family business consulting: creating synergy between the “family strategy” and the “business...

Family Business Consulting: Family Business Consulting:

Creating Synergy Between Creating Synergy Between the “Family Strategy” and the “Family Strategy” and the the “Business Strategy”“Business Strategy”WebinarWebinarThursday, June 24, 2010Thursday, June 24, 20101:00-2:40 pm Eastern Time1:00-2:40 pm Eastern Time

Joe SchmiederJoe SchmiederSenior AssociateSenior Associate

Copyright 2010 – J. Schmieder www.efamilybusiness.com

The Family Business Consulting Group Inc®

Webinar Agenda TopicsWebinar Agenda Topics•Family Business Dynamics – Balancing

Family and Business Interests

•Governance – Blending Family Influence with Business Ownership & Management

•2 Key Planning Processes – Conducting Strategic Business Planning AND Succession Planning



Family Business – Global Family Business – Global ImpactImpact•80%+ of all businesses•> 50% of Gross Domestic Product (GDP)

in U.S.•>75% of GDP in most other nations•80% of workforce in U.S.•75% of working population in world•>65% new jobs generated in U.S.•17 million family-owned businesses in U.S.•~7-8% greater performance

Sources: Poza, Ward, McKinsey, World Bank, Citi Bank



Family Business Family Business PerspectivePerspectiveGOOD TO GREAT TO GOOD TO GREAT TO GONE!GONE!

Survival Rates• 1st Generation

• 2nd Generation – 33%• 3rd Generation – 12%

• 4th Generation – < 4%• 5th Generation – < 2%

Good Great Gone



Four-Generation Four-Generation GenogramGenogram

Owner-Managed

Family Partnership

Sibling Partnership

Cousin Consortium

Family Syndicate Adapted from John Ward



Who is Family?Who is Family?

Angry@ Sue

Sue



Two Sets of Owners Two Sets of Owners In The Family In The Family BusinessBusiness

Family Members

NOT WorkingIn Biz

Family MembersWorking

In Biz

HARMONIZEHARMONIZE



Johnson Family Johnson Family Genogram Genogram

Joseph P. Otillia

Ken‘33

Marilyn

Ron

Eric

Sandy

Jerry

Travis

Janette

Ryan

Doug

Sally

Sebastian

Jim‘47

Joe‘36

Karen‘40

MaryPam Jan ColleenLarry‘51

Don‘46

Holly Amy Eve

Pete

Kalli Krista

Sammi

ErinJessie

Kevin

Angelic

Benjamin

Scott

ScottNicole

Kay

Mike

Tony

Len

Brandon

Larry

Kyle

Coral

Lisa

Shannon

Ajay

AmirAsha

Asia SavanahAmir

Star

Denotes working in business



Traditionalist (1900 – 1945) Baby Boomers

(1946 – 1964)

Generation X (1965 – 1980)

Millennial(1981 – 2015?)

Adjusting Adjusting to to GenerationGenerational al Viewpoints Viewpoints --- Up to 4 --- Up to 4 generations generations in the in the workforce!workforce!



Balancing the Balancing the interests of Family interests of Family and Businessand Business

Health of business impacts satisfying needs of family and shareholders.

Health of family impacts strength of leadership and governance of business.

Needs of biz Needs of fam



Two Opposing PositionsTwo Opposing Positions

Support family involvement▫View family as an asset▫Promote successor development▫Facilitate application of FB best practices

Resist family involvement▫Business and family should be separate▫Believe they must protect the business from

the family



Pure Pure FamilyFamily First First CompaniesCompanies• Hiring family is good, family employee failure seen as

growth.

• Family should be in all leadership positions.

• Strategy, management and finance influenced by number of family in the business and their skills and interests.

• Loyalty is usually a key value.

• Non-family management “adopted” or considered outsiders.

• Employees usually report feeling like family.

• Generally not cutting edge or performance oriented.

RESULT - USUALLY DECLINE!



Pure Pure BusinessBusiness First First CompaniesCompanies

• Looks like a public company

• Family employees get no special privilege

• Pay is to market, merit determines how far you get.

• Few family conflicts present

• Family often disconnected from the business

• Only stock holders are afforded power

• Usually only those in the business can own stock

RESULT - USUALLY SOLD!



Where should we be?Where should we be?

