Family Business

Australia: Family business succession: When to pass control? Watch out for tax and duty traps.
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By | April 25, 2017|Family Business|

A common question for family business succession, and particularly for primary production family business, is when control of the business should be passed to the next generation, without risking the valuable assets of the business if something goes wrong. Unfortunately, it is far too common [...]

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CSR a key element for success at top family businesses
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By | April 7, 2017|Family Business|

Fast-growing, mid-sized family businesses around the world have identified corporate social responsibility (CSR) as an important element for their success, according to a joint report by Citi Private Bank and UK-based family business information provider Campden Wealth Research. The report, entitled The Top 50 Global [...]

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The growing interest of innovation at family businesses
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By | April 7, 2017|Family Business|

It strikes me that one of the most interesting areas of research around the world of family enterprises today is innovation. There are a number of reasons for this, but, from my perspective, two stand out. One is obvious and involves how family businesses continue [...]

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Luxury Family Businesses Hermès and LVMH Buck Downward Market Trend
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By | March 30, 2017|Family Business|

Hermès and LVMH announcing record profits for 2016 suggests the French family businesses are resuscitating the moribund $1.1 trillion global luxury market despite ongoing political and economic uncertainty. Hermès Group, the French high fashion clothing and accessories manufacturer and retailer started its 180th anniversary in [...]

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Why the 21st Century Will Belong to Family Businesses
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By | March 30, 2017|Family Business|

An oft-cited statistic is that only 30% of family businesses make it through the second generation, 10-15% through the third, and 3-5% through the fourth. These are disheartening numbers. But let’s put them in perspective. A study of 25,000 publicly traded companies from 1950 to [...]

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Four Solutions to Taking Control of Your Family Business
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By | March 24, 2017|Family Business|

In business, few things can be as stressful as running a company that’s staffed and managed by a mix of family and non-family employees. The constant juggling of family drama, emotions and entitlements conflicting against the needs of your non-familial staff can quickly contribute to [...]

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Wealthiest in the region prioritize capital growth, succession planning
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By | March 24, 2017|Family Business|

Amid a politically uncertain landscape, the main concerns for the world’s and the Kingdom of Saudi Arabia’s (KSA) most affluent people are wealth preservation, capital growth and succession planning, according to Knight Frank’s annual Attitudes Survey, produced exclusively for The Wealth Report. The Survey looks [...]

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Planning to lead the family business
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By | March 13, 2017|Family Business|

PwC Family Business Survey Being the ‘boss’s child’ throws up some unique challenges for the next generation of family business leaders.  There are a number of ‘gaps’ that the next generation face: the generation gap between their experience and expectations, and those of their parents’; [...]

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There’s business, and then there’s the family business
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By | March 13, 2017|Family Business|

Family businesses form the backbone of the Irish economy, accounting for more than 40 per cent of all private sector employment. The benefits of families working together, with uniquely intimate closeness and trust, have provided a foundation for a proven business model. Family business leaders [...]

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National – a family business where ‘time and truth travel together’
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By | February 23, 2017|Family Business|

Lynda Smith Swann is the president and owner of National Wholesale, a women’s apparel business, started in 1952, which is now celebrating its 65th year of business. Although Lynda grew up at National, she went into counseling after receiving her undergraduate in psychology and her [...]

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These Kiwi footwear businesses have been in the family for decades
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By | February 23, 2017|Family Business|

Pat Menzies was 19 when he got a job at Spencer Wade shoe store in the then brand new Canterbury Arcade on Auckland's Queen Street. Just a few years later, in the early 1970s, Wade offered his employee the opportunity to take over the business, [...]

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Six Key Issues Millennials Should Consider Before Diving Into a Family Business
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By | February 22, 2017|Family Business|

Joining a family business isn’t for everyone. It’s a risky decision that needs a lot of careful consideration. You might build a successful dynasty that grows into a Fortune 500 company, with generations of family continuing to lead the business. Or, like the vast majority [...]

