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jerryking : family-owned_businesses   58

Andrea Illy: adapting a family business to a multinational world
JULY 20, 2019 | | Financial Times | by Rachel Sanderson.

*The coffee group chairman argues his style of capitalism is good for business, workers and the consumer*

Andrea Illy, third generation heir of the Illycaffè dynasty, last year struck an alliance with investment group JAB Holdings to produce and distribute Illy coffee capsules...he makes it clear that he does not intend to sell the closely held family company..... “It is a very simple principle about preserving our freedom,” he says of his and his family’s decision, one....Freedom is a word that comes up frequently in conversation with Mr Illy.....who espouses a sort of pick-and-mix version of capitalism, resolutely refusing to focus only on sales and profits. Illy argues his style of capitalism is not charity but good business.......Illy has paid its growers on average 30% more over market value for decades in order to maintain its supply of top Arabica beans. “....The company is rooted in the border city of Trieste....which is also ingrained in the nature of the family......globalisation and increasing competition in the coffee sector has forced Illy to adapt. Staying closely held does not work any more. Co-opetition is his new mantra."“It is like the way to adapt in the savannah. If you do not want to be prey to the big lion, you live in a tree.”"

Part of that adaptation has been the deal with JAB, which allowed Illy coffee capsules to be produced and distributed in supermarkets globally, something that Illy could not do alone......The global coffee industry has become increasingly like the beer tie-ups of the 1990s, with big groups such as JAB and Nestlé snapping up smaller companies. Illy has risked being squeezed between these behemoths and the microroasters emerging as the hip caffeine hit for millennials and Gen Z.....Bigger groups have circled Illy for years. Mr Illy says the family chose JAB because it had the technology he wanted and accepted a licensing agreement rather than an equity one.....To build its global presence, Mr Illy is now looking for a retail partner in the US to help launch Illy coffee bars in the world’s largest coffee market. He says he could even sell a slice of equity. But he is very specific who it would be to: a private financial investor, not an industrial group.....there have been other adaptations. Three years ago, Illy hired an outside chief executive — Massimiliano Pogliani, a former executive at Nestlé’s Nespresso — for the first time since the company was founded in 1933 by Mr Illy’s grandfather, Francesco. Mr Illy has also built a board including executives from clothing group Moncler and Italian cosmetics group Kiko...... studies show that family businesses often fail in the third generation. The move to hire outside management and governance comes as studies also show that family-owned, professionally-run companies are among the best performing in the long term. ......Mr Illy sees these alliances as the only way for a family business model to thrive and to not have to cede control to a multinational when “complexity is becoming too big for a single person to manage”.
.....good stewardship is good business......The Illy family is a supporter of arts and culture, including Trieste’s annual sailing regatta, the Barcolana, where hundreds of boats race across the bay. Mr Illy says this creates a virtuous circle: the more attractive Trieste becomes, the more talented people Illy can attract to work for it and the more visitors come to the city and raise its brand profile........A portrait of his father Ernesto hangs opposite his desk. “I put the painting there to ask him to control what I do,” Mr Illy says.

What, then, has he learnt from his family? “Society is made by the private sector, mostly. And if you want to improve society then we need to be able to pursue long-term goals which are beyond profitability, and then you have to be free and accountable only to yourself,” he says.

Three questions for Andrea Illy
Who is your leadership hero? I have three: Muhtar Kent, former chairman of Coca-Cola; my father; Sebastião Salgado [the photojournalist].

If you were not a CEO/leader, what would you be? A neurosurgeon.