FamilyFirst

BusinessFirst



Foundation of Family Foundation of Family Business PlanningBusiness Planning

LeadershipTransition

OwnershipTransition

EstatePlan

RetirementPlan

Investments & Insurance

Family Values, Vision and Mission

Business Values, Vision and MissionJennifer Pendergast,

FBCG



Parallel PlanningParallel Planning

Core Core valuesvalues

FamilyFamilycommitmentcommitment

FamilyFamilyvisionvision

EnterpriseEnterprisecontinuitycontinuity

planplan

GuidingPrinciples

Strategiccommitment

Businessvision

Business strategy

plan

ValuesValues

Strategic thinkingStrategic thinking

Shared future visionShared future vision

Formulating planFormulating plan

(Ward & Carlock)



Alignment - Values, Vision, Alignment - Values, Vision, MissionMission

FamilyValues

Underlying principles that guide family decisions & actions.

VisionPicture of the family’s desired future.

Mission Core purpose: What we want to accomplish together as a family.

BusinessValues

Underlying principles that guide business decisions & actions.

Vision Picture of the business’ desired future.

MissionCore purpose: What we want to accomplish together as a business.

“Building a visionary company requires 1% vision

and 99% alignment.” Jim Collins



Sample - Existing ValuesSample - Existing ValuesFamilyFamily • Honest, ethical, and

moral behavior• Respect• Trust• Integrity• Humility• Generosity• Live by the Golden

Rule: Do unto others Do unto others as you would have as you would have them do unto you.them do unto you.

Business• Safety• Honesty and integrity• Respect for others• Environmental

responsibility• Quality and

excellence• Family and

community



Sample - Existing VisionSample - Existing Vision

FamilyFamilyTo successfully operate our family owned business so that it passes from generation to generation.

BusinessWorld leaders in commercial construction solutions.



Sample - Existing Sample - Existing Family, Business Mission Family, Business Mission Family:

Our mission as a family is to help each other learn and grow in ways that promote happiness in ourselves and those around us, and to be responsible stewards of our family business, so that we might leave the world a better place for future generations.

Business:Our family-owned company will grow as a leading manufacturer and distributor of [widgets] by providing our customers with quality products and superior service for a fair price and profit.



“We honor the past by preserving family traditions and the legacy of Biltmore Estate; we live for the present

by encouraging open communication, mutual respect, and a commitment to family unity and to the family

business; and we plan for the future ensuring that our family and its heritage are preserved for generations

to come.”

Family Family Mission Mission StatementStatement



Webinar Agenda TopicsWebinar Agenda Topics• Family Business Dynamics – Balancing Family and

Business Interests

•Governance – Blending Family Influence with Business Ownership & Management

• 2 Key Planning Processes – Conducting Strategic Business Planning AND Succession Planning



Ownership Management

Family

Managing & BalancingManaging & Balancing3 Roles In A Family Business3 Roles In A Family Business

Governance refers to the ability to optimally discipline and control the nature of the relationship between family members, shareholders, and managers in such a way that the enterprise prospers.



Types of OwnersTypes of Owners

“Legal” Owner Categories

Majority & Minority Voting & Non-Voting General Partners &

Limited Partners Trustee

Ownership

Board of Directors

Management



Another Perspective onAnother Perspective onTypes of OwnersTypes of Owners Operating Owner – An

owner/manager or employed owner involved in the day-to-day operations of the business.

Governing Owner – A full-time overseer but not involved in operations – like a chairman of the board.

Involved Owner - Not employed in biz but takes a genuine interest and is attentive to all its issues.

Passive Owner – Merely collects dividends. Makes no conscious decision to stay an owner.

Investor Owner - Like a passive owner, but if satisfied with returns, makes a conscious decision to retain ownership.

Proud Owner – Not knowledgeable about the business or engaged in it, but still proud to be an owner.



