The Centre’s formation recognizes the positive and pervasive effect family businesses have on global economies and the benefits accruing from a healthy understanding of the form. We chose “Business Families” (versus the historic tag of Family Businesses) to begin a new chapter of positive discussion, research and support in this area and to link this Centre with Ivey’s support of Entrepreneurs.
At inception, business families begin with an entrepreneur’s initiative. The transition from entrepreneur to business family can take many forms including multi-generational family management, a shift to family ownership (with professional managers), a sale of an enterprise leading to ‘re-seeding’ of capital to a new generation of entrepreneurs, or switching to philanthropic endeavour’s with the accumulated capital. The Centre supports the activities of these business families.
To enhance family business management through outreach programs, applied and academic research and the development of future family business leaders.
The family business structure is the oldest, most enduring form of commercial enterprise worldwide. In Canada, Family owned enterprises produce 45% of GDP, create nearly 70% of new jobs and employ 50% of the workforce. In the U.S. nearly 60% of public companies are controlled by families, and fully 30% of the S&P 500 are family controlled.
Over the next ten years, it is expected that nearly 75% of these businesses will transition to the next generation due to retirement or death.
Often negatively portrayed (smallness, nepotism, succession squabbles), recent research suggests in fact these firms out perform their counterparts, last longer, enjoy better worker relations and are superior contributors to their respective communities. There is a need to “celebrate” these achievements, understand and promote the strengths, and learn how to avoid the weaknesses.
To achieve the purpose of the Centre, we shall engage in three general areas:
The Centre shall be actively engaging family business owners and service providers by:
Delivery materials and programs developed by the Business Families Foundation
Celebrating Family Business through local and national awards
Hosting Family Forums and Speaker series
Providing executive education opportunities
Creating custom programs, and offering Ivey student support via consulting internships
The Centre will develop a base of intellectual capital by:
Publishing the definitive North American casebook series
Developing an Asian case series with the Ivey Asian institute
Creating a functional resource centre including data base of relevant materials for families and advisors
Publish advocacy papers and relevant research in association with the Lawrence Centre on Public Policy, The Chamber of Commerce and other alliance partnersFuture Leaders
The Centre will enhance the development of the leaders of family businesses or their advisory firms by:
Delivering the MBA/HBA elective course “Managing the Family Firm”
Ensuring that new Family Business cases are included in a variety of course offerings including governance, entrepreneurship, strategy, finance and negotiation
Promoting executive education offerings to our Family Business owners and advisors
Offering a specialty program “Leading the Family Firms” modeled on the successful Harvard (US) and IMD (Europe) programs
The Centre will be a semi- autonomous body with its own Advisory Board and Executive Director and Academic Director. The Centre will have numerous faculty associates from within Ivey with a variety of research and teaching interests. In addition, the Centre will have outside associates who are practitioners in this field. The Centre itself will be an initiative under the Institute for Entrepreneurship with appropriate reporting procedures.
Funding for the Centre includes the J.R. Shaw Chair in Family Business (for the academic Director), a “Founding Families Initiative” raising funds (and active advisory roles) from firms and families who are active in this area, and The Business Families Foundation (the de Gaspe Beaubien family).
“There are infinite possibilities…..when a family unites in business”
Business Families Foundation