What was the first leadership lesson you learnt? My father asked me when I turned 14 years old where I wanted to go to school. Do you want to start a journey to be a leader or do you want to have fun? I chose the first option and as a result chose boarding school in Switzerland over a local school at home. There I learnt about discipline and hard work but also about the power of a charismatic leader from my headmaster.
alliances  boards_&_directors_&_governance  climate_change  coffee  coopetition  dynasties  family  family_business  family-owned_businesses  financial_buyers  heirs  high-quality  Illycaffè  investors  JAB  licensing  Nestlé  premium  private_equity  privately_held_companies  stewardship  sustainability  the_counsel_of_the_dead  virtuous_cycles 
july 2019 by jerryking
JAB’s Peter Harf: hire ambitious talent and give them a mission
February 16, 2019 | | Financial Times | by Leila Abboud and Arash Massoudi.

JAB oversees its portfolio of coffee, beverages, and casual dining companies. .....When everything was going wrong last year at Coty, the cosmetics company backed by investment group JAB Holdings, Peter Harf reacted with characteristic ruthlessness, replacing Coty’s chief financial officer and chief executive, and taking back the Coty chairmanship from his longtime associate, Bart Becht. Describing last year’s share price decline of more than 60% as “unacceptable” for JAB and its co-investors, Mr Harf says the situation “had to have serious consequences” even for his inner circle......Harf believes that identifying talented people — and incentivising them through performance-based pay — have been key to his success over his nearly 40-year career..... just as important to Harf is knowing when to jettison those who are no longer serving the mission he has overseen since he was 35: growing the wealth of Germany’s reclusive Reimann family who are behind JAB....Harf's vision was for JAB to be modelled on Berkshire Hathaway, the investment conglomerate built by his idol, Warren Buffett. Success would come not only from backing the right leaders but by patiently building brands, embarking on deals and taking companies public to cash in on bets....Harf felt he had assembled a dream team: “My mantra has always been that I need to hire people who are better than me. Lions hire lions and sheep hire other sheep.”

Three questions for Peter Harf
(1) Who is your leadership hero?

“Warren Buffett. Hands down. All this stuff that I intend to do to make JAB into a long-term investment vehicle, he does it to perfection. He’s the greatest investor in the world, and I want to be like him. If we invest as well as Warren, we’ve won. Very simple.”

(3) What was your first leadership lesson?

One of my biggest role models was Bruce Henderson, the founder of Boston Consulting Group. When I worked for him, I prepared a three-page analysis about a problem. It had 10 bullet points as the conclusion. He dismissed it as way too complicated and said: “Don’t try to field every ball.” He meant that if you wanted to be a good leader, you have to be able to focus on the important stuff first.
+++++++++++++++++++++++++++++++++++++++++++++++++++
The trouble often starts when leaders start listing five or seven or 11 priorities. As Jim Collins, the author of the best-selling management books “Good to Great” and “Built to Last,” is fond of saying: “If you have more than three priorities, you don’t have any.”
BCG  Berkshire_Hathaway  beverages  casual_dining  coffee  commitments  CPG  dealmakers  deal-making  departures  exits  family_office  family-owned_businesses  HBS  hiring  investors  JAB  Keurig  lifelong  mission-driven  private_equity  portfolio_management  ruthlessness  talent  troubleshooting  Warren_Buffett 
february 2019 by jerryking
JAB chair Bart Becht quits in split with partners
January 14, 2019 | Financial Times | Leila Abboud in Paris and Arash Massoudi.

Bart Becht's departure is the first outward display of tensions within JAB, created to manage the wealth of Germany’s billionaire Reimann family. The chairman of JAB Holdings, the acquisition-hungry owner of Pret A Manger and Keurig Dr Pepper, has quit after a five-year $50bn takeover spree led to a split with his two partners over the scale of the investment group’s dealmaking.

According to two people with direct knowledge of his decision, Bart Becht, a hard-charging 62-year-old consumer industry executive, stepped down after failing to convince JAB to scale back its takeover ambitions to focus on improving operations at its sprawling portfolio of companies.....The once-obscure investment vehicle has vaulted itself into the top tier of consumer products groups through acquisitions of high-profile US brands like Krispy Kreme, Peet’s Coffee and Covergirl owner Coty, competing directly with industry giants including Nestlé and Coca-Cola in coffee and L’Oreal in make-up......One person who has worked closely with JAB described Mr Becht’s decision as “undoubtedly a surprise”, especially since the trio of executives had only recently been raising money from outside investors and pitching themselves as long-term investors.