Benefits of Benefits of Family Business Family Business OwnershipOwnership

For Families Provides a cohesive focus

that brings family together Offers family members a

shared sense of responsibility

Serves as a source of family pride

Gives the family a means of putting values into action

Helps family members develop leadership skills

Makes life more interesting Builds wealth

For Business Enables a company to

outperform & outlast others Provides support through the

deep caring of a team of people aligned in values & goals

Assures continuity through long-range vision & family’s desire to pass the biz to future generations

Enjoys a corporate culture grounded on conscious values

Receives the trust of the community based on its identification with the family



3 Proven Factors 3 Proven Factors To Family Business Continuity To Family Business Continuity SuccessSuccess•Active Board of Directors

•Family Meetings

•Planning – ▫Strategic Planning ▫Succession Planning



Sample Governance Sample Governance StructureStructure

Shareholders

Board of Directors

Family Counci

l

Advisory Board

President & CEO

VP Marketi

ng & Sales

VP Operation

s

VPAdmin

OwnersCouncil



FamilyGovernance

Meetings

Shareholders

Board ofDirectors

Family education committeeNext GenerationcommitteeFamily vacations / assemblies planning committee

Management

Family

Family foundation committee

Family employment

policy committee

Strength from

balance of three

Business ofBusiness ofthe Businessthe Business

Business ofBusiness ofthe Familythe Family

(© 2005 McClure)



Where Do Boards Fit?Where Do Boards Fit?

Board of DirectorsBoard of Directors

As Family & Ownership grow in numbers & complexity – oversight function of board becomes more important, to give comfort to owners that their interests are protected and well managed. As the business grows and

becomes more complex – role of Board in providing sophisticated advice becomes more important…

Family CouncilFamily Council

Owners CouncilOwners Council



Where do Boards Fit?Where do Boards Fit?



Board & Exec Team Split Board & Exec Team Split RolesRolesBoard = Oversight

• Approve company’s mission and vision

• Approve annual business plan

• Select, evaluate and plan the succession of the CEO

• Evaluate CEO performance

• Evaluate board’s performance

• Ensure effective organizational planning

• Approve and participate in making key strategic initiatives

• Serve as a court of appeal

Exec Team = Strategy Development & Execution

• Protect shareholders and stakeholder interests

• Profitably grow and continuously strengthen the business

• Prepare business plan• Achieve plan objectives• Build an effective organization

▫ Integrate family where appropriate

• Implement financial controls• Effectively communicate to Board• Create a positive, progressive

culture



Committees of the BoardCommittees of the Board

Audit– Financial Review

Compensation (& Evaluation)– Set compensation for CEO, incentive plans,

oversight on other compensation

Nominating & Governance– Location of new, independent directors



Strategic Involvement of Strategic Involvement of Board Board

Any major decision that has a significant financial impact or on-going obligation

Key strategic issues that require multiple inputs– Major growth opportunity needing significant

resources– Acquisition, Geographic expansion, Divestiture, etc.

Major organizational change (structure &/or key personnel)

Crisis management Weak performance (results) Overall decline in value of business Other high risk/reward issues



Evaluating an Active Evaluating an Active BoardBoard

Evaluation Criteria Weak Meets Peak

1. Focuses on Strategy/Policy

2. Helps Invent

3. Provides Expert Advice

4. Knowledge of Business

5. Preparation/Attendance/Punctuality

6. Initiative (Proactive)

7. Integrity/Confidentiality

8. Participation (Balanced)

9. Works Well With Others

10. Overall EvaluationSource: 5 Steps to Board Success



Governing Family Business Governing Family Business ContinuityContinuity

Objective Oversight

Family Management

Strong Leadership



The Purpose of Family The Purpose of Family MeetingsMeetings• Strengthen the family -

build trust

• Clarify family values, expectations and hopes

• Manage in/out group dynamics

• Prevent and resolve conflict

• Provide a forum to navigate family business matters

• Define and reinforce appropriate roles for all

• Prepare the next generation for future roles



Are We Ready for Family Are We Ready for Family Meetings?Meetings?

Readiness signs

• Next generation approaching working age

• Family employee advancement

• Succession nearing

• Good will and trust

• Icebergs spotted

We may need help!

• Emotions rising

• Safety threatened

• Open or unresolved conflict

• Cut off by family member

• Icebergs hitting ship



Family Meetings

1/3 FUN

Games

Dinners

Tournaments

Talent shows

1/3 FAMILY DEVELOPMENT

Team Building

Role Clarification & Planning

Policy creation

Skill training

1/3 FAMILY BUSINESS

INFORMATION

Plant tours

Estate review

Business/Financial overview

Meet with directors



Time for a Family Council?Time for a Family Council?

Consider when…

• Family expanding

• Growing ownership complexity

• Need organization to maintain multi-year agenda

What is a Family Council?

