Family Business Program
Research indicates that only 30% family enterprises survive to the second generation, only 12% reach to the third generation and 3% or less operate beyond the fourth generation. Family managed businesses can serve as a bond between generations or may serve as a bone of contention and there challenges are very different from the conventional corporate businesses. They are managed and owned by the members of same family, who have different competencies, interests and stakes, and who come from different generations with different mindsets and schools of thought. Given the generational gap which is typical in a family business setting there is likely existence of diverse perspectives and it is important to blend them in neat complementation. Through self-assessment, idea sharing, social activities, and cross-generational communications, this program will help participants develop as business leaders with an opportunity-focused perspective on the future. The program aims to prepare the next generation of family business with modern and global management education so that they can be prepared to take up the unique challenges of family business and also develop an understanding for family issues to eventually lead the business to new heights.
- Prepare the family members for developing a strategic and general management understanding of the business backed up with global perspective.
- The participants will develop a keen business interest in the external world beyond the family and the business.
- Build a global network, experience what it takes to develop a successful startup business, and advance the entre¬preneurial skills necessary for success.
- Inculcate in the family member the attributes of continuous learning and reflection which would enable them to keep abreast of the future.
- Learn to manage conflict, complex family structures, diverse personalities and difficult relationships
The GBNTC Family Business Masterclass series offers the participant a ladder, climbing which increases one’s knowledge from one course to the next. Each Masterclass consists of short lectures, case studies, practical exercises, group discussions, knowledge sharing with industry peers and a real experience that is directly attached to the role and function the participant will serve in their respective organization. The educational tools utilized in developing these sessions are rooted in best practices; GBNTC will utilize actual CEO voice surveys, industry impact analyses and market observations. These sessions will challenge the participant, are practical and easy to understand and can be delivered in Arabic and English.
- Building a self-sustainable business (2 days)
Family businesses often suffer from challenges of ancestral hierarchical rigidity i.e. many a times families may not want to leave or abandon business practices set up by their forefather considering them as a legacy for themselves. However, with advances in modern day business many old traditions may well be obsolete and un-sustainable. Self-sustainability is an important concept that needs through understanding especially by family business groups. This masterclass clarifies your aims as to why you are in business? What have you achieved as a family and what do you hope to achieve? What is the most suitable self-sustainable business model for you that can keep your family integrated?
- Business Analysis (2 days)
Business transformation and process adaptation are critical to the competitive survival of family businesses. Business analysis plays a key role in ensuring that strategic plans for transformation are developed properly and implemented efficiently. This Masterclass turns your familiarity with business and operations into expertise in business analysis so that you can move your family business confidently to future success. The participants of this masterclass will learn the business analysis fundamentals and gain an insight into how practitioners determine and plan which activities are necessary to complete a business analysis effort.
- Corporate Governance for Family Businesses (2 days)
Corporate governance deals with the complex set of relationships between the corporation and its board of directors, management, shareholders, and other stakeholders. In the recent years, the regulators and legislators have intensified their focus on how businesses are being run. A sound Corporate Governance strategy for a business will help meet long term strategic goals by structuring, operating and controlling the company to comply with legal and regulatory requirements, and meeting environmental and local community needs. This Masterclass will add strategic value by making the participants understand the concepts of Corporate Governance and turning these concepts into practices. It brings constructive changes to board decision-making with the right mix of Corporate Governance knowledge and best practices. The participants will be able to adopt the appropriate mechanism for effective governance and adhere to sound principles of direction and management.
- Design Thinking and Creativity in Family Enterprises (2 days)
Traditionally, design has been the part of the process to make new products appear aesthetically attractive, or, has mostly focused on enhancing brand perception through creative marketing and advertising. Conventionally, design thinking has occurred most often fairly far downstream in the product development or service design. However, with innovation and technological integration dominating human-centered processes and services as well as products, companies are feeling greater need to create ideas rather than to simply dress them up. Family businesses in particular are under increased pressure to keep pace with the corporates in design thinking and creativity. The rigidity and lack of creative decision making at board level in family enterprises is the main hurdle. This Masterclass will help decision makers in family enterprises learn how to be more creative and encourage out of box thinking.
