Enabling Next Generation Legacies: 35 Questions that Next Generation Members in Enterprising Families Ask

by Peter Jaskiewicz (Abridged by), Sabine B. Rau (Abridged by)

Overview

“The next generation is our future.” - Read a preview and learn more on our website: www.35questions.com

Answering the most pressing thirty-five questions of Next Generation members in a short and concise, yet competent way—leading academics, practitioners, and enterprising families come together to empower Next Generation legacies.

Masterfully detangling the intricate dynamics of the family, ownership, business, and wealth, the authors share best practices, real-life examples, and critical questions for reflection.

Part 1: Family
Defining family · Managing family dynamics · Dealing with conflicts · Family communication · Preparing generational transitions · Keeping the family united

Part 2: Ownership
Responsibilities and rights · Preparation of future owners · Dealing with non-active owners · Ownership transfers · Board expectations and roles · Owner networks

Part 3: Business
Preparing business entry · Working with nonfamily executives · Hiring family members · Promoting family members · Letting go of family members · Engaging family business consultants

Part 4: Wealth
Dealing with wealth · Pursuing a vocation outside of the family enterprise · Leaving the family enterprise · Selling the family business · Starting a family office · Pursuing philanthropy and impact investing

Enabling Next Generation Legacies is a powerful guide for Next Generation members and their families to ask better questions, make better decisions, live better lives, and build stronger legacies.

Read a preview and learn more on our website: www.35questions.com

Product Details

ISBN-13:	9781777806309
Publisher:	Family Enterprise Knowledge Hub Publishing
Publication date:	02/08/2022
Pages:	360
Product dimensions:	6.00(w) x 9.00(h) x 1.50(d)

About the Author

Peter Jaskiewicz was born into a business family. He is a full professor in family business at the Telfer School of Management in Ottawa, Canada, where he holds a University Research Chair in Enduring Entrepreneurship. At Telfer, he conducts cutting-edge research on family business, teaches family business in regular and executive education programs, and leads the school’s family enterprise initiative. To share new best practices and research insights, Peter is also a frequent keynote speaker at both academic and practitioner conferences. Moreover, he trains family business professionals on succession planning and, in his advising practice, provides support for the development of responsible Next Gen owners and effective Next Gen teams. He lives with his wife and their two children in Ottawa.

Sabine B. Rau is a renowned expert on moderating succession processes and co-creating family constitutions in Germany and abroad, and a visiting professor at Telfer School of Management in Ottawa. Born into a family with a family business, she was inspired to study management but realized that family businesses, and their specific questions, were not part of the curriculum. With the aim to teach and share best practices on family businesses, Sabine built and led family business centers at three leading business schools. She advises business families and serves on several boards as an independent director. Moreover, she teaches at Luxembourg University and is a frequent speaker at practitioner conferences. Sabine is a mother of three and a grandmother of two.

Table of Contents

Foreword

Alexis du Roy de Blicquy, CEO, Family Business Network (FBN) i

Bill Brushett, President and CEO, Family Enterprise Canada (FEC) iii

Olivier de Richoufftz, General Secretary, Family Enterprise Foundation (FEF) v

Judy Green, President, Family Firm Institute (FFI) vii

Acknowledgments ix

Motivation Peter Jaskiewicz Sabine B. Rau 1

Framework Peter Jaskiewicz Sabine B. Rau 5

Endnotes: Motivation and Framework 12

Part 1 Family Peter Jaskiewicz Sabine B. Rau 13

1.1 Who Is Considered Part of the Family?

Response Gibb Dyer, U.S 16

Commentary Marcelo DeRada Ocampo, Bolivia 19

1.2 How Can I Become a Respected Representative of the Family?

Response Audrey-Anne Cyr Isabelle Le Breton-Miller, Canada 22

Commentary Lindsay Jephcott, Canada 26

1.3 We Have Always Had a Fair Deal of Conflicts in the Family. Now That I Am an Adult, Should I Do Anything About It?

Response Kimberly Eddleston, U.S 30

Commentary Daniel Aponte Prypchan, Venezuela 34

1.4 We Are Living All Over the World. What Can We Do to Help Keep the Family Together?

Response Christine Blondel, France 38

Commentary Sophie Radermecker, Belgium 42

1.5 How Can My Siblings/Cousins and I Assess Whether We Could Constructively Work Together in the Business One Day?

Response Torsten Pieper, U.S 46

Commentary by Anonymous, North America 50

1.6 My Parents Do Not Talk About Their Retirement. How Can I Start the "What's Next After You Retire from the Business" Conversation with My Parents?

Response Ivan Lansberg, U.S 54

Commentary Paloma Rivadulla Durán, Spain 58

1.7 My Parents Are Well Beyond Their Seventies. How Can I Help Them Make the Transition from Work Life to Retirement?

Response Vanessa Strike, Canada 62

Commentary Vincent Chian, Malaysia 66

1.8 How Can I Manage Family Relationships Outside of the Family Business?

Response Arist von Schlippe, Germany 69

Commentary Rafael Kisslinger da Silva, Brazil and Germany 73

Endnotes: Part 1 76

Part 2 Ownership 81

Overview Sabine B. Ran Peter Jaskiewicz

2.1 Do I Want to Assume Active Ownership Responsibilities for Our Family Business?

Response Alfredo de Massis Emanuela Rondi, Italy 84

Commentary Felix Zinkann, Germany 88

2.2 If I Want to Assume the Ownership Responsibilities. With Whom Should I Discuss It, and When Is the Best Time to Start?