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The Wallenbergs: where money meets Swedish science
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By | February 22, 2017|Family Business|

The Wallenberg family’s main philanthropic vehicle, the Knut and Alice Wallenberg foundation (KAW), which celebrated its 100th anniversary this year, is the second-biggest backer of basic scientific research in Europe, having distributed SKr24bn or $2.7bn in its lifetime. As much as the foundation has done [...]

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Ping’s new president John K. Solheim talks about leading his family’s business
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By | February 13, 2017|Family Business|

Since the company's inception in 1959, Ping has been a family-run business. The recent elevation of John K. Solheim, the oldest son of Ping chairman and CEO John A. Solheim, and grandson of company founder Karsten Solheim, to the next president of Ping maintains that [...]

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Lee Family Business is in Full Swing
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By | February 13, 2017|Family Business|

Just like in any sport, gymnasts need a place to train. However, these places require a monthly payment for training, competing and much more. For MaJe Lee, University of Utah gymnast Kari Lee’s mother, instead of writing that check every month for her five kids, [...]

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Family Firms Are More Innovative Than Other Companies
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By | January 27, 2017|Family Business|

Family firms aren’t typically thought of as particularly innovative. More often, they’re viewed as risk averse, traditional, and stagnant. However, many family-owned businesses are among the most innovative in their industries. Consider Herr’s Potato Chips and Enterprise Rent-A-Car. There are countless other examples of family [...]

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100-Year-Old Founder of Cross Insurance Remains Committed to Family Business
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By | January 27, 2017|Family Business|

Shortly after Woodrow Cross founded Cross Insurance out of his family’s home in Bangor, Maine, in 1954, he sold his first insurance policy for just seven dollars. More than 60 years and nearly 115 agency acquisitions later, with roughly 800 employees and offices throughout New [...]

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Sugar Bowl owner reflects on nearly 100 years of family business
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By | January 20, 2017|Family Business|

Gaylord’s oldest restaurant and one of the city’s most iconic businesses is temporarily closed after longtime owner Bob Doumas sold the Sugar Bowl and retired. As of 2 p.m. Sunday, Jan. 15, the Sugar Bowl, located at 216 W. Main St., closed. It has been [...]

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Global Family Office Report 2016 Key Findings – Impact Investing
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By | January 20, 2017|Family Business|

According to legend, The Rockefeller Foundation coined the term ‘impact investing’ in 2007, putting a name to investments made with the intention of generating both financial return and social/environmental impact. Has the concept reached maturity nearly a decade later? Family offices around the world are [...]

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Do “Corporate Formalities” Matter in Family Businesses?
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By | January 13, 2017|Family Business|

Family owned corporations are subject to the same statutory requirements regarding entity governance as non-family owned businesses. Thus, in order to fully comply with the applicable statute for the state where the business is incorporated, a family business should pay attention to all provisions that [...]

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Five Tips for Leading a Successful Family Business
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By | January 13, 2017|Family Business|

Razak Dawood ’68, the chairman of Descon, a family-run power, engineering, and chemical conglomerate based in Pakistan, manages more than 14,000 multinational employees across seven countries. Dawood spoke about his own experiences and offered five crucial tips for running a successful family enterprise at Columbia [...]

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Fourth-generation Mpls. furrier adapts to times, tastes
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By | January 6, 2017|Family Business|

If it snowed more than 7 inches on New Year’s Day, customers who had bought a fur, leather or other coat at Ribnick Luxury Outerwear in December would have been entitled to a full refund. Bill Ribnick, president of the Warehouse District business, wasn’t sweating [...]

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Enduring Firms Transfer Assets and Knowledge Effectively
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By | January 6, 2017|Family Business|

Co-written by Brian Henry, “The Hénokiens: The Families and Firms Who Made History” is a case study of 47 family businesses which have been in the same family for more than 200 years, revealing important insights into how such firms have not just survived, but prospered. Understanding [...]