• Standing body

• May be representative

• Guided by Charter

• Rules for functioning



Executive Council (Officers)Family Council Chair

Chair-Elect Secretary

Family CouncilExec. Council+ Committee ChairsCommittee

Members

CommitteeChair -Education

CommitteeMembers

CommitteeChair -Communication Committee

Members

CommitteeChair -Philanthropy

CommitteeChair -FamilyMeetings

CommitteeMembers

Family AssemblyAll Family Members



Roles and Responsibilities Roles and Responsibilities of a Family Councilof a Family Council

1. Build trust among family members

2. Become educated about our responsibilities as a family

3. Explore our commitments to each other and to the business

4. Provide a forum to address family concerns

5. Make decisions on matters that impact the family

6. Assure that we relate appropriately to the business

7. Prepare for ownership and management transition

8. Make decisions on matters that impact our family business



Family Council ConnectionsFamily Council Connections

Family Council

Management

Board of Directors

Family

44



OwnershipGovernance (Board)

BusinessManagement

FamilyGovernance(Family Council)

BalanceBalance45



Webinar Agenda TopicsWebinar Agenda Topics• Family Business Dynamics – Balancing Family and

Business Interests• Governance – Blending Family Influence with Business

Ownership & Management

•2 Key Planning Processes – Conducting Strategic Business Planning AND Succession Planning



Most Value – Most Value – Inside the Family BusinessInside the Family Business



Most Value – Most Value – Diversity = Financial Diversity = Financial Security?Security?



The Family Business The Family Business Triangle™Triangle™Balancing three needs in a family business systemBalancing three needs in a family business system

Need for CashDe Visscher & Co.,

LLC©



CPA Plan One-Page CPA Plan One-Page TemplateTemplate

1 1 1 1

2 2 2 2

3 3 3 3

4 4 4 4

5 5 5 5

6 6 6 6

7 7 7 7

Date: January 2009

Core Values/BeliefsForever

Purpose

BHAG

Trends

Sales

COS

GM

GM %

SG&A

Op Prft

Op Prft %

Int Exp

Net Prft

Product & Service Strategy

Capital Needs for '08: $____

Total

Equity

External Impacts on Business

2007 Indicators

Monthly

Assets

Balance Sheet

Targets & Strategies

Target Markets

2007

Profit & Loss ($000)

Positioning

Brand

Competitive Situation

S.W.O.T. Analysis

Confidential

1-Page Strategic Plan Summary 2009 DRAFT (1-10-09)

Current

Long-Term

Liabilities + Equity

Current

Long-Term

Total

Financial Summary

Dashboard Measurements

Pricing Strategy

Promotion Strategy

2007 Strategic Goals

Measurable Strategic Goals

Threats to making plan Critical for Success in '07Opportunities to exceed planWeaknesses

Business Description (today) - Office furniture dealer specializing in _________________, and focused primarily in the territory of ______________

Purpose

Vision

Now to 30 Years Out

Strengths

Target Market Influencers

Sales Distribution Strategy



Why One Page?Why One Page?

•Complexity >>>to>>> Simplicity!•Use-ability!•Communicate-ability!•Puzzle Challenge!

S.W.O.T

Strategies

Trends

Vision

Goals



GLADE®, OFF!®, PLEDGE®, RAID®, SCRUBBING BUBBLES®, SHOUT®, WINDEX® and ZIPLOC®

Monday, March 01, 2010 SC Johnson Named Fourth Most Innovative Company in 2010

Company is Recognized by Fast Company’s Annual ListRACINE, Wis., March 1, 2010 – SC Johnson ranks fourth in the Consumer Products category on Fast Company magazine annual Most Innovative Companies list. Fast Company’s team analyzed information on thousands of businesses across the globe to identify companies that use creative models and have progressive cultures. The companies that made the list were commended for their real-world impact, far-sighted risk taking and innovative execution.