JAB operates in a similar way to a private equity investor, but with much longer time horizons. It is often willing to own portfolio companies for decades, often engineering an expansion via acquisitions.....The fundraising also coincided with a strategy shift as JAB exited investments in luxury and fashion to focus on what it calls premium food and beverage, casual dining, and coffee.
CPG  dealmakers  departures  exits  family_office  family-owned_businesses  hard-charging  investors  JAB  Keurig  private_equity  portfolio_management  time_horizons 
january 2019 by jerryking
Trump, Kushner and the businessman fallacy
Simon Kuper MARCH 8, 2018
The “businessman fallacy” — the notion that a rich businessman (never a woman) can run government better than a mere politician — is Donald Trump’s basic promise. That’s why the combustion of his son-in-law, fellow real-estate heir and senior adviser Jared Kushner — whose business dealings in the White House scream conflict of interest — is so telling. Kushner incarnates the businessman fallacy.......The businessman-turned-politician is often blinded by hubris. This usually stems from the “money delusion”: the idea that life is a race to make money, and that rich people (“winners”) therefore possess special wisdom.

Many businessmen imagine they pulled themselves up by the bootstraps in a free market, something that more people could do if only there was “less government in business”. This self-image usually omits context: the fact, say, that the businessman’s father built the company (before being jailed on a ridiculous technicality) or that government enforced his contracts and schooled his employees.....Rich Americans tend to feel contempt for politicians because they have learnt to treat them as lowly service providers who will sit up and beg for donations.
self-imagery  Simon_Kuper  Donald_Trump  Jared_Kushner  nepotism  White_House  conflicts_of_interest  oversimplification  privately_held_companies  family-owned_businesses  hubris  generalists  businessman_fallacy  heirs 
march 2018 by jerryking
Italian luxury group Zegna tailors its cloth to suit millennials
NOVEMBER 19, 2017 | FT | by Rachel Sanderson in Milan.

Casual wear has become the fastest-growing luxury segment as tech savvy consumers want a high-end iteration of the “hoodie and sneakers look” favoured by tech entrepreneurs from Silicon Valley to China.....The response of Mr Zegna, who together with his sister Anna and cousin Paolo run Zegna, has been to “reinvent ourselves in the casualisation world”.
.....So-called casualisation of luxury is one of the biggest trends in the €250bn industry, according to consultant Bain. Luxury brands invested €500m on developing “rubber slides” (a type of flip-flop) last year alone and €3.5bn on sneakers in an effort to attract millennial and Generation Z consumers, estimated to make up nearly half of the luxury market by 2025.

Failure to spot the trend can prove costly. Patrizio Bertelli, co-chief executive of family firm Prada, last month blamed a failure to spot the trend for luxury sneakers behind a tumble in revenues in its first half.

The luxury industry invested €3.5bn on sneakers last year as they tap the trend for upmarket casualisation © Bloomberg
“If there is one product today that is impulse driven and creates emotions [among consumers] it is the sneaker,”
..Zegna’s strength is that it controls its entire supply chain. ....Zegna three years ago bought a 6,300 acre farm with 10,000 sheep in Australia. Last year, it bought 60 per cent of a textile factory in Italy. Mr Zegna likes to say that Zegna goes from “sheep to shop to screen”, the latter in a nod to the rise of online shopping for luxury. Of its 7,000 employees half work in the industry and half in distribution.
.......Zegna says having raw materials and manufacturing at its fingertips has surprisingly proven a boon. “In this day in which the suit, like the tie, is not so popular, people are going for personalisation,”
.....In the world of men’s luxury — like other disrupted industries — consumers either want things “very fast” luxury or “very slow”, he argues.