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Close family ties, and a secret recipe, keep business going
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By | December 29, 2016|Family Business|

Stop by Ricci’s Italian Sausage in McKees Rocks this holiday season and you might be served by an orthopedic surgeon or an attorney. The lawyer is Ernest A. Ricci, 30, great-grandson of Ricci’s founder, the original Ernest Ricci, while the surgeon-in-training is Gianni Ricci, 27, [...]

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How a Founder’s Family Will Shape the Future of This Business
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By | December 29, 2016|Family Business|

Susan Michel has always taught her four kids a consistent lesson: You get what you earn. Susan, 58, has approached succession planning at her financial advisory business, Glen Eagle, with the same philosophy. The kids have watched her grow the Princeton, N.J., firm from a [...]

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Good governance is survival for family firms in the GCC
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By | December 23, 2016|Family Business|

The family business is one of the oldest and most common economic organisational models. The significant role they play in the global economy is undeniable, with companies such as BMW, Wal-Mart, Toyota and many more all having started as family businesses, and at some point [...]

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Most companies don’t last 50 years, but these Pittsburgh businesses have
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By | December 23, 2016|Family Business|

Here’s how hard it is for a business to survive 50 years: only about 36 percent of them make it to their 10th birthday, and about 21 percent make it to their 20th anniversary, according to the U.S. Bureau of Labor Statistics. There are many [...]

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Al Fahim’s resilient family firm reveals the value of staff loyalty
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By | December 16, 2016|Family Business|

The story of the Al Fahim Group, today one of the oldest and largest family business conglomerates in the region [UAE], began with a problem many of us are familiar with – cars getting stuck in the sand. In 1960, Abdul Jalil Al Fahim, who [...]

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Lowa Jeweler carries on Family Business for Next Generation
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By | December 16, 2016|Family Business|

From a tiny office in the front of his store, Bill Nusser gives a friendly wave and hello to all the customers who stop in his jewelry store, much like his father, grandfather and great grandfather before him. Nusser is the fourth generation owner of [...]

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It’s all relative: the Four Keys to Family Business Longevity
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By | December 9, 2016|Family Business|

More than 110 years ago, Fung Pak-liu, an English teacher, and Li To-ming, a local merchant whose family owned a porcelain shop, started an export trading company in Guangzhou, shipping porcelain, fireworks, jade handicrafts and silk, mainly to the United States. The Fung family have [...]

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Lego Restructures with Eye to Expansion
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By | December 9, 2016|Family Business|

The Danish family behind the Lego plastic-brick empire is shaking up the company’s ownership structure, elevating an executive widely credited for rescuing the toy maker from the brink of bankruptcy to manage all-things Lego and explore new business ventures. The Kirk Kristiansen family said Lego A/S Chief Executive [...]

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Why Merit Beats Nepotism at More Family Businesses
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By | December 2, 2016|Family Business|

In our agrarian past, every farmer wanted 10 sons because all that “free labor” meant he could have a much bigger farm. The patriarch not only controlled the family business, he also generally controlled the career choices his children were allowed to make. That trend [...]

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How can family offices deal with the big data revolution?
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By | December 2, 2016|Family Business|

How can an organisation with a relatively small investment team such as a family office deal with the deluge of data that can inform investment processes today? While some family offices show great entrepreneurial spirit, to date many have been slow adopters of technology tools [...]

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The Long Haul: Felix Fiege on Five Generations of Logistics
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By | November 28, 2016|Family Business|

Taking a business from one horse-drawn cart to an international logistics firm is no easy task, but that is exactly what Germany’s Fiege family has accomplished over five generations. Fieges’ road to success has been paved with their unerring work ethic, smart business decisions, and [...]

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106-year-old family business adjusts to markets, seizes opportunities to stay viable
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By | November 18, 2016|Family Business|

Louis Gelder moved from Chicago to Millburg, Mich., near Benton Harbor, bought a hardware store, changed its name and started making high-end leather harnesses for wagons and buggies along with selling hardware and household products in 1910. Business was good through the decades as Louis [...]

