to start when it comes to ascertaining the value AI can add.

Read the full article on Tharawat Magazine.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

Half a century ago, Pat Armentano, Paraco’s founder, began selling propane out of his garage in Mount Vernon, New York. His granddaughter, Christina, the Executive Vice President of Sales and Business Development of the Paraco Gas Corporation, is following in his entrepreneurial footsteps.

After building a successful corporate career outside the family business, Christina was compelled to join Paraco in 2014. She knew she was the best candidate for the role and could not pass up the opportunity to build on her grandfather’s legacy.

Christina, like many family business members, is focussed on creating sustainable long-term gains. Combining 21st-century acumen with a well-established culture of entrepreneurship, she seeks to empower employees with a sense of ownership and pride.

We had the opportunity to sit down with Christina Armentano to discuss her return to the family business, the challenges of prioritising culture in a rapidly expanding business and her vision for Paraco’s future.

Read the full article on Tharawat Magazine.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

– The idiosyncracies inherent to family business make Ideal unique and are a competitive advantage.

– Consumers need something they understand to identify with.

– Ideal has established a successful marketing strategy by being authentic.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

– Before Kodiak Cakes became what it is today, it took years of hard work, moonlighting and an incredible amount of family support.

– Social Media has played an enormous role in the whole foods revolution, the driver behind Kodiak Cakes’ rise to success.

– Joel Clark outlines his decision to give equity to his employees and comments on the changes he’s seen as a result.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

– Sara argues that businesses and even large corporations must have the same ethical standards as people.

– Businesses need to have a soul, values and a purpose.

– If people react with surprise that Sara is a young female CEO, it’s a positive conversation starter rather than a disadvantage.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

– John’s siblings and cousins work in flattened structure to ensure equality

– Remarkably, there has been almost no conflict in the family business despite five members of the same generation working closely together.

– Growing the business isn’t John’s main concern. Rather, it’s growing something worthwhile; growing too large too quickly can be dangerous.

Listen on Spotify, Apple Podcasts, Google Podcasts, Stitcher and TuneIn.

Also, read the full article here.

– Anders Sörman-Nilsson argues we’re living in a data scientific world. We can’t rely solely on culture, intuition or tradition.

– Customer service will become predictive, intuitive and integrated seamlessly with technology.

– Customers want a seamless brand experience across all platforms.

Judge Adam Ifshin, Founder and CEO of DLC Management Corp., spoke of the FECC as an invaluable platform for both students and family businesses:

“I think the more young people who begin to understand family business dynamic, the more willing they are going to be to go into this incredibly huge and rich world that most young people don’t know about. And I think it’s a great way for all of us who are family businesses to expose the next generation of people who may not have grown up in them into what the opportunity and the value proposition is.”

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Bram Kleppner, another adjudicator and the CEO of Danforth Pewter described the extraordinary environment at the competition:

“The family enterprise case competition is really remarkable. In my point of view, the opportunity to spend two or three days immersed in students who are studying family business and have thought a lot about it, professors whose career is built around the study of and contributions to family business and management of family businesses and family transitions is tremendously educational and energising.”

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Judge James R Keller, President of Green Mountain Business Consultants and Chairman of the Board of the Newark Group, commented on the student participant’s impressive ability to defend their positions in front of the judging panel:

“These students are getting experience, and really doing the work that I do over a long period of time they’re doing it in a four hour period of time and making a presentation to management, and so not only do they have to have a good analytical approach to what they’ve done, but also to be able to on their feet answer some of these (the judge’s) questions.”

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Richard Owens, Chairman of Shoey’s Pty Ltd, and one of the judges on the panel described the trajectory of the winning graduate team from Adelaide:

“In the first round they came last, and they weren’t much better in the second round but they scraped into the final. Then they got the message — they worked out how you have to perform in this thing. Anyway, when they announced the winner I couldn’t help crying with pride.”

Top undergraduate honours went to a Canadian team, Carleton University’s Sprott School of Business. Awards were also given to individuals for their contributions as presenters, coaches and ambassadors for the institutions they represent. Here are the winners:

Undergraduate:

1. Sprott School of Business, Carleton University, Ottawa, Canada

Competitors Cassandra Lee, Nicole Opsteen and Hala Saoudi, coached primarily by Liam Gravely took top honours. The winning team’s members are all fourth-year Commerce students.

2. Universidad Pan Americana, Guadalajara, Mexico

Second place went to one of two teams hailing from Mexico. They were represented by Rodrigo Tamayo Morales, Arturo Gonsalez Robles and Regina Erickson Torres with primary coach Maria Begoña Cota Mendia. Morales and Robles are Business Management Students in their fourth year, while Torres is a Family Business Management Student in her third year.

3. Rotterdam University of Applied Sciences, Rotterdam, The Netherlands

Coming in third, the team from Rotterdam University of Applied Sciences was made up of Ankie Lemmens, Lars van Marrewijk and Mark Sluijs with primary coach Simon Cornet. The student participants, all in their fourth year, are studying Business IT and Management, Finance and Control and Business Economics respectively.

4. Lazaridis School of Business and Economics, Wilfrid Laurier University, Waterloo, Canada

The fourth-place team and one of eight from Canada were represented by Sloane Keilty, Josh Kravitz and Quinn Robinson with primary coach John C. Young. The students, in their third and fourth years, study Business Administration with different concentrations.

5. Grossman School of Business, University of Vermont, Burlington, United States of America

 The host team, represented by David Gringeri, Olivia Mekkelsen and Clara Stejskal with primary coach David Mount came in fifth place. Of the competitors, Grinjeri is in his second year of Business Administration, and Mekkelsen and Stejskal are fourth-year Business Administration and Business Major students respectively.

Graduate:

1. The University of Adelaide, Adelaide, Australia

The top placing graduate team was made up of MBA students Brent Alexander, Jack Lee and Sean O’Gorman with primary coach Francesco Barbera.

2. Universidad Francisco Marroquin (UFM), Esquela de Negocios, Guatemala

 Second place went to the only team from Guatemala represented by MBA students Brenda Maria Alonzo Juárez, Mario Fernando Zuñiga Ramirez and Luis Jose Aragon Yanes with primary coach Jaly Chea.

3. Asian Institute of Management, Philippines

 Third place was awarded to the Asian Institute of Management represented by MBA and Executive MBA students Timothy Clark Dauz, Ava Española and Cindy Saw with primary coach Andrea Santiago.

4. Jönköping International Business School, Jönköping University, Sweden

Competitors Kristina Baumgartner, Steven Lau and Rita Stefanuto, students of BA/Global Management, Strategic Entrepreneurship and Global Management respectively came in fourth place.

Individual awards:

Undergraduate presenters Josiah Dueck from Brock University, Andrew Alber from Grand Valley State University – Siedman College, David Gringeri from Grossman School of Business, University of Vermont and Hala Saoudi from Carleton University received individual awards for their outstanding performance.

In the graduate category, Kristina Baumgartner from Jonkoping International Business School, Hardik Kotecha from the Indian School of Business, Mario Fernando Zuñiga Ramirez from UFM and Ava Española from the Asian Institute of Management were awarded for their superlative poise in presenting their work.

The Undergraduate coaching award went to Luis Diaz Matjira from Universidad Los Andes, Colombia while the Graduate coaching award went to Biga Diambeidou from ICN Business School.

Jacob Rucker and Hugo Rapp from Universidad Panamericana and the Indian School of Business respectively received awards for the exemplary conduct as ambassadors for their institutions.