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Emerging Trend in Family Business

Emerging Trend in Family Business. The Family Business Interactions Family member working in the business with ownership of the business Family member whom does not work in the business and does not have any ownership 3. Family member working in the business BUT

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Emerging Trend in Family Business

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  1. Emerging Trend in Family Business The Family Business Interactions • Family member working in the business with ownership of the business • Family member whom does not work in the business and does not have any ownership 3. Family member working in the business BUT with no ownership 4. Family member with ownership But does not work in the business 5. Investor as an owner (non-family members) 6. Non-Family employee 7. Non-family employee with some ownership 8. The blended family member not working in the business AND with no ownership 9. The blended family member working in the business But with no ownership 2 8 3, 9 6 4 1 7 5

  2. Emerging Trend in Family Business The Family Business Drivers • Values – What the family stands for – Not negotiable • Legacy – What the family is recognised for internally and externally • Stewardship – Of the family name, assets and longevity • Custodianship – Of the family business This is the Family story

  3. Emerging Trend in Family Business The Family Business paradigm 1 P E O P L E ASSETS 2 Fixed Mobile Operational 3 4 5 6 7 Downstream Internal Upstream Associated 8 9 SUPPLY CHAIN 10

  4. Emerging Trend in Family Business The Family Generational ladder FOUNDER (let’s say pre WW2) FIRST GENERATION (Baby Boomer) SECOND GENERATION (Generation X or Y) NEXT GENERATION (Generation Y OR Z / ME) FUTURE GENERATION

  5. Emerging Trend in Family Business The Generational Mix – Value drivers • Baby Boomer – Builder, Contributor and Strive for Stability (5.3m) • Generation X – Very Independent, Very Protective of Self and Work Life Balance (4.4m) • Generation Y – Very Tech Savvy, Highly Mobile, Demand Value from EVERYTHING (3.8m) • Generation Z (ME) – Skeptical of Information, Less NEEDY, Strive Stability Globally (??)

  6. Emerging Trend in Family Business The emerging “AGE” • We are moving into the Business Network Relationship Age • Clients do not one stop shops as they strive for flexibility and stability • Family Businesses have networks throughout their supply chains • Family Businesses and clients want people who respect them, their business and their supply chain • What does a Family Business demand in this AGE • Access to people who don’t want to be embedded in their business • WISDOM accompanied with technical expertise • Competency based strategic thinking • VALUE – Technically, Emotionally, Personally, for the Business and the Supply Chain • The four segments of the Family Business supply chain • Upstream – Where they source things from • Downstream – Where they send their outputs • Internal – Workforce and Family • Associated – This is our group

  7. Emerging Trend in Family Business The Emerging Global Trend • Australia is trusted across a range of areas that is important to affluent people • Bio-Security • Environmental Management • Social equity • Quality Assurance • Product traceability • Governance • Family business longevity is one area the Western and Eastern cultures align • Family values is another area the two cultures align • Eastern consumers like to know the “supply chain” story and Family Business has direct, long standing and an emotional connection with their supply chain

  8. Emerging Trend in Family Business Family Business Stakeholders Professional Consultancy Accounting Professional Legal professional CLIENT Finance providers Financial Services AIMA Candidates

  9. Emerging Trend in Family Business The Strategic Opportunity • Become VERY AWARE of the family’s VALUES and LEGACY • Gain an in-depth understanding of the family business story and the businesses supply chain story • Identify the “soft” or “intangible” benefits of the business and make these the competitive advantage • Leverage the above RESPECTFULLY and GENUINELY • Adopt a SLOW BURN approach to the relationship • Develop an extensive (scale and scope) network of trusted advisers that have the capacity to value add to you as the family business Executive

  10. Emerging Trend in Family Business TCB Solutions contact Lloyd and Julie Russell P O Box 128 ARANA HILLS Qld 4054 0413 549 748 info@tcbsolutions.com.au www.tcbsolutions.com.au

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