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Conflicts of interest at White House
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By | November 15, 2016|Family Business|

Donald Trump is President-elect of the United States of America. He brings with him potential conflicts of interest across all areas of government that are unprecedented in American history. It will be interesting to observe how the Trump administration manages these conflicts of interests, even [...]

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Germany’s Reimann family acquires Asian coffee company
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By | November 15, 2016|Family Business|

JAB Holding is the investment vehicle of Germany’s Reimann family, one of Europe’s wealthiest business families. JAB Holdings is controlled by the second generation of Germany’s Reimann family: Renate Reimann-Haas, Wolfgang Reimann, Stefan Reimann-Andersen, and Matthias Reimann-Andersen. Forbes has estimated that these four family members [...]

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Chinese Family Businesses Cautious and Conservative about Future
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By | November 4, 2016|Family Business|

As per biannual 2016 Family Business Survey conducted by Pricewaterhouse Coopers, the economic climate is hurting Chinese family businesses, with 75 per cent of Hong Kong businesses citing market conditions as their biggest challenge for the next 12 months. As a result, Chinese and Hong [...]

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Australian Mineral Tycoon Invests in the UK
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By | November 4, 2016|Family Business|

Hancock Prospecting is an Australian mineral exploration and extraction, privately owned, company that holds the rights to some of world's largest iron ore deposit. Gina Rinehart is chairman of Hancock Prospecting, a company founded by her father Lang Hancock. Rinehart has inherited 76.6% of the [...]

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Succession planning continues to bother family businesses
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By | October 31, 2016|Family Business|

As per a new study in the UK, almost all family businesses confess they are operating without a strategy for succession, despite knowing full well the issue of generational transition is looming.  A remarkable 97% of family business owners surveyed complained of a lack of [...]

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Family moves in during troubled times
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By | October 31, 2016|Family Business|

The multinational network equipment maker, Ericsson was founded in 1876 by Lars Magnus Ericsson. The Wallenberg family saved the company from bankruptcy in 1960, and has since controlled the company. However history seems to be repeating itself. In recent quarters, the company has been reporting [...]

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Succession plan for fifth generation at New York Times
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By | October 31, 2016|Family Business|

The New York Times founded and continuously published in New York City since September 18, 1851, has won as many as 117 Pulitzer Prizes, more than any other news organization. Since 1896, when Adolph S. Ochs bought it, the Ochs-Sulzberger family has controlled the newspaper. [...]

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Pinarello in Talks to Sell Majority Stake
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By | October 24, 2016|Family Business|

Cicli Pinarello SpA, the Italian bicycle maker, was founded in the early 1950s when Giovanni Pinarello, a professional cyclist, received 100,000 pounds to give up his spot at the 1952 Giro d’Italia road cycling competition. He used the money to open a workshop for hand-made [...]

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Italian Family Business Selling Stake for Overseas Expansion
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By | October 24, 2016|Family Business|

 Atlantia SpA is an Italian holding company, controlled by the Benetton family, whose primary asset is Autostrade per l'Italia, the Italian toll-road operator. The main business interests of Atlantia are in infrastructure. The company which has been so far concentrated on projects in Italy now [...]

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Collaboration among Family Run Car Makers continue
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By | October 24, 2016|Family Business|

In continuation with last week’s report on tie-ups among car majors, now a new alliance seems to be forming among Toyota Motor Corp. and Suzuki Motor Corp. The two family run car manufacturers are in talks to share the burden of developing self-driving cars and [...]

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Bill Ford taking Ford Motor in new directions
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By | October 17, 2016|Family Business|

A family owned old economy manufacturing behemoth such as Ford is turning towards services as its new growth engine. It intends to generate a 20% return on its new mobility services, or more than twice the profit margin from its traditional business. As per Bill [...]

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