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Up Close and Personal: Perspectives on Asian Family Offices [#permalink]

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New post 07 Jul 2017, 00:00
FROM ISB Admissions Blog: Up Close and Personal: Perspectives on Asian Family Offices
With assets still predominately held by the first and second generations, the heads of most wealthy Asian families remain as key decision makers and they are often keen to stay actively involved in managing their own assets. This is despite the fact that many of Asia’s wealthy families are facing a transition period which involves shifting control of the family’s wealth to later generations. Hence, the idea of a family office – an institutionalised and formalised model that is dedicated to the financial, corporate and personal needs of wealthy families, is still a foreign concept to many of the region’s high net worth individuals.

Asia’s surging wealth is creating more millionaires and billionaires. Issues such as wealth preservation and succession planning have therefore become more of a concern, helping to propel the growth of family offices.

A close relationship built through being within the circle of trust allows “trusted” advisers to be closer to their clients and in a better position to come up with more “bespoke” services, which may include family governance, immigration and even education ranging from wealth management to wine appreciation. A family office of a single first-generation wealth family most likely act as a “private” office, which deals with personal and household matters and includes such concierge-like services.

A more holistic approach when structuring a family office’s services would therefore is to look into three perspectives – family, business and wealth management and in that order. Family harmony is key as if the family business is having problems, it would be difficult for the family to focus on investment returns.

For the ultra-wealthy, opening an investment company is just part of a business model. These families are essentially business owners who have taken companies public, or they are past business owners who just sold a portion or all of their business to a private party and cashed out on their business they built up in the past. As they have made their fortunes investing, they are comfortable investing for themselves. Many of the investments in Asia are therefore private equity, and the families also have good networks from which they can draw investment ideas and implement them.

Generally, Asian families do not tend to invest in any third party funds because they would usually have their own private equity managers. They would do deals directly and are very focused in the sectors they invest in and very often would want to cherry pick the deals because of their unique positions. The offices are increasingly teaming up with private equity funds and buyout firms (as well as competing against them) to do global acquisitions.

Given the specific needs of the ultra-wealthy in Asia and cultural differences between the Asian families and their counterparts in Europe and the US, there certainly is no one standard approach or formula that be applied to meet the needs of family offices in the region. As wealth continues to build in Asia, especially in the fast-emerging markets, demand for international or multi-jurisdictional wealth and succession-planning services has increased to assist the private family offices.

Source: Ariffin-Boromand, Azlinda., July 4, 2017, http://www.campdenfb.com/article/close-and-personal-perspectives-asian-family-offices

 
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Why PGPpro? – Sumit Gogia [#permalink]

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New post 11 Jul 2017, 21:00
FROM ISB Admissions Blog: Why PGPpro? – Sumit Gogia
Prior to joining PGPproat ISB, I have had experience in various startups and big companies in Technical Program/Product and People Management roles where I successfully ran complex high-impact cross-functional programs end to end. In that process, I worked with different functions: Technology, Marketing, Strategy, Finance and other business verticals to achieve common enterprise goals.

Working in a cross functional roles had given me a birds-eye view of different team structure and the dynamics. But for me to grow further in my career, I realised  needed to get deeper  and a holistic understanding of business administration to contribute and engage more effectively. Additionally, I was looking to enhance my leadership skills to take more senior impactful roles in the organization. With this in mind, I joined ISB PGPpro programme.

The experience at ISB so far has been great. The core courses on Strategy, Marketing and Management Accounting etc while strengthening the fundamentals have also let me relate to my previous work experience. It  has also given me deeper understanding of global businesses.  The interactions with the Pgppro professors,who work on research projects and teach in other global B-schools has been very insightful -be it latest industry research findings that is brought to the class, or just the perspective of how businesses around the world function.

Like they say learning at ISB happens both inside and outside the classroom. Studying with a diverse peer group is an experience by itself. Our class consists of diverse cohort of IT professionals, bankers, entrepreneurs, doctors, navy professionals, NGO workers etc.  The diverse industry viewpoints and thought process, during group studies and class participation, help you appreciate and understand the multi- dimensional approach to the same problem.

One of the greatest takeaways from PGPpro is that one gets to implement business best practices and insights we learn in the class, at the workplace immediately and expect a positive impact in near future.

The course is ideal for people who are looking to hone their leadership skills and excel at their workplace or who are already running their own business and do not want take a break from their work commitments.

Here are a few suggestions for  people who are planning to enrol for this course:

  • Be ready for the academic rigor: Though the classes happen on alternate weekends, the programme is equivalent to the full time programme in rigour. There will be numerous case studies, assignments and classes that we have to cover in a given time frame. You have to maintain a good balance between your work and studies.

  • Be focused on post MBA goals. ISB ecosystem will provide you lots of opportunities to network. Ultimately, it’s you who has to use the ISB platform to the fullest to achieve your goals.

As they say, no transformational experience can come without hard work and focus. So, be ready for the amazing ride ahead! All the very best.



Sumit Gogia, PGPpro Class of 2018
ForumBlogs - GMAT Club’s latest feature blends timely Blog entries with forum discussions. Now GMAT Club Forums incorporate all relevant information from Student, Admissions blogs, Twitter, and other sources in one place. You no longer have to check and follow dozens of blogs, just subscribe to the relevant topics and forums on GMAT club or follow the posters and you will get email notifications when something new is posted. Add your blog to the list! and be featured to over 300,000 unique monthly visitors

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This post has been originally posted on the Admissions Blog and re-posted here for convenience

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Why PGPpro? – Sumit Gogia [#permalink]

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New post 11 Jul 2017, 21:01
FROM ISB PGP Admissions Director Blog: Why PGPpro? – Sumit Gogia
Prior to joining PGPproat ISB, I have had experience in various startups and big companies in Technical Program/Product and People Management roles where I successfully ran complex high-impact cross-functional programs end to end. In that process, I worked with different functions: Technology, Marketing, Strategy, Finance and other business verticals to achieve common enterprise goals.

Working in a cross functional roles had given me a birds-eye view of different team structure and the dynamics. But for me to grow further in my career, I realised  needed to get deeper  and a holistic understanding of business administration to contribute and engage more effectively. Additionally, I was looking to enhance my leadership skills to take more senior impactful roles in the organization. With this in mind, I joined ISB PGPpro programme.