Welcome

Furniture

Design

Installation

Core Competencies Interior design Interior design High-level High-level relationshipsrelationships

Markets Healthcare Healthcare

Education OfficeEducation Office

Size of Opp > $1 million> $1 million

Competition< 3 major< 3 major

playersplayers

Geographic Within 500 Within 500

miles (800km)miles (800km)

Screen criteria for new Opportunities

Family BusinessFamily Business

Gen-2 wants to Gen-2 wants to diversifydiversify

Caselet



Welcome

Furniture

Design

ArchitectureProducts

TechnologyProducts

InteriorConstruction

Services

FloorCoverings

InteriorEnhancements

FacilityManagement



Family Dynamics – Family Dynamics – Why Not Plan An Exit?Why Not Plan An Exit?• Ponce de Leon syndrome• Family politics and infighting – avoid conflicts

▫Fair is not always equal; Equal is not always fair

• Confusion about succession planning options• Confusion or misunderstanding over tax and

financial implications• Fear that exit / succession discussions will

scare non-family executives away



Readiness - The DifferenceReadiness - The Difference

LeadershipResponsible for guiding & leading a business

OwnershipControl of the stocks and assets of a business

What comes first in a successful transition?



Succession StepsSuccession Steps

1. Financial/Life & Estate Plan

2. Strategic Business Plan3. Ownership Options4. Readiness of Leadership

& Ownership Transition5. Business Valuation 6. Exit Plan

1. Family & Business Foundational Strategies – Values, Vision, Mission

2. Business Strategic Direction & Plan

3. Organization & Governance Structure

1. Leadership Succession Scenarios

2. Skill Requirements3. Training & Development4. Performance Review

Process5. Selection Process6. Selection & Transition

Leadership

Ownership



Kadle Family BusinessKadle Family BusinessSenior Generation Senior Generation

Sorted by AGE as of

9-14-09

Career Goals &Expectations

TimeframePotential Training

Ownership

Melvin(61)CFO / Controller

Transition the admin/finance leadership role

Phase out of day-to-day by age 65; possibly scale back to part time, provide some consulting or project work

Effective transitioning of skills to next gen

Develop potential internal successor(s).

Redemption program set up with insurance

Co to buy back shares

Next gen to have opp to buy shares

Stays w/ those in biz

Bill (60)President & CEO

Develop succession plan that includes phase out from day-to-day work

Key is to have plan in place

Over 3-4 year period move out of day-to-day

Effective transitioning of skill set to next gen

For people working in biz

Keep family involved

Make fair Gift some

Marilyn(58)Sales Mgr

Continue in current role until retirement at age 63

~5 years Stays in family Exec mgmnt earns

reward for annual performance



Succession Scenarios - Succession Scenarios - Example Example 2009 2010 2011 2012 2013 2014 2015 2016

G3-1 Chief Financial Officer

Transition out of day-to-day mgmnt G3-2 President & CEO > > > > > > > >Chairman

Transition out of day-to-day mgmnt

NF-EXEC Vice President, Sales & Marketing > > > > Start transitioning from day-to-day mgmnt

H/c benefits to 65 >>>

NF-EXEC Location 1 Operations Manager >>>> >>> ?????

Open to transition that works for XXX

(Daughter graduates from college)

NF-EXEC General Manager - Location 3 > > > > for rest of career > > > > ? ? ?Maybe take on more responsibilty as G3-1 AND G3-2 transition out day-to-day

NF-YOUNG EXEC Location 2 Operations Manager >>>>> >>> ?????

Assist w/ G4-5's successor Possibly take on role as Operations Mgr for XXX Open to other roles - sales?

G4-1 HR / Fin (A/R)

Increasing admin (Fin, IT) responsibility Admin leadership role??

Learning more about XXX customers, products, business systems (IT)

G4-2 RR Operations Facility/P&L Resp Company ldrshp role

Mkt & Sales roles (VP Sales?) Learning more about various company aspects - admin, legal, accounting, etc.

G4-3 Sales - servicing existing cusomers

Move to "new" sales calls - business dev; mkting role Learning more about operations, product training

Admin

G4-4 Bldg Coordinator Matrerials Manager?

OperationsInventory>>>w/h mgmnt

Sales



Primary Ownership Primary Ownership Transfer OptionsTransfer Options

ThirdParty

Transition

FamilyTransition

InsiderTransition

Employees

Partner Financial

Strategic

Sell

Gift



Caselet 1Classic Small Family Business

• Senior generation (parents) own the business and

work in the business• Have 3 children

▫2 sons work in business (1 capable)▫1 daughter a teacher

• Parents prefer to leave equal amount of estate to children

• What can they do?