For those willing and able to pay upwards of €5,000 for a bespoke suit, “It will take at least three months for you to have your beautiful garment,” says Mr Zegna with an evident satisfaction.
luxury  Italian  mens'_clothing  suits  millennials  CEOs  trend_spotting  sneakers  family-owned_businesses  Zegna  digital_savvy 
november 2017 by jerryking
Another Arnault Steps Into the Spotlight
NOV. 7, 2017 | The New York Times | By ELIZABETH PATON.

Clos19, LVMH’s first e-boutique and travel experience agency dedicated to Champagne, wines and spirits, had its debut in the United States, via a fizz-fueled soiree in New York. The focus of Ms. Watine Arnault’s brainchild, she said after the party, is on the “art of hosting” in the 21st century.

So what, one wonders, does that entail? Clos19 isn’t exactly an online bottle shop. Yes, you can order crates of LVMH’s finest drinks brands, like Dom Pérignon, Veuve Cliquot, Belvedere or Hennessy, to be delivered to your door in 24 hours. But you can also specify the temperature of the deliveries, and the glassware to go with it. Tastings or consultations with in-house experts will be regularly offered, as is event planning for weddings and dinner parties.

Clos19 also offers access to LVMH cellars or experiences designed around the spirits, including a fire-and-ice tasting in Antarctica or yachting off the Cloudy Bay vineyards in New Zealand. The lowest-priced experience is about $230, with the cost of luxury scaling up from there to dizzying heights.
LVMH  digital_strategies  Clos19  liquor  events  curation  brands  luxury  family-owned_businesses  Champagne  experiential_marketing 
november 2017 by jerryking
In House of Murdoch, Sons Set About an Elaborate Overhaul
APRIL 22, 2017 | The New York Times | By BROOKS BARNES and SYDNEY EMBER.

With James and his elder brother, Lachlan, 45, who is the executive chairman of 21st Century Fox, firmly entrenched as their father’s successors, they are now forcibly exerting themselves. Their father remains very involved, but his sons seem determined to rid the company of its roguish, old-guard internal culture and tilt operations toward the digital future. They are working to make the family empire their own, not the one the elder Murdoch created to suit his sensibilities.....The conglomerate, like its competitors, is facing an extremely uncertain future. Consumers are canceling or forgoing cable hookups and instead subscribing to streaming services like Netflix and Hulu, which 21st Century Fox co-owns. The movie business continues to grapple with piracy, rising costs and flat domestic attendance. Fox also has special problems: With competitors getting bigger — AT&T’s $85.4 billion purchase of Time Warner being Exhibit A — where does that leave the Murdochs?

“That’s a question I think they asked themselves and moved them to try to buy the rest of Sky,” said Michael Nathanson, an analyst at MoffettNathanson, referring to a pending $14.3 billion deal for 21st Century Fox to take full control of the British satellite TV giant.

At the moment, 21st Century Fox’s portfolio is relatively healthy. Fox News has continued to dominate in the ratings. The FX cable channel has found a steady stream of hits, including “Atlanta” and “The People v. O. J. Simpson.” The Fox broadcast network has struggled to find new must-see shows, but the company’s overseas channels and sports networks are thriving. In its most recent quarter, 21st Century Fox reported income of $856 million, a 27 percent increase from the same period a year earlier.
succession  Rupert_Murdoch  CATV  conglomerates  uncertainty  Netflix  Hulu  James_Murdoch  Lachlan_Murdoch  family-owned_businesses  Bill_O'Reilly  organizational_culture  sexual_harassment  Roger_Ailes  generational_change  digital_media  National_Geographic  CEOs  21st_Century_Fox  mass_media 
april 2017 by jerryking
Why wealthy families lose their fortunes in three generations - The Globe and Mail
AUGUSTA DWYER
Special to The Globe and Mail
Published Thursday, Jan. 26, 2017

Among the causes of the phenomenon are taxes, inflation, bad investment decisions and the natural dilution of assets as they are shared among generations of heirs.