The experience at ISB so far has been great. The core courses on Strategy, Marketing and Management Accounting etc while strengthening the fundamentals have also let me relate to my previous work experience. It  has also given me deeper understanding of global businesses.  The interactions with the Pgppro professors,who work on research projects and teach in other global B-schools has been very insightful -be it latest industry research findings that is brought to the class, or just the perspective of how businesses around the world function.

Like they say learning at ISB happens both inside and outside the classroom. Studying with a diverse peer group is an experience by itself. Our class consists of diverse cohort of IT professionals, bankers, entrepreneurs, doctors, navy professionals, NGO workers etc.  The diverse industry viewpoints and thought process, during group studies and class participation, help you appreciate and understand the multi- dimensional approach to the same problem.

One of the greatest takeaways from PGPpro is that one gets to implement business best practices and insights we learn in the class, at the workplace immediately and expect a positive impact in near future.

The course is ideal for people who are looking to hone their leadership skills and excel at their workplace or who are already running their own business and do not want take a break from their work commitments.

Here are a few suggestions for  people who are planning to enrol for this course:

  • Be ready for the academic rigor: Though the classes happen on alternate weekends, the programme is equivalent to the full time programme in rigour. There will be numerous case studies, assignments and classes that we have to cover in a given time frame. You have to maintain a good balance between your work and studies.

  • Be focused on post MBA goals. ISB ecosystem will provide you lots of opportunities to network. Ultimately, it’s you who has to use the ISB platform to the fullest to achieve your goals.

As they say, no transformational experience can come without hard work and focus. So, be ready for the amazing ride ahead! All the very best.



Sumit Gogia, PGPpro Class of 2018
ForumBlogs - GMAT Club’s latest feature blends timely Blog entries with forum discussions. Now GMAT Club Forums incorporate all relevant information from Student, Admissions blogs, Twitter, and other sources in one place. You no longer have to check and follow dozens of blogs, just subscribe to the relevant topics and forums on GMAT club or follow the posters and you will get email notifications when something new is posted. Add your blog to the list! and be featured to over 300,000 unique monthly visitors

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Leadership is vital to ensure family businesses keep thriving [#permalink]

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New post 14 Jul 2017, 00:00
FROM ISB Admissions Blog: Leadership is vital to ensure family businesses keep thriving
It is difficult to overstate how important family businesses are. Some two-thirds of UK businesses are family-owned – 4.7 million in total. They employ more than 12 million people, approaching half of all people employed in the private sector. They generate more than a quarter of UK GDP and in 2015 alone the family business sector paid more than £133 billion in tax.

In Somerset many of the county’s biggest, most historic and most successful firms are family businesses. Perhaps the most famous and significant of all Somerset family businesses made headlines earlier this week. Clarks Shoes announced it would be bringing some manufacturing back to its home village of Street, more than a decade after it decided to focus manufacturing in the Far East.

The firm was founded in 1825 and over nearly 200 years of trading it has thrived and been successfully handed down to the next generation. But that hasn’t happened by accident – and of course it hasn’t all been plain sailing.

Careful planning, innovation, responding to market trends, diversification and implementing tough decisions are among the reasons it has been able to succeed and provide generations of employment to people in Somerset. It is extremely rare for a family business to have the lasting success of Clarks.

Particular dangers to the future prosperity of family businesses included bottom-up leadership, where founders who have expertise in the day-to-day operation of the business lose sight of strategic matters. Other is the risk of ‘all aboard leadership’ where a family business can be tempted to create roles, perhaps for children, that there aren’t necessarily a critical need for. Other potential leadership issues that can be a bigger problem for family businesses than other firms is the danger of ‘vaguely agreeing’.

The dynamics of families mean that there is an additional risk of conflict that other businesses don’t face and in a bid to avoid conflict some businesses are tempted to set vague goals that nobody will disagree with. This can be counter-productive and often family businesses need to have difficult conversations that may determine success.

Family businesses are particularly prone to being run by a ‘super leader’ who struggles to know when to let go – either of the business as a whole or particular areas of leadership. As family-owned businesses grow and become more successful, they often need to think about bringing in senior people from outside the family, to help add to the skills and experience base and take the business to a new level.

Bringing in someone from outside the family to help run the business has pitfalls for all concerned, and can be expensive if it goes wrong – but careful planning and preparation should help mean that the relationship works.

Source: Thatcher, Holly, July 13, 2017, http://www.somersetlive.co.uk/news/business/leadership-vital-ensure-family-businesses-198436
ForumBlogs - GMAT Club’s latest feature blends timely Blog entries with forum discussions. Now GMAT Club Forums incorporate all relevant information from Student, Admissions blogs, Twitter, and other sources in one place. You no longer have to check and follow dozens of blogs, just subscribe to the relevant topics and forums on GMAT club or follow the posters and you will get email notifications when something new is posted. Add your blog to the list! and be featured to over 300,000 unique monthly visitors

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Modernising Bata’s 123 year-old family business one step at a time [#permalink]

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New post 14 Jul 2017, 00:00
FROM ISB Admissions Blog: Modernising Bata’s 123 year-old family business one step at a time
The T. & A. Bata Shoe Company was founded in the late 1800s in the Czech Republic by Tomas Bata, his brother Antonin and his sister Anna. They came from a long generation of cobblers. The family-owned international business saw its tentacles spread in the 1900s and currently has more than 6000 stores worldwide.

And, despite the rich history it possesses, over the years the brand has been perceived more as a simple, convenient retailer present in the local heartlands, rather than a brand with a strong rich history and a story to tell.

Addressing this issue was Thomas Archer Bata, CMO of the Bata Group. Archer Bata took on the role in December 2015, and is a descendant of the original Bata family.

On stage during the Socialbakers’ Engage Prague 2017 conference, he said: “Being global and international are completely different. Today we are international and have a presence in 76 countries and have retail stores in those countries. But our positioning is inconsistent.”

Taking that into consideration, a year ago the brand closely scrutinised its 220 million global customers buying its products. The team promptly realised its shoppers were tech-savvy and connected to social media; while 75% of these shoppers were also women making decisions for husbands and families. Many were middle class as Bata has maintained its long-standing tradition of creating products that are affordable for all. However, where the brand fell short was having an iconic product that resonated with the brand name.

As such, the brand needed an iconic product and story. Keeping all these issues in mind, Bata created a fictional character to represent its target base. Her name was Angela. Next on Bata’s agenda? To sweep Angela off her feet.