62

Board of Directors (6)2 from family 12 from family 2

1 CEO (non-family)2 outsiders

Corporate ManagementNon-Family CEO

1 Family member on mgmnt Team

ShareholdersCaselet Caselet 22Family deciding Family deciding what to do with what to do with businessbusiness

Family debates:• Should we sell now or further develop?• Should we take some chips off the table?• Should we make deeper investments & plan to hold for multiple generations?• Could one family buy out the other?



Strategic Strategic Family Family Ownership Ownership ScenariosScenarios

Ownership Trust ~56%

Fam 1 ~22%

Fam 2 ~22%

Family >50%

Outsider 20-49%

Outsider >50%

Family <50%

Outsider 100%

Value - 09•Enterprise•Shareholder

$50 – 52 M

$42 – 45 M

$50 – 52 M

$42 – 45 M

$50 – 52 M

$42 – 45 M

$50 – 52 M

$42 – 45 M

Capital for Growth

•Rely on family & banks.•Trade mix of product offering•Slower growth potential

Some $$ from outsider; possibly some from reduced dividend and bank

Majority$$ from new outsider

N/A

Risk of Family Assets

High– most of family assets tied to XXX Fam Biz

Moderate –some diversification of family assets

Moderate to Low – Majority of assets spread to selected investments

Low – All family assets spread to variety of investments

A.Continue

As Is

A.Continue

As Is

B.Sell

Minoritystake

B.Sell

Minoritystake

C.Sell

Majoritystake

C.Sell

Majoritystake

D.Sell TotalCompany

D.Sell TotalCompany



Pros •Full control •Leverage capital & synergy w/ partner

-Complementary products, technology

-Greater distribution

-Customer production line integration•Reduce risk - Take some chips off table and still participate in some upside

•Realize full return and use funds to diversify

Cons •Unable to grow all areas at once•High risk w/ XXX market

•Governance becomes an issue – board seat for minority s/h.

•Lose control. •Possible career options for son in biz

Estimated Shareholder Returns

Annual div ~$800k ($400k/fam)

Enterprise Value growing

Likely need to adjust div for some period (2-3 yrs). Return realized in future sale, some div.

If sold toTrust, could net ~$7.5M/fam yielding $375k/fam @ 5%; plus realize some future enterprise gain.

Assuming sale of $50M, could net $18M/fam yielding $900k/fam @ 5%

A.Continue

As Is

A.Continue

As Is

B.Sell

Minoritystake

B.Sell

Minoritystake

C.Sell

Majoritystake

C.Sell

Majoritystake

D.Sell TotalCompany

D.Sell TotalCompany

Strategic Strategic Family Family OwnershiOwnership p ScenariosScenarios



Investment Banker Input

“Keep making B/S stronger. Liquidity is key issue today.”

(We are nearly tapped out under the Bank arrangement.)

•“Remote possibility. Might find a friendly willing to structure deal.”•Either outsider buys part of family stock or contributes capital, diluting share value.

•“15-20 potential strategic & financial buyers. No one paying for future benefit (premium) today.”•Question today is timing. •Likely candidates would be closely-held xxxx companies in strong cash position that have axxxx platform and see synergy gained from xxx acquisition.

Fee Structure

N/A •$100k up front•$15-25k monthly fee (may be credited against success fee)•3.5% on first $10M of Enterprise Value•1% on EV >$10M•Estimate a deal fee of around $800k

A.Continue

As Is

A.Continue

As Is

B.Sell

Minoritystake

B.Sell

Minoritystake

C.Sell

Majoritystake

C.Sell

Majoritystake

D.Sell TotalCompany

D.Sell TotalCompany

Strategic Strategic Family Family OwnershiOwnership p ScenariosScenarios



Yesterday>>>>>Today>>>ToYesterday>>>>>Today>>>Tomorrowmorrow

2010

2020

1960

How will your family business adapt to changing times?



Parallels & Paradoxes - Parallels & Paradoxes - QuestionsQuestions

FAMILY BUSINESS

Managing these parallels & paradoxes well can create a strong Managing these parallels & paradoxes well can create a strong synergy between the “Family Strategy” and the synergy between the “Family Strategy” and the “Business Strategy!”“Business Strategy!”



Thank YouThank You

Joe SchmiederSenior Associate

[email protected]

Phone 616-299-0340

family business consulting: creating synergy between the “family strategy” and the “business...

Documents

family business family

business slide

interests of family

family strategy

needs of family

family business global

governance of business

biz family members