Yet among the most compelling causes are younger family members who are ill-prepared or unwilling to shoulder the responsibility of wealth stewardship. They have grown up with plenty of money and are a step or two removed from the work ethic and drive of the people who made it for them.

“There is a risk of entitlement that comes to the fore, and that is where things tend to go off the rails,” says Thane Stenner, director of wealth management at Vancouver-based StennerZohny Investment Partners, part of Richardson GMP.

The key to overcoming that, he adds, is communication, which means “family discussions, family meetings, and trying to be very proactively engaging with the next generation, rather than reactive.

“Successful families are basically talking a lot to them about what the previous generation has done and engaging them by asking about their own dreams and aspirations. And really helping to enlighten them, or get them excited about their own future and how the family can help fund that future, but in a very responsible, business-like way.”

According to Mr. McCullough, almost as much time and effort should be spent in preparing the heirs to receive the wealth as actually investing and managing it.

“That involves understanding what your family’s set of values is,” he says.
attrition_rates  wealth_management  family  values  stewardship  generational_wealth  Tom_McCullough  Northwood  family-owned_businesses  family_business  Communicating_&_Connecting  mission_statements  entitlements  mindsets  family_office  work_ethic  heirs 
january 2017 by jerryking
Three generations of de Gaspé Beaubien family give back to Canada - The Globe and Mail
ROY MACGREGOR
GATINEAU, QUE. — The Globe and Mail
Published Friday, Jun. 05, 2015

Working with Ottawa Riverkeeper’s capable executive director, Meredith Brown, the partnership last weekend hosted a summit, AquaHacking 2015, in a hotel just across the river from Parliament Hill. With the help of co-sponsor IBM, they held a “hackathon” and gave out $20,000 in prizes to computer wizards who came up with the best applications to help gather data on the health of the river. Some came from as far away as California to compete.
philanthropy  family  family-owned_businesses  water  family_business  public_service  Quebec  civics  youth  leadership  giving  serving_others 
june 2015 by jerryking
South Korea’s chaebol problem - The Globe and Mail
IAIN MARLOW - ASIA-PACIFIC CORRESPONDENT
SEOUL — The Globe and Mail
Published Friday, Apr. 24 2015

Economic observers suggest the chaebol are now thriving to the detriment of other players in the economy – hoarding profits, increasingly focusing on overseas factories, squeezing domestic suppliers, and preventing the growth of small and medium-sized enterprises (SMEs) that employ nearly 90 per cent of South Korean workers. There are also ongoing concerns about crony capitalism and the massive firms’ close relationship with the government.
chaebols  South_Korea  conglomerates  problems  family-owned_businesses  cronyism  crony_capitalism  The_One_Percent  political_elites  corporatism  supply_chain_squeeze  SMEs 
april 2015 by jerryking
The poker-faced Bradley Shaw pegs his future on WiFi - The Globe and Mail
RITA TRICHUR - TELECOM REPORTER

CALGARY — The Globe and Mail

Published Friday, Apr. 11 2014
Shaw  Wi-Fi  CEOs  family-owned_businesses  family_business  profile 
april 2014 by jerryking
Long & McQuade CEO on family owned business success
Nov. 17 2013 | The Globe and Mail | RICHARD BLACKWELL.

What is that business model?

We take a very long term view of our customers – a cradle-to-grave thing.

Most people who are musicians, through their whole life they identify as being a musician. [Often] their kids are musicians and their parents are musicians. They might take piano lessons when they are little, then they might be in a school band, then a rock band in high school. They might get an acoustic guitar when they are in their 20s, and when they get older they might become a collector of expensive guitars. We want to interact with them all the way through.