While the product team at Bata got busy creating comfortable and fashionable shoes that would be deemed iconic, the marketing team dived deep into social. Before last year, Archer Bata admits the brand’s social media strategy was immensely underdeveloped.

“Social media is global and you can reach a huge target audience via a few channels. Traditional media has hundreds of media outlets, and as such, calculating ROI becomes more of a challenge,” he said.

But getting everyone on board the social journey was not easy, Archer Bata admits. One big challenge he faced was that, given the company was 123-years old, to tell a traditional marketer who has been doing his job for years that a chunk of his budget would now go to social media was not terribly popular. “Naturally there was resistance, but with data as evidence, people quickly fell into line,” he said. He hopes that by 2018, the brand will invest more on growing its following on Instagram and Facebook.

Source: Manjur, Rezwana, June 13, 2017, http://www.marketing-interactive.com/modernising-batas-123-year-old-family-business-one-step-at-a-time/
ForumBlogs - GMAT Club’s latest feature blends timely Blog entries with forum discussions. Now GMAT Club Forums incorporate all relevant information from Student, Admissions blogs, Twitter, and other sources in one place. You no longer have to check and follow dozens of blogs, just subscribe to the relevant topics and forums on GMAT club or follow the posters and you will get email notifications when something new is posted. Add your blog to the list! and be featured to over 300,000 unique monthly visitors

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How Are Family Offices Structured? [#permalink]

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New post 21 Jul 2017, 00:00
FROM ISB Admissions Blog: How Are Family Offices Structured?
There is no standard legal structure for family offices. The types and number of legal entities used in a family office differs depending on each family’s vision and goals, the family’s investment strategy, and the scope of services to be provided by the family office. There are, however, several types of family offices commonly seen in practice.

In some cases, a family office (by design or default) may begin functioning inside of a family’s operating business. In this scenario, a non-family member CFO or other trusted executive may begin handling the founder’s personal investments and financial affairs, in addition to managing the day-to-day affairs of the business. If the operating business is sold or if company resources available for managing the family’s business and personal affairs are stretched too thin, the family may establish a more formal family office structure outside of the business.

The single family office (or SFO) is a family office that provides one or more services (such as investing, estate planning, tax, and philanthropy) for one family. The family members served by the family office may consist of one immediate family or several generations and multiple branches of an extended family. To the extent that the family has a shared vision and common goals for its family office, the SFO necessarily operates in complete alignment with the family—its only client.

The multiple family office (or MFO) is a business that provides family office services to multiple unrelated families. In some cases, MFOs started as SFOs and over time began managing assets for other families. Examples of SFOs that transformed into MFOs include Bessemer Trust and Rockefeller & Co.

When it comes to family offices, no one size fits all. The structure of each family office is determined by the family’s wealth and objectives, the number of family members participating in the family office, and the scope of services provided by the family office.

Source: Frederic L. Smith Jr., July 20, 2017, http://www.lexology.com/library/detail.aspx?g=40f1c1db-f032-4d45-a0b8-b07a8863417d
ForumBlogs - GMAT Club’s latest feature blends timely Blog entries with forum discussions. Now GMAT Club Forums incorporate all relevant information from Student, Admissions blogs, Twitter, and other sources in one place. You no longer have to check and follow dozens of blogs, just subscribe to the relevant topics and forums on GMAT club or follow the posters and you will get email notifications when something new is posted. Add your blog to the list! and be featured to over 300,000 unique monthly visitors

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Family Charter and succession planning [#permalink]

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New post 21 Jul 2017, 00:00
FROM ISB Admissions Blog: Family Charter and succession planning
Family-owned businesses reaching a milestone of more than 100 years are indeed extraordinary, and Royal Selangor, a Malaysian company of Chinese descent that started in the 1880s, has proven that with a well-crafted Family Charter (constitution) and a timely succession process, the family business can continue to survive and grow amid a complex and competitive marketplace.

The Yong brothers started out as tinsmiths who made everyday items catering to the growing mining community at that time. The company—jointly run by Yong Kong’s four sons—expanded into making cigarette boxes and tea sets in the 1900s, which got the attention of a European clientele. After World War II, family feuds tore the business apart and the brothers set up rival companies Tiger Pewter, Selangor Pewter and Lion Pewter. However, only Selangor Pewter, which was renamed Royal Selangor in 1992, survived.

What were the lessons learned that led to the break-up? “My father told me to beware of family feuds. If you have family members contesting over the pot, then nobody looks after enlarging the pot,” says Yong Poh Kon, the managing director of Royal Selangor International and third-generation leader of the family business.

Although, in one interview, he concedes that for this type of business to survive, product innovation is the key to stay in the game, he also asserts that succession planning should be given utmost attention. “It will be based upon the track record of the person and the support he will be able to derive to bring his idea into action. Maintain the family harmony so that everybody feels that they are part of the business… continue this, then you are able to have the passion to drive the business forward,” Yong said.

Another source of major conflict and possibly one of the biggest dangers faced by family businesses today is the risk of the younger generation taking it as a free ride and feeling a sense of entitlement to a position in the company purely because of his or her surname. To avoid this, Royal Selangor employs a policy wherein every family member has to work in another company for a period of time before joining the business. “The rationale behind working in another organization and the reason that rule is in place is that you have to have something to contribute and bring to the table if you want to work for the company.”

Source: Enrique M. Soriano, July 18, 2017, Sunstar Cebu, http://www.sunstar.com.ph/cebu/business ... ing-553530
ForumBlogs - GMAT Club’s latest feature blends timely Blog entries with forum discussions. Now GMAT Club Forums incorporate all relevant information from Student, Admissions blogs, Twitter, and other sources in one place. You no longer have to check and follow dozens of blogs, just subscribe to the relevant topics and forums on GMAT club or follow the posters and you will get email notifications when something new is posted. Add your blog to the list! and be featured to over 300,000 unique monthly visitors

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Rothschild banking dynasty enters seventh generation [#permalink]

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New post 27 Jul 2017, 23:00
FROM ISB Admissions Blog: Rothschild banking dynasty enters seventh generation
Reputation matters to all employers, but particularly to a family business that traces its ownership back to the Napoleonic Wars, and has its own money and name on the line with every deal. Signing on with NM Rothschild & Sons has the rider that being successful comes with the need to protect a family name that has become a byword for banking.

Next year David de Rothschild, the sixth-generation executive chairman of Europe’s oldest investment bank, will hand the baton to his son Alexandre, the 36-year-old seventh generation of the French banking dynasty, who has his eyes firmly fixed on preserving and extending the legacy.