Response Gaia Marchisio, U.S 92

Commentary Thompson Turner, U.S 96

2.3 How Can I Prepare Myself to Be Able to Work Effectively with My Fellow Family Owners?

Response Peter Jaskiewicz Elizabeth Tetzlaff, Canada 99

Commentary Alexandra Heraeus, Germany 103

2.4 If I Become a Non-Active Owner, What Are My Rights and My Duties?

Response Rania Labaki, France 106

Commentary Joaquín Uriach, Spain 110

2.5 What Mechanisms Can I Use to Monitor Whether Our Business Model Will Still Be Viable in the Future?

Response Carlo Salvato, Italy 115

Commentary Antoine Mayaud, France 119

2.6 How Can I Gain Credibility with Nonfamily Executives and Board Members?

Response Nadine Kammerlander, Germany 123

Commentary by Anonymous, Europe 127

2.7 We Sibling/Cousin Owners Are Living All Over the World. How Can We Keep Effective Control of the Nonfamily Managers Running the Family Business?

Response Cristina Cruz, Spain 130

Commentary Michel von Boch, Germany 134

2.8 It Is Difficult to Imagine That We Can Become Responsible Business Owners One Day. What Type of Development Path Can We Pursue to Learn More about Becoming Responsible Owners?

Response Rosa Nelly Trevinyo-Rodríguez, Mexico Miguel Ángel Gallo, Spain 138

Commentary Mauritz Michael Johanna Sebastian Wilhelm Aminoff Robert Schulman, Finland 143

2.9 Which Networks Are There to Exchange with and Learn from Other Business Families?

Response Marta Widz, Switzerland 146

Commentary Izabella Walkowska, Poland 151

Endnotes: Part 2 155

Part 3 Business 161

Overview Sabine B. Rau Peter Jaskiewicz

3.1 Why Do Many Next Generation Members Fail to Succeed with the Family Business?

Response Sabine B. Rau, Germany 165

Commentary by Anonymous, Asia 169

3.2 How Can Next Generation Members Prepare Themselves in the Long Run Before Joining the Family Business?

Response Andrea Calabro, France 173

Commentary Roland Szymanski, Poland 177

3.3 How Can Next Generation Members Make an Informed Decision on Whether to Join the Family Business?

Response Fabian Bernhard, France and Germany 181

Commentary Mohamed Batterjee, Saudi Arabia 185

3.4 What Are the Ground Rules Between Nonfamily Executives and Family Members Joining the Family Business?

Response Pramodita Sharma, U.S 189

Commentary Kanishka Arumugam, India 193

3.5 When and How Should Family Members and Their Partners Be Hired in the Family Business?

Response Lloyd Steier, Canada 196

Commentary Matthias Beggerow, Germany 201

3.6 Who Should Decide Whether a Family Member and/or Their Partner Is Qualified to Work in the Family Business?

Response Jennifer M. Pendergast, U.S 204

Commentary William L. Darley, U.S 208

Commentary Anne Biting Klamar Christian Klamar, U.S 210

3.7 When and How Should Family Members Be Promoted in the Family Business?

Response Reinhard Prügl Peter May, Germany 213

Commentary Yoon Li Yong, Malaysia 217

3.8 When and How Should Family Members Be Let Go from the Family Business?

Response Andrew Keyt, U.S 222

Commentary Philippe E. Brenninkmeijer, Germany and Switzerland 226

3.9 When Does It Make Sense to Engage Family Business Consultants?

Response Evelyn Micelotta, Canada 229

Commentary Drew Everett, U.S 233

Endnotes: Part 3 236

Part 4 Wealth 239

Overview Peter Jaskiewkz Sabine B. Rau

4.1 Do I Have the Freedom to Leave the Family Business (Entirely) Behind and Do Something Else?

Response Marleen Dieleman, Singapore 243

Commentary Shalabh Mittal, India 246

4.2 Do I Deserve the Business and/or Wealth I Will Inherit?

Response Nava Michael-Tsabari, Israel 251

Commentary Ariel Ben Zaken, Israel 254

4.3 How Do I Talk to My Friends and Colleagues About Our Wealth/Business Worth?

Response Marshall Jen Kevin Au Jeremy Cheng, Hong Kong, China 258

Commentary Patricia Saputo, Canada (with the help of Francesco, Lorenzo Tommaso Saputo Maltoni) 263

4.4 We Have Wealth. When Should We Set Up a Family Office to Organize It?

Response Kirby Rosplock Dianne H. B. Welsh, US 266

Commentary David Hewitt, Canada 270

4.5 Should We Engage in Philanthropy and/or in Impact Investing? If So, How Would We Get Started?

Response Isabel C. Botero, U.S 274

Commentary Nathalie Marcoux, Canada 278

4.6 If We (the Next Generation) Want to Sell the Family Business, How Do We Start this Process?

Response Heinrich Liechtenstein, Spain Tarek el Sehity, Austria 282

Commentary Simon Ebert Jessica Ebert, Germany 286

4.7 I Am Not Sure My Personal Values Align with Those of Other Family Owners. How Can I Exit the Family Business (or Family Office) Gracefully?

Response Maximilian A. Werkmüller, Germany 289

Commentary Peder Felix Bonnier, Sweden 293

4.8 I Want to Start My Own Business. Can I Ask Our Firm or Family for Help?

Response Denise Fletcher, Luxembourg 296

Commentary Charles Wates, United Kingdom 300

4.9 I Will Leave the Family Business Behind, Which Other (Career) Path Should I Pursue in My Life?

Response Mattias Nordqvist, Sweden 304

Commentary Abdullah Adib AlZamil, Bahrain 307

Endnotes: Part 4 311

Synthesis and Takeaways Sabine B. Rau Peter Jaskiewicz 315

About the Authors 321

For A Better Canada and A Better World 323

Index 325