So, very often, we are not really concerned with making the big sale. We want to be the company that, whenever this person needs anything regarding music, he immediately comes to us. Whether he needs a guitar pick or a $4,000 Les Paul [guitar], he comes to us.
music_industry  family-owned_businesses  family_business  business_models  CEOs 
november 2013 by jerryking
A Family Goes Back to Its Roots - WSJ.com
September 19, 2013 | WSJ | By SARAH TILTON.
A Family Goes Back to Its Roots
Four brothers who initially chose different professional paths eventually return to their farming heritage, and now lead one of the few African-American-owned wineries in the country
vineyards  wines  African-Americans  viti­culture  family-owned_businesses 
september 2013 by jerryking
Steve Kroft: Growing a firm to help feed the world - The Globe and Mail
Feb. 17 2013 | The Globe and Mail | Gordon Pitts.

Steve Kroft runs the kind of company that is on Canada’s endangered species list. Winnipeg-based Conviron is a mid-sized manufacturer with a high-value-added product that is the world leader in its niche. The product line consists of environmentally controlled chambers used for plant research, and exports account for 90 per cent of sales. The family company – whose official name is Controlled Environments Ltd. – has been export-driven since it was established 49 years ago. As Steve Kroft explains it, the high Canadian dollar has only made it stronger....And where are the opportunities?

Our core competence is designing controlled environments. We happened to focus on agriculture and plant growth, but controlled environments are needed in other industries. People come to us to test protective clothing for first responders, or for applications in pharmaceuticals and chemical storage, and we do a very good job. We haven’t marketed yet in those kinds of areas, but they are where we can make a contribution.
Canada  Canadian  core_competencies  Gordon_Pitts  greenhouses  manufacturers  mid-sized  exporting  family-owned_businesses  value_added  niches  Winnipeg  farming  agriculture  family_business  value  endangered 
march 2013 by jerryking
Neurosurgeon’s new path takes him closer to his past
Oct. 26 2012 | The Globe and Mail | PAUL WALDIE.

The sale prompted Dr. Dan to come back home and completely change his life. He quit neurosurgery, sold the Teva shares he had received from the sale and created the Paloma Foundation in 2002 with $17-million.
high_net_worth  philanthropy  family-owned_businesses  Paul_Waldie  pharmaceutical_industry  foundations  aboriginals 
february 2013 by jerryking
When Junior lacks the family royal jelly
May 2, 2004 | FINANCIAL POST | Thomas Watson

'You can hire better than you can sire,' says one successful entrepreneur

When Junior lacks the family royal jelly

BY THOMAS WATSON
entrepreneur  succession  family_business  family-owned_businesses 
january 2013 by jerryking
Family Circus.pdf (application/pdf Object)
December 31, 2001 By Thomas Watson
Canadian Business Magazine - RICH 100
succession  family_business  family-owned_businesses  retire 
january 2013 by jerryking
FROM BIRDSEED TO VIRTUAL WORLDS: CELEBRATING WESTERN’S ENTREPRENEURS
Spring 2008 | Alumni Gazette

So, what ideas have Western alumni breathed entrepreneurial life into?
Birdseed, chocolate, wine labels, IT solutions, theatre renovation, student marketing, video screens, comic books, sick leave business, changing the world, men’s underwear, Christian dating, wellness centre, CT scanners, dog prosthetics, run-down apartments, Canadian books, fast sushi, ESL, global currency, handheld 3D scanners, Greek school, dry cleaning bag advertising, game inventing, clothing, virtual tours,global currency, contrarian investing, computer parts, cholesterol control, virtual worlds, better foods, humanitarian bank…
It’s just the tip of the iceberg in terms of how many actual businesses have been created by alumni around the world.
UWO  Ivey  entrepreneurship  family-owned_businesses  family_business  alumni 
november 2012 by jerryking
Distribution and entrepreneurship
9 Sep 2004 | Industrial Distribution |Jack Keough