“We are big believers that what makes it successful for the time being is this notion of partnership between the bankers, who are very autonomous, and some sort of family involvement,” he says.

Despite its reputation as the world’s biggest bank for a century and the fabulous, even excessive, wealth it spawned and maintained, the desire to maintain family control means it has focused on less capital-intensive businesses, such as M & A advice, private banking and private equity-style investing.

The family that in the 19th century boasted the largest private fortune in the world, financed Cecil Rhodes’ establishment of Rhodesia (now Zimbabwe) and once controlled Rio Tinto suffered major setbacks. Its banks were seized by the Nazis in the 1940s, its railroads nationalised in the 1930s, and in 1981 French President Francois Mitterrand nationalised the banking industry, leaving David de Rothschild with a reported $US1m on which to eventually rebuild the eponymous institution. In 2003 the French and English branches of the family merged their banking interests, which he has overseen ever since.

Alexandre de Rothschild hints at a certain inevitability in his move into the family business. “I think my father has put very smart pressure on me when I was young that you should do anything you want. You want to be a tennis player? You should be a tennis player. And I think it was a much smarter way to get me to where he wanted, which was to join the group.”

After an apprenticeship at Bear Stearns and Bank of America and private equity firm Argan Capital he joined the firm in 2008, just as the global financial crisis hit.

Diversification, he says, has been important to the family’s enduring wealth and presence in the industry. “So for instance the family invested in property, in art, in wine and has not put everything under the one roof. And I think that is a simple but pretty powerful principal to keep. You are relatively safe if you are diversified.”

Source: White, Andrew, The Australian, July 24, 2017, http://www.theaustralian.com.au/business/financial-services/rothschild-banking-dynasty-enters-seventh-generation/news-story/5750d9d7c32599a5a60b03f1001c8e65
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Great Investors Debate – Should You Be Investing In Family-Controlled  [#permalink]

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New post 27 Jul 2017, 23:00
FROM ISB Admissions Blog: Great Investors Debate – Should You Be Investing In Family-Controlled Businesses?
Companies in which founders and their families hold controlling stakes have the rare ability to maintain a long-term view. That can be a huge advantage, particularly when it comes to capital allocation. Should you be investing alongside them?

According to data compiled by the Boston Consulting Group (BCG), nearly one-third of all companies with sales in excess of $1 billion are family-controlled. Further analysis of the same data conducted by researchers at the Center for Management and Economic Research suggests that family-control can have a positive impact on the performance of a business and lead to superior long-term results for investors.

In 2012, researchers at the IE Business School in Madrid examined a sample of 2,423 publicly-listed European companies and found that those in which an individual or family held at least 20% of the shares outperformed by an average of 5.00% per annum during the decade ranging from 2001-2010.

A McKinsey study analyzed 154 publicly-traded companies in the US and Western Europe with greater than 10% family ownership. Total shareholder return for these companies was compared to that of relevant indices for the period from 1997 to 2009. The family-controlled companies in Europe outpaced the MSCI Europe index by approximately 2.00% per annum, while returns for the US-based companies exceeded those of the S&P 500 by approximately 3.00% per annum.

The number of publicly-listed companies in the US has declined precipitously over the past 20 years and currently sits at just half of the all-time high reached in 1996. Meanwhile, the number of publicly-traded companies with controlling shareholders appears to be rising. In 2002, IRRC estimated that 87 companies in the S&P 1500 had shareholders with ownership stakes of 30% or more. By 2012, that number had grown to 114, 79 of which had multiple classes of stock with unequal voting rights. In the period from 1995-2012, of the 27 controlled companies that completed IPOs, 20 had multiple share classes. And newly listed companies aren’t the only ones that seem to increasingly prefer multi-class capital structures. Companies with some of the largest market capitalizations in the world, including Google and Facebook, have added additional share classes with unequal voting rights recently.

There is considerable, if not indisputable, evidence supporting the theory that family and founder-controlled businesses with a single share class outperform over the long-term. At a minimum the data are sufficient to warrant studying the traits that make family-controlled businesses unique and to consider under what conditions they may be safe for investment. After all, the trend appears to be toward businesses with controlling shareholders becoming a higher percentage of the investible universe for most market participants. Developing an understanding of their distinctive characteristics, good and bad, and an awareness of the material impact different ownership structures can have on total returns will leave investors better off.

Source: Haran, Devin, July 27, 2017, http://www.valuewalk.com/2017/07/family-controlled-businesses/?all=1
ForumBlogs - GMAT Club’s latest feature blends timely Blog entries with forum discussions. Now GMAT Club Forums incorporate all relevant information from Student, Admissions blogs, Twitter, and other sources in one place. You no longer have to check and follow dozens of blogs, just subscribe to the relevant topics and forums on GMAT club or follow the posters and you will get email notifications when something new is posted. Add your blog to the list! and be featured to over 300,000 unique monthly visitors

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Re: ISB MBA Admissions & Related Blogs [#permalink]

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New post 03 Aug 2017, 00:02
3 major areas of focus:

Academic analytics, including GMAT, GPA, and exam scores
Leadership ability, including promotions at work and involvement in extracurricular activities
Personal interview used to assess a candidate’s communication skills and presence

Acceptance rate around 22%

4 major pools: P1, P2, P3, and P4

P3: The single best category to fall into is P3 meant for the very top of the applicant pool. A P3 is rejected only if there is a significant reason to reject.” In other words, pretty much every applicant designed a P3 gets the chance to interview, and these applications are read once

Creamy layer of applicants
High GMAT, impressive all-round profile

P4: is the reverse of P3. It’s someone with a weak GMAT from a weaker school. We still read those applications because sometimes we get some interesting sparks.” But generally the applicants who fall into the P4 pile are not going to get an invite to the school.

Weak GMAT & UG school
Average profile
Need an extraordinary spike to make it

P1: totally diverse people. candidates who are outside that mainstream so that the class can be more diverse. P1 candidates have the next best chance to get into ISB because of its formidable challenge to craft a diverse class from largely only Indian applicants, the majority of whom have engineering backgrounds

Totally diverse candidates
Unconventional professional experiences
Next best chance to make it


P2: the largest category. IT Male Engineers working in technology and software companies.

