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Governance

Authors’ opinions and reflections on family governance strucutures suitable for use with various generational, cultural and industry related clients.

For family businesses, there is no one-size-fits-all approach to governance and advisers need to understand each family’s unique values and ownership philosophies before attempting to implement specific governance structures. Thanks to Marta Widz and Benoît Leleux from IMD for illustrating this point by sharing two cases where the family businesses have divergent ownership philosophies but have both excelled in their governance practices.

In this week’s FFI Practitioner, we are pleased to share a compelling précis of “Nonfamily Members in Family Firms: A Review and Future Research Agenda” – an article that appears in the March 2018 issue of FBR. Thanks to Guido Corbetta of the FBR Research Applied Board for sharing an insightful review of the research’s key findings as well as discussing its practical implications for advisers in the field.

For this week’s FFI Practitioner, we are excited to share an interview with Kirsten Taylor-Martin about a major piece of research recently conducted by Grant Thornton. The interview, which includes useful tips and insights for advisers working with next gen family members, was actually conducted by a next gen member of Kirsten’s family - her daughter, Angelina Martin!

What better way to start a new year than to look at some classic models in the family enterprise field and offer forward facing ideas. Thanks to FFI Fellow Paul Karofsky of Transition Consulting Group for refining some of his early work on a multi-roles model and providing examples from his client base for consideration by the readers of FFI Practitioner.

Thanks to Alberto Gimeno of the FBR Research Applied Board for his thoughtful précis of “Family Constitution and Business Performance: Moderating Factors” – an article that appears in the December 2017 issue of FBR.

This week, Katherina Rosqueta, from the Center for High Impact Philanthropy at the University of Pennsylvania, explores several approaches to impact investing, an increasingly utilized strategy to align deeply held family values with their financial investment strategy.

When family businesses recruit outside executives, “A-level” candidates expect best practices within company governance and the search process.

Philanthropy is not just a “good” thing to engage in. It is also one of the most effective tools for bridging generational differences in families.

The core question of the article is clear: Is agency or stewardship governance more effective for aligning the interests of (family or nonfamily) managers with those of family owners?

Corporate scandals and financial meltdowns have led to corporate governance reforms all around the world. In addition to the rules and laws that firms have to legally comply with, several self-regulatory codes or ‘soft-laws’ have been enacted in many countries.

It’s a paradox: Some family owner groups in the third, fourth, fifth generation, and beyond, have sophisticated governance structures and a history of embracing world-class family business advisory help.

Thanks to Ken McCracken for this précis on “Perceptions of Knowledge Sharing Among Small Firm Leaders: A Structural Equation Model,” which will be appearing in the June issue of FBR.

Thanks to Luke Simmering of the Legasus Group for this slightly tongue-in-cheek addition to the family enterprise consulting lexicon!

(Authors: Antonio J. Revilla, Ana Perez-Luno, and Maria Jesus Nieto) Research Applied précis prepared by Kim Schneider Malek, Family Enterprise Alliance, LLC Family firms aim to survive, thrive, and outperform the competition.

Thanks to this week’s contributors Josh Baron and Nick Di Loreto of BanyonGlobal for their article “Is Your Client’s Generational Transition Stuck?

The last in the November series on “transformation in family enterprise” focuses on the power of storytelling – and how it might not be as hard to get started with your clients as you think.

Business is all about the future. An entrepreneur takes an idea and makes it into a service or product that people will want, even need, for years to come.

Hong Kong has had many well-publicized family business disputes in recent years. One such dispute involves a famous roast goose restaurant in the heart of the Central District called Yung Kee.

Japan is known as a country of long-lived firms. We have almost 3,937 companies that have been in business for more than 200 years.

Kaitlin Pollard of SAGE publications and Karen Vinton, assistant editor of FBR, interview with co-author Josip Kotlar.