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First Annual International Academic Symposium Hamburg Institute of Family Owned Business

First Annual International Academic Symposium Hamburg Institute of Family Owned Business Session: How to keep the Family Owned Business competitive Chaired by Prof. Dr. Günther Strunk (HIF and Strunk Kolaschnik Sollors ) November 18, 2011.

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First Annual International Academic Symposium Hamburg Institute of Family Owned Business

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  1. First Annual International Academic Symposium Hamburg Institute of Family Owned Business Session: How to keep the Family Owned Business competitive Chaired by Prof. Dr. Günther Strunk (HIF and Strunk KolaschnikSollors) November 18, 2011

  2. Not only just to survive but to develop the company in the intended speed and to the intended extent is one of the major goals of family owned business management This does include the following aspects: - Independence in financial questions (access to the capital market as one of the options)- keeping the right people on the right places and functions- Independence from any customer or supplier – regularly thinking in alternatives and options even if this course additional costs or less revenues- keeping the innovation speed in any management environment Sustainability as the key success factor to keep competitive

  3. With respect to the reduced life cycle of a lot of products and services new innovation and the implementation of the generated knowledge into the production of the goods and services is essential. Any research and development activity needs to be financed by the cash flow generated from current products or by equity or loan financing. If it is financed by equity or debt, the future cash that will be generated by the new invented product has to be used as a pay back of the rendered capital. To create the needed revenues it is needed to sell the products abroad, in many cases worldwide. So innovation needs also sales power in the worldwide market To create the own company as extraordinary attractive for potential employees To establish a controlling system for each research and development project To secure that the legal ownership of any invention is in the hand of the company and no violation of rights of third parties is given (is there a need of a legal department?) Main Problems keeping the innovation speed

  4. The kind of management style is important The business environment within the company has to encourage the employees to more creativity The kind of participation of the generated profit from the innovation by the employees that invented the product is a crucial point. …… Some Statements for Discussion

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