Most common pool with majority applicants
Dominated by IT & Engg background
Would have to showcase a unique story

Acceptance Preference:
P3 > P1 > P2 > P4

Applicants:
P2 (2000) > P3 (1000) > P1 (500) > P4 (300)
(54% , 26% , 13% , 7%)

All short-listed candidates are interviewed–roughly one in every two and one-half applicants. The interviews last about half an hour “happens in ‘discussion’ mode around competence of the candidate,” says Menon. “The overall weight for interviews would be close to the GMAT.”

Source:http://poetsandquants.com/2014/02/24/the-gatekeeper-at-the-indian-school-of-business/

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Family businesses need to innovate through the ranks [#permalink]

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New post 06 Aug 2017, 21:00
FROM ISB Admissions Blog: Family businesses need to innovate through the ranks
Innovation needs to be more pervasive amongst all levels of staff in family businesses, according to professional services firm KPMG Singapore. Recent research by the firm shows that innovation is currently mostly limited to founders and senior people in a family business when it is important for every worker to be empowered to innovate.

In an age where disruptive change has become more of a norm, family businesses should also consider how they can be disruptors in their industry. “With the rapid march of digitalisation and global competition, local enterprises have to regard continuous innovation as necessary,” said Chiu Wu Hong, partner and head of enterprise services at KPMG in Singapore.

In a recent KPMG report, Family Businesses in a Digital Economy, two-thirds of respondents said that innovation takes place within the management team. This suggests that in many family businesses, there is a “closed” ecosystem where idea generation is centralised amongst key individuals.

Ms Lisa Liew, managing partner of public accounting firm and family business Philip Liew & Co, agrees that many family businesses are still relatively conservative when it comes to innovation. Typically, she said, the founders or patriarch will provide the direction for the company and call the shots. “It is not uncommon for staff of such family businesses to take a back seat and just follow instructions,” said Ms Liew. “This is especially apparent in those companies with long-serving staff; the culture has been reinforced over the years,” she added.

“Tone from the top is important – founders and senior management must be prepared for a mindset change,” said Ms Lo Wei Min, managing partner of Lo Hock Ling & Co, a public accounting firm that is family-owned and operated.

Business owners and staff will also need to accept a decentralised decision-making model. “Companies that effectively involve their entire organisation in innovation and coordinate their innovation with a strategic globally-driven approach to marketing can realise real revenue growth and value creation,” said Mr Chiu.

KPMG feels that there is no magic bullet to success through innovation but good ideas can breed further good ideas or refine existing ones. “The larger the pool of people called to ideate and improve the business, the higher probability that new ideas are more innovative, and existing businesses can be ‘reinvented’ for future success,” said Mr Chiu.

Source: Yong, Melvin, August 1, 2017, http://www.businesstimes.com.sg/hub/strategy-spotlight/family-businesses-need-to-innovate-through-the-ranks
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The third-generation curse [#permalink]

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New post 06 Aug 2017, 21:00
FROM ISB Admissions Blog: The third-generation curse
Like most family-run enterprises across the globe, only 13 percent of those in Singapore survive till the third generation, according to a March 2017 survey of 100 firms done by KPMG and CPA Australia. Though statistics vary, the fraction of such Filipino family businesses is likely similar, bolstering the so-called three-generation curse, where the first generation creates the business, the second one maintains it, the third one fritters it away.

The top concern is hiring and maintaining star employees, say 56 percent of the respondents. About 43 percent of founders and successors cite professionalizing the business as a problem, while retaining family control a major concern for 41 percent. Interestingly, for 80 percent of the respondents, business trumps family. “Continued profitability is more important than family legacy,” says Straits Times economics correspondent Chia Yan Min.

A family business is still a business, and successors need to be prepared not just as owners but also as managers of the business. If no family member is qualified to take over, half of the respondents say they will turn to professional executives—but only until such time that family members have already been trained to lead. Meanwhile, 38 percent say they will force their children to enter the family business, while 13 percent would rather sell the business if no family member wants to take charge.

“Family business owners can empower successors to make independent decisions, provide challenging assignments and increasing responsibilities while incrementally letting go of control to focus more on mentoring,” Melvin Young of CPA Australia tells the Straits Times.

Families can learn from Singapore food business Elsie’s Kitchen, which is being run today by the third generation: Elsie’s nephew Reuben Ang is managing director, his sister Rachel is human resources head, and their cousin Job is food and beverage head. A foodie at heart, Reuben grew up in the family restaurants and took a business degree. When the older generation contemplated retirement, they invited Reuben to join. He steadily professionalized the structure, including modernization of food preparation and the cashier system. He also spearheaded the rebranding of heritage foods and prioritized innovations to meet modern tastes.

Today, five members of the older generation are still on the board, but they have generally passed on the reins to Reuben, Rachel and Job. “Out of respect, I still update [the elders] on what we plan to do,” Reuben tells The Straits Weekend correspondent Tay Suan Chang. “They are open to ideas, but when it comes to spending money, it is only natural that they are still cautious.

“Sometimes we can be arguing one minute, but the next we would be having a happy family dinner. That’s the thing with working with family, we have a common purpose. We can’t stop thinking or talking about work. Every meet-up, outside of the factory, is a board meeting.”

Source: Lee-Chua, Queena N, Daily Inquirer, August 04, 2017; http://business.inquirer.net/234376/third-generation-curse
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MAKING CENTS: Enhancing the odds of successful family business success [#permalink]

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New post 16 Aug 2017, 04:00
FROM ISB Admissions Blog: MAKING CENTS: Enhancing the odds of successful family business succession
The odds of successfully transitioning a business from one generation to the next are extremely low. In fact, as each new generation ages to the point of needing a successor, it is even less likely that a transition to the next generation can be successfully accomplished.

If you know down deep that your next generation of family is not quite ready to take over the reins, you need to have a stopgap plan. For this, you may need to work with a key nonfamily employee or perhaps even another unrelated firm like yours.

Hopefully you have one or more longstanding employees who are significant to day to day operations. These key employees also wonder what would happen if you didn’t wake up for breakfast. Are they out of work? Is the business getting sold? Will they be working for a 25-year-old who knows nothing about the business?

These thoughts are common among longstanding loyal employees. Your best bet is to be completely up front with these folks. They need to know that your plan is to keep the business as family owned. But you also need to create a plan that keeps them engaged and motivated to assist with that noble objective.

Even if your children are mature and experienced with respect to your business – you still need a plan. That plan needs job descriptions and who is reporting to whom. It can be dysfunctional when there are three family owners tripping over themselves all trying to do the same thing.