The entrepreneurial spirit lives on in industrial distribution. Despite the consolidation that has occurred in the industrial distribution marketplace, most distribution companies are still independent, family-owned businesses. In fact, Industrial Distribution's 58th Annual Survey of Distributor Operations shows that nearly 78% of distributorships are still family-owned enterprises. It's equally important to note that many of these companies have been around for more than 50 years, and some - 2% of the 800 respondents - have passed the century mark. But there are still a number of distributorships that have started up in the past several years.
ProQuest  distribution_channels  entrepreneurship  family-owned_businesses 
june 2012 by jerryking
Entrepreneur's Enigma
March 2004 | Worth | Dwight Cass (Editor-in-Chief)

Nearly 90% of the nation's entrepreneurs want their firms to remain in family hands after they exit the scene...."If you want to have a good family business, it's important to have a good family"
family-owned_businesses  family_business  entrepreneur  values  family 
may 2012 by jerryking
Shift in Customer Base Transforms Seigle's - WSJ.com
May 6, 2003 | WSJ | By JEFF BAILEY | Staff Reporter of THE WALL STREET JOURNAL.
Shift in Customer Base Transforms Seigle's
Retailer Returns to Roots as Supplier And Finds the Ground Has Changed
family-owned_businesses  retailers  Home_Depot  Lowe's  shifting_tastes  home-center_industry  consolidation  home-improvement 
may 2012 by jerryking
How to Save the Family Business - WSJ.com
This article originally appeared in The Wall Street Journal on Aug. 19, 1994 | WSJ | By PETER F. DRUCKER
family-owned_businesses  Peter_Drucker  howto  family_business 
may 2012 by jerryking
Heirs to Old Money Plunge Into Tech - NYTimes.com
April 4, 2012, 5:05 pm I.P.O./Offerings | Special Section Spring 2012
Heirs to Old Money Plunge Into Tech
By EVELYN M. RUSLI
high_net_worth  angels  venture_capital  family-owned_businesses  heirs 
april 2012 by jerryking
Going Out on Top
Fall 2007 | Report on [Small] Business | Nick Rockel
succession  exits  small_business  entrepreneur  family-owned_businesses 
december 2011 by jerryking
globeadvisor.com: Behind the wheels
October 6, 2011 | Report on Small Business | Malwina Gudowska.
Dan Britton's plan to avoid working for The Man panned out beautifully for 22 years. But with Chariot Carriers becoming a yuppie phenomenon and attracting global suitors, his freewheeling days may soon be over.
entrepreneur  small_business  bicycles  children  family-owned_businesses 
october 2011 by jerryking
The builder who revived a beloved brand brick by brick
Jul 18, 2011 FT. Andrew Ward. Jorgen Vig Knudstorp ; CEO Lego.
as head of the Danish toy maker, he helped restore the fortunes of a
national institution...Knudstorp saw that painful measures were needed
to turn the company around: layoffs, some mfg. was off shored to eastern
Europe & Mexico, and asset sales of theme parks & non-core
products....One of the hardest challenges for any CEO is to get to the
truth of what a biz is doing right & wrong - & to avoid
complacency when things are going well. Don`t dismiss the 1 % who
complain. Listen extra hard to that 1% because they usually represent a
much bigger proportion of silent unhappiness."