This issue gets even muddier when one or more of your children may have nothing to do with day to day business, yet are an equal owner with those who run it day to day. For this, you may consider equalizing your children’s inheritance and exclude business ownership from those who don’t work in the business. If that doesn’t work, lay out clear guidelines now about who makes the decisions – including the important decisions about compensation, mergers, buying or selling.

Source: Napolitano, John, Aug 15, 2017, http://www.middletowntranscript.com/news/20170815/making-cents-enhancing-odds-of-successful-family-business-succession
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Family business not necessarily nepotism [#permalink]

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New post 16 Aug 2017, 04:00
FROM ISB Admissions Blog: Family business not necessarily nepotism
Given the uproar over Ivanka Trump’s sitting in for her father at the “adult’s table” at the G-20 summit in Hamburg, Germany, earlier this summer, why it is that we seem so eager to cry “nepotism” where family enterprise is concerned.

What is it, exactly, that certain segments of America find so threatening about such close parent-child bonds, be they in business or politics?

Granted, the world leaders who attended the summit have the right to be disappointed at Ivanka’s sudden elevation to the high-level table, in much the same way that, in hiring father/son plumbers, one naturally hopes to have the more experienced father on the wrench, though let’s be honest: The seasoned hand is not always the most expert or up-to-date.

But do Chicago and the rest of the metro Midwest, places built on tightly knit and often reputable family businesses, have the right to such righteous indignation? At root I suspect the vilification of so-called “nepotism” is, like so much in our culture, a largely geopolitical phenomenon.

In the agrarian Midwest, Ivanka’s stint is widely regarded as a testament of her father’s faith in his daughter-adviser as understudy, and as an affirmation of her parents’ family-first loyalties put into practice.

In other more technocratic metropolitan ZIP codes where the bias against family enterprise is deeply lodged, the fanciful veneration of the “impartial expert” over trusted kin or close associates may explain the abhorrence with which Trump’s move was received.

In either case the strength of feeling on both sides of the “Ivankagate” debate makes sense. It’s yet another example of two Americas: one comforted by tradition, the other alarmed and offended by tradition’s kneejerk reliance on inner circles.

In a highly mobile business world where education and paper credentials are expected to trump homegrown knowledge, on-the-ground connections and local and familial ties, the culture tensions at the heart of Ivanka’s priority seating will live on long after she has left the table.

Source: Michael Jack, Zachary, Aug 11, 2017, http://www.newspressnow.com/opinion/columns/guest_columns/family-business-not-necessarily-nepotism/article_1013f848-2a3b-515c-becb-4c79de149152.html

 
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Beyond the books: The ISB experience -Srijeet Bhattacharjee Co 2018 [#permalink]

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New post 23 Aug 2017, 04:00
FROM ISB Admissions Blog: Beyond the books: The ISB experience -Srijeet Bhattacharjee Co 2018
If an idle mind is the Devil’s workshop, then the Devil doesn’t get much work done at the Indian School of Business. The workload at a business school with a one-year program may well be beyond the limits of human imagination. But ask anyone here, and they would swear they’re having the time of their lives. With submissions and deadlines, exams and sleepless nights, how on earth could that possibly be? Well the secret, it seems, is variety.

An MBA isn’t just an academic exercise or the means to a well-paying job. It is about as close to alchemy that mankind is ever going to get. Year after year students, some young and bright eyed, others older, wiser and ever so slightly cynical, come in and dive headlong into an exercise that promises transformation. And every year the school delivers on this promise. It isn’t science and it certainly isn’t magic. It is the broadening of perspectives that can come, not only by meeting different people, but also by trying different things. So while the week goes by attending lectures and working on academic pursuits, the weekend is when you could say the learning truly begins. To better understand what I mean by this, let us walk through a typical weekend here at ISB. The problem is, any attempt to list everything that happens here (often simultaneously) will invariably forget to mention too many of them. But while this list is by no means exhaustive, it is at the very least, a good place to start.

Let’s talk about the professional activities first.

On any given weekend, there will be multiple sessions organized by different clubs. Ever wonder what a brand or product manager’s life is really like? Or how Fintech is going to change the landscape of finance professions in an almost unrecognizable way? Be it digital marketing, stock trading, the future of consulting or how a policy could affect the economy or a particular industry, every aspect of every profession will be covered throughout the course of the year. On the self-improvement front, there may be language classes or soft skill sessions, and that’s just the tip of the iceberg. The point is, there is too little time and what seems like limitless opportunities, and what drives students here isn’t fame or money. It is the fear of missing out, or what is more popularly known as FOMO. So the act of balancing all these different events can be quite the delicate task.

Speaking of events, there isn’t any shortage of those either. Something or the other is always in the horizon, be it sports leagues or inter college fests or alumni reunions. Each event has a dedicated team working tirelessly towards ensuring its success. Chances are that you would find yourself in one of these teams by the time the year ends. For example, currently the Net Impact club is organizing Bandhan, an event where the school hosts underprivileged children over the course of several weekends of laughter and learning. The students here volunteer in droves, and the sight of them teaching kids how to speak in public, or dance or play an instrument, would warm any heart.

Then there are those who just want to enjoy themselves at the end of a grueling week. While the nights may be reserved for parties or socializing, many a pleasant afternoon and evening can be spent at the various workshops that are organized by the different Social Clubs. The Music club could have an outdoor performance planned, or the Dance club a salsa class. You could take a dip in the swimming pool or play tennis with a friend. You might just head to the movie room for a screening of your favourite show, or attend a martial arts session. You get the point. And the best part of all of this is that it is almost entirely student run. The professional sessions are probably being conducted by an alumnus who has been through the same journey as you, and the workshop by the introvert who you sit next to in class but have never spoken to. The bonds of friendship that are forged through this multitude of activities, and the network that you build, is something that lasts long after these moments turn into causes for wistful nostalgia.