Lego tries to get at the truth by basing a large proportion of managers'
bonuses on customer satisfaction surveys of retailers, parents &
children...Knudstorp maintains a wide netwk of global business &
academic contacts from his time at McK and, before that, at biz schools
in Denmark, the UK & US, and describes himself an eclectic reader.
ProQuest  Lego  CEOs  Denmark  Danish  turnarounds  family-owned_businesses  theme_parks  toys  latent  hidden  complacency  customer_satisfaction  McKinsey  dissatisfaction  complaints  unhappiness 
july 2011 by jerryking
How to grow a business
Jul. 03, 2007 | - The Globe and Mail | Diane Jermyn. Mark
Cullen, 51, is the president of Mark's Choice Ltd, a horticultural
communication and marketing company, which he launched in 2004.
gardening  horticultural  family-owned_businesses  CAFE  entrepreneur 
february 2011 by jerryking
FT.com / Companies / Financial Services - Louis Dreyfus considers options for reinvention
September 23 2010|FT| By Javier Blas. When Léopold
Louis-Dreyfus, the 18-yr-old son of a farmer from Alsace, started in
1851 buying wheat from local farmers and selling it in a market town, he
could not have dreamed how his grain trading business would grow over
the next 150 years (remaining family-owned and expanding into a
conglomerate including cereals, ships and weapons).Today, Louis Dreyfus
Commodities, still controlled by descendants of Léopold, is one of the
world’s largest agricultural commodities trading houses, rivalling
competitors such as Illinois-based Archer Daniels Midland, New
York-based Bunge and Minneapolis-based Cargill. The four, known because
of their initials as the industry’s “ABCD”, dominate global flows of
agricultural raw materials. The French family-owned group is considering
a radical change of ownership, exploring options, including an initial
public offering or the sale of a stake to long-term investors.
family-owned_businesses  agriculture  commodities  conglomerates  food_crops  Cargill  Louis_Dreyfus  ADM  grains  traders  options  reinvention 
september 2010 by jerryking
Buffett reveals European strategy: It's all in the family
Apr 24, 2008 | The Globe and Mail. pg. B.14 | Josh P.
Hamilton. ``Billionaire Warren Buffett, who will embark on a four-city
European trip next month to meet with owners of family businesses, has
for years been laying the groundwork for an acquisition in Europe.

At the centre of that effort is Angelo Moratti, scion of the founding
family of Italian energy company Saras SpA. Mr. Moratti is helping to
organize a tour that is scheduled to take the Berkshire Hathaway Inc.
chairman to Milan, Madrid, Frankfurt and Lausanne in the third week of
May.`` ...`Mr. Moratti is a "bird dog" who may be able to point Mr.
Buffett to profitable ventures in Europe, said Tom Russo, who helps
manage more than $3-billion, including Berkshire shares.``
ProQuest  Warren_Buffett  family-owned_businesses  Europe  scouting 
september 2010 by jerryking
Who are you without your business?
Jun. 12, 2009 | The Globe and Mail | Thane Stenner. “When
you sell a company, it can be like having a large part of your identity
suddenly removed,” he told me. For Mr. Bentall, the feeling was
compounded by the fact that Dominion Construction had been a family
business for three generations. “I distinctly remember selling, and
feeling like half my face had been erased.”

As a way of dealing with those challenges, Mr. Bentall founded Next Step
Advisors ( http://nxtstp.net/ ), a succession coaching and consulting
group. He now draws upon his personal experience to help other business
owners through the selling process, and to find what he calls
“endeavours of purpose” after the sale.

Contact Info:
David Bentall's Office
604.317.2624
Toll Free: 1.866.594.4012
#701-150 Athletes Way
Vancouver, BC
V5Y 0B5
bentall@nxtstp.net
high_net_worth  exits  Thane_Stenner  succession  owners  jck  Second_Acts  family_business  family-owned_businesses 
august 2010 by jerryking
Marketing to family businesses checklist
May 1996 | Journal of Accountancy | by Leslie Dashew. How to reach business owners?
* Attend family business conferences.
* Use seminars, newletters on family business topics.
* Speak to Jaycees, Kiwanis, local chamber of commerce.
ProQuest  family-owned_businesses  marketing  JCK  ideas  owners 
february 2010 by jerryking
The Seven-Alarm Fire Of Family Business Compensation
Jul 2005 | Agency Sales Vol. 35, Iss. 7; pg. 6 | by Gerry Murak
compensation  family-owned_businesses 
may 2009 by jerryking

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