To have so many opportunities afforded is both a privilege as well as an immensely enjoyable journey of self-discovery. There is a surprise waiting around every corner, and the hope is that we will walk out of this place truly believing that anything is possible. For the moment though, we’re happy simply being ‘here for the experience’.
ForumBlogs - GMAT Club’s latest feature blends timely Blog entries with forum discussions. Now GMAT Club Forums incorporate all relevant information from Student, Admissions blogs, Twitter, and other sources in one place. You no longer have to check and follow dozens of blogs, just subscribe to the relevant topics and forums on GMAT club or follow the posters and you will get email notifications when something new is posted. Add your blog to the list! and be featured to over 300,000 unique monthly visitors

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Beyond the books: The ISB experience -Srijeet Bhattacharjee Co 2018 [#permalink]

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New post 23 Aug 2017, 04:01
FROM ISB PGP Admissions Director Blog: Beyond the books: The ISB experience -Srijeet Bhattacharjee Co 2018
If an idle mind is the Devil’s workshop, then the Devil doesn’t get much work done at the Indian School of Business. The workload at a business school with a one-year program may well be beyond the limits of human imagination. But ask anyone here, and they would swear they’re having the time of their lives. With submissions and deadlines, exams and sleepless nights, how on earth could that possibly be? Well the secret, it seems, is variety.

An MBA isn’t just an academic exercise or the means to a well-paying job. It is about as close to alchemy that mankind is ever going to get. Year after year students, some young and bright eyed, others older, wiser and ever so slightly cynical, come in and dive headlong into an exercise that promises transformation. And every year the school delivers on this promise. It isn’t science and it certainly isn’t magic. It is the broadening of perspectives that can come, not only by meeting different people, but also by trying different things. So while the week goes by attending lectures and working on academic pursuits, the weekend is when you could say the learning truly begins. To better understand what I mean by this, let us walk through a typical weekend here at ISB. The problem is, any attempt to list everything that happens here (often simultaneously) will invariably forget to mention too many of them. But while this list is by no means exhaustive, it is at the very least, a good place to start.

Let’s talk about the professional activities first.

On any given weekend, there will be multiple sessions organized by different clubs. Ever wonder what a brand or product manager’s life is really like? Or how Fintech is going to change the landscape of finance professions in an almost unrecognizable way? Be it digital marketing, stock trading, the future of consulting or how a policy could affect the economy or a particular industry, every aspect of every profession will be covered throughout the course of the year. On the self-improvement front, there may be language classes or soft skill sessions, and that’s just the tip of the iceberg. The point is, there is too little time and what seems like limitless opportunities, and what drives students here isn’t fame or money. It is the fear of missing out, or what is more popularly known as FOMO. So the act of balancing all these different events can be quite the delicate task.

Speaking of events, there isn’t any shortage of those either. Something or the other is always in the horizon, be it sports leagues or inter college fests or alumni reunions. Each event has a dedicated team working tirelessly towards ensuring its success. Chances are that you would find yourself in one of these teams by the time the year ends. For example, currently the Net Impact club is organizing Bandhan, an event where the school hosts underprivileged children over the course of several weekends of laughter and learning. The students here volunteer in droves, and the sight of them teaching kids how to speak in public, or dance or play an instrument, would warm any heart.

Then there are those who just want to enjoy themselves at the end of a grueling week. While the nights may be reserved for parties or socializing, many a pleasant afternoon and evening can be spent at the various workshops that are organized by the different Social Clubs. The Music club could have an outdoor performance planned, or the Dance club a salsa class. You could take a dip in the swimming pool or play tennis with a friend. You might just head to the movie room for a screening of your favourite show, or attend a martial arts session. You get the point. And the best part of all of this is that it is almost entirely student run. The professional sessions are probably being conducted by an alumnus who has been through the same journey as you, and the workshop by the introvert who you sit next to in class but have never spoken to. The bonds of friendship that are forged through this multitude of activities, and the network that you build, is something that lasts long after these moments turn into causes for wistful nostalgia.

To have so many opportunities afforded is both a privilege as well as an immensely enjoyable journey of self-discovery. There is a surprise waiting around every corner, and the hope is that we will walk out of this place truly believing that anything is possible. For the moment though, we’re happy simply being ‘here for the experience’.

Image

Image

Image
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Clear vision and unity key for Sri Lanka’s family businesses [#permalink]

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New post 24 Aug 2017, 03:00
FROM ISB Admissions Blog: Clear vision and unity key for Sri Lanka’s family businesses
Sri Lanka’s family business continuity will depend on their ability to have a clear vision and retaining family unity, business leader Shiromal Cooray said.

“The failure to articulate the vision of the business in writing can be especially problematic as a company transitions from the 1st generation to the 2nd because the underlying goals are no longer as clear as they once were,” said Cooray, managing director of family owned Jetwing Travels.

Cooray was speaking an event held to highlight the hurdles that family businesses face around continuity and preserving it to the next generation.

A recent survey done by STAX, a strategy consulting firm said that a combined 77 percent of family businesses either have a well-defined vision or are on the process of developing one but that on the flipside, only 58 percent of companies have their vision in writing – the rest rely upon a verbal agreement.

Ruwindhu Peiris Manager, director of STAX said Sri Lankan family firms stand on the cusp of a phenomenal opportunity as the region expands.

“Most of these firms are now managed by 2nd and 3rd generation family members who have an unprecedented advantage in terms of global education and exposure.”

First generation businessman and chairman of Laugfs Holdings, W.K.H. Wegapitiya Wegapitiya says failure to embark on timely succession planning is one of the main reasons cited for family business discontinuity.

According to the STAX survey, the majority a 68 percent of the family businesses in Sri Lanka reported that they had a succession plan that satisfied their aspirations.

However it said that some leaders are yet to develop a sense of clarity and comfort regarding the extent to which the next-generation will contribute towards the business.

The act of professionalizing involves achieving a separation between family ownership and business management, the survey added.

While family businesses can be slow to embark on this process, the majority of the firms, 94 percent surveyed, are willing to bring in external expertise; with the key reason being a perceived need for greater diversity and maturity among leadership teams.

Another significant aspect of continuing a family-owned business is innovation and diversification into hitherto unexplored realms of business in order to ensure long term sustainability.

According to the survey, 87 percent of Sri Lanka’s family businesses have considered diversification.

In general, the speakers agreed with the idea of diversification in order to avoid conflict but noted that most preferably it should be done in alignment with the core competencies of the main business.

Source: August, 17, 2017; http://www.lankabusinessonline.com/clear-vision-and-unity-key-for-sri-lankas-family-businesses/
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Businesses must aspire to reach 100 years [#permalink]

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New post 24 Aug 2017, 03:00
FROM ISB Admissions Blog: Businesses must aspire to reach 100 years
Family businesses face major challenges in working through ownership and management succession and family business leaders acknowledge the problem. However, few know where and how to develop a governance and succession plan.

Visionaries need not go through the same periods of adversity. To preserve their wealth, they must initiate governance and succession at the onset and not when they are old, sickly and dying. Imagine the benefit, if the company mastered the art and science of governance, people management, leadership development, and succession practices?

Imagine the enormous rewards, if governance is reinforced with a shared vision supported with powerful values that the founder passed on to the next generation. Imagine legacy-building benefits, if the founder put in motion the training of the next generation leaders so they can whole-heartedly embrace the value of fairness and meritocracy and the importance of making decisions based on “what is good for the company”.

The real challenge is to make every family member and future stakeholder understand early on the all-important concept of stewardship rather than ownership. How? By learning from the best in their class: large family-owned businesses and their leaders that have defied the odds, went through rough patches in the second generation, summoned extraordinary strength to set things right, and deftly overcoming the third generation curse. They continue to prosper with some becoming certified century-old organizations.

Governance and succession is non-negotiable. It is your wonderful gift to the next generation.

Source: Soriano, Enrique M., August 21, 2017, http://www.sunstar.com.ph/cebu/business/2017/08/21/soriano-businesses-must-aspire-reach-100-years-part-2-559701

 
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How three family-run Australian brands became global businesses [#permalink]

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New post 01 Sep 2017, 04:00
FROM ISB Admissions Blog: How three family-run Australian brands became global businesses
Lucas’ Papaw, Bundaberg Brewed Drinks, Blackmores. If not household items, these brands are certainly easy to find in pharmacies and supermarkets across Australia. All three businesses are still family owned. Their number of employees range from 30 to more than 1000, but John McLean, chief executive of famous ginger beer brewer Bundaberg Brewed Drinks, said larger didn’t always mean more important.

“You’d be stunned at what is a family business,” Mr McLean said. “They are the engine room of our economy: they may not get the publicity constantly that the ASX-listed companies get, but family business is the bread and butter.”

Lucas’ Papaw is instantly recognisable for its red packaging. Today it’s most commonly used for chapped lips, but manager Lynette Swinglehurst said that’s not how the ointment was originally marketed.

Since its invention in the early 1900s by Ms Swinglehurst’s great-great-grandfather, Lucas’ Papaw has been used predominantly as a treatment for rashes, burns and other aches and pains. “About 15 years ago it was used – and I still remember the phone call – used by a make-up artist on McLeod’s Daughters,” she said. “She rang me and said it was good for keeping eyebrows in place and gloss on lips.” Ms Swinglehurst said she was “blown away” by the product’s cosmetic use, and how it then took off.

John McLean describes himself as the “muggle” of his family’s business, Bundaberg Brewed Drinks. Previously a teacher, Mr McLean said he had no desire to join his wife’s family business but his persuasive father-in-law, Cliff Fleming, eventually talked him around and gave him an all-round experience in the business before making him chief executive 10 years ago.

Now an international health supplement company with more than 1000 employees, Blackmores was founded in Brisbane in 1938 by Maurice Blackmore with a naturopathic health food store and health clinic.

“My father was the consummate professional, and he believed that the profession was unprofessional and needed to be professional, so he had two nursing sisters, with white hats like the old days, they were the first contact for the patients,” Marcus Blackmore said.

Mr Blackmore took the reins of his father’s business in 1975, and said his father had fought hard to make naturopathy an accepted practice in Queensland. After he started working for his father when he was about 18 years old, Mr Blackmore said he was sacked a number of times. Mr Blackmore said that experience – which left him unemployed for a while – made him a better manager in the long run.

Mr Blackmore said the company’s success had a lot to do with its people management. Ms Swinglehurst said the most important tip she could give others in a family business was to not take on too much at once. Mr McLean said Bundaberg Brewed Drink’s philosophy was to not continually redefine its business, but stay true to what it did best.

Source: Clun, Rachel, 30 Aug 2017, http://www.araratadvertiser.com.au/story/4889132/how-three-family-run-australian-brands-became-global-businesses/?cs=7
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Families aim for more control at Ford, Nordstrom [#permalink]

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New post 01 Sep 2017, 04:00
FROM ISB Admissions Blog: Families aim for more control at Ford, Nordstrom
Bill Ford, executive chairman of Ford Motor and great-grandson of founder Henry Ford, feels he didn’t get buy-in for his ideas and has installed a new CEO who he hopes will carry out his vision.

The Nordstrom family is exploring taking Nordstrom Inc. private as their company contends with disruptive change in the retail sector.

Founding families who try to assert control of public companies generally want to maintain a long-term outlook, says Lloyd Shefsky, founder and co-director of the Center for Family Enterprises at Northwestern University’s Kellogg School of Management.

Families hope to sustain their businesses for generations to come, but Wall Street investors want quick returns, Shefsky says. When the goals of the investors and the family diverge too far, a power struggle can result.

Long-term strategy was cited as the reason for the leadership change at Ford, according to an article in the Wall Street Journal. Bill Ford has been touting the benefits of new technologies for 20 years, he told the Journal, but has lacked support within the company.

Ford was born in 1957, the year after the American automaker went public. The company’s dual-class share structure gives the family voting control.

Indeed, the pressure for short-term results has escalated in recent years. That’s kept many companies from even trying to go public.

Nordstrom is one company that’s reconsidering its public status. Six family members — representing the third and fourth generations — are exploring a plan to buy back the 70% of the company they don’t already own. They have formed an exploratory committee of independent board directors, which has hired financial advisers and legal counsel. The buyback could cost nearly $10 billion.

In a Securities and Exchange Commission filing, the Nordstrom family members wrote, “Because of the changing dynamics in the retail environment, the Group is evaluating whether the long-term interests of the Issuer are better served as a privately held company.”

Kathy Gersch, a former Nordstrom executive, says the Nordstrom family is aiming for more than just running a private company.

“They have always wanted to run this as a family business,” Gersch told MSNBC. A family takeover would not be a standard leveraged buyout, she said. “It’s really the family buying back their company. It allows for a level of alignment that you don’t get in a standard buyout.”

The moves by Ford and Nordstrom “are different degrees of the same approach,” says Shefsky.

“Ford went public with two different classes of stock. That showed the power [the family] had when they went public, that they were able to do that,” Shefsky notes. “Nordstrom didn’t do that, for whatever reason, and in any event, they aren’t satisfied with [being public] now.”

Source: Hall, April., August 25, 2017, https://www.familybusinessmagazine.com/family-business-control-ford-nordstrom
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Families aim for more control at Ford, Nordstrom   [#permalink] 01 Sep 2017, 04:00

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