- Family Business Governance (2 days)
Family businesses must respond to the challenges other companies don’t face. Most families find that as they grow there is a need to formally discuss family issues like estate plans, family business leadership transition, and family fairness. They should have a streamlined process for decision-making and governance. This is a topic that most family businesses are reluctant to address resulting in hindrance in running the business smoothly. This Masterclass will discuss the nature of family enterprise governance, its unique challenges and opportunities encountered by professionals developing family governance in family business and will equip the participants with the practical tools needed to build family governance. They will gain knowledge on the importance and relevance of the family constitution and understand the family system, interlocking relationships and communications.
- Family Businesses: Unlocking Potential through Active Portfolio Management (2 days)
The biggest advantage that family businesses have is their ability to capture diverse portfolios across borders, through international partnerships and franchises across multiple sectors and further reinforced by strong entrepreneurial leadership embedded in family businesses. However, according to Bloomberg family businesses especially in the GCC have struggled ever since 2008. Although, GCC families have been extremely successful in diversifying their portfolio, but mostly this has remained fragmented and is in sheer contrast with family businesses in European and North American markets who have more focused investment portfolios. This Masterclass is aimed to address the technicalities of portfolio management particularly for GCC based family businesses. The participants of this Masterclass will learn systematic implementation of active portfolio management.
- Knowledge Transfer in Family Business Setting (2 days)
One aspect that makes family businesses stronger is the knowledge they carry from generation to generation. However, as the business moves from one generation to another, often details of past projects—including mistakes made and lessons learned—are not captured and passed on to new recruits. Lessons and key innovations developed in one part of the firm are not effectively shared with others. This Masterclass is all about this transfer of tangible and intellectual property, expertise, learning and skills between the members of same family working in one organization. Knowing who knows what, who needs to know what, and how to transfer that knowledge is critical — especially when company’s worth lies in the information it contains. Investing in developing an effective way to transfer knowledge may, in the least, save the people some headaches and, at the most, save the business. Getting the right information to the right people at the right time is still a critical component to a business’s long-term success. This Masterclass will enlighten the participants to understand how to use and share the knowledge between the people in their family business. They will learn to design a systematic approach to finding, understanding and using knowledge to achieve their business objectives.
- Leadership Style for Family Business Leaders (2 days)
Through the testimony of our engagement with business leaders globally we have found that there are several common challenges that leaders and entrepreneurs face in particular while trying to establish successful organizations. It all drills down to different leadership styles that these executives may adopt owing to different business environments they operate in. Having defined your leadership style is just like reviewing a mirror where you can adjust your weaknesses and irregularities to boost your chances of success. This Masterclass is a foundation course that is recommended to all business leaders and entrepreneurs in order to strengthen their understanding about their own style of leadership. This Masterclass will be based on psychometric testing tools that can allow you to benchmark your leadership styles and will help you adopt your business strategies that suits your particular style.
- Legal Aspects: Holding Company, Family Trust, or Both? (2 days)
Sole proprietorship is the most common form for entrepreneurial inception, however, for legal, tax or other practical reasons, these business entities are eventually incorporated. Further, as businesses grow, the need to introduce more complicated structures increase, these may involve incorporation as a holding company or trust. The primary purpose is to segregate business assets and to provide for more efficient income streaming. This Masterclass addresses the benefits and drawbacks of corporate reorganization and will help the delegates understand the complexities involved in incorporating businesses. It will also introduce the participants to different forms of incorporation that should be preferred under different circumstances.
- Leading Family Enterprises(2 days)
Family enterprises are often more challenging as these are entrenched across family politics and family relationship dynamics that may have negative influence on business decision making and strategizing. Only those family ventures have proven to be successful who have made clear distinctions between family dynamics and business decision making authority. This program is designed to enhance your capacity to lead the family enterprises. The participants will learn how to best manage the personal, family and organizational dilemmas. It will help them to learn how they can establish their credibility and authority in the community, among family shareholders, with the board and management team while still being respectful to the legacy of their forbearers.
- Successful Trans-generational Entrepreneurial Practices (2 days)
Family business are the dominant form of organization worldwide. They have played a leading role in social and economic wealth creation of communities and countries. To achieve continuous growth and continuity they need to pass on their experience and capabilities to the new generation in order to create new streams of wealth across many generations. This Masterclass will help explore the entrepreneurial process within business families and solutions that have immediate application in the real world. The participants will learn from the best practices combined through leading academics and business families from around the world. They will be educated with powerful practices and cases that will help empower them to build their entrepreneur legacies.
- Understanding Policy and Procedures in Family Businesses (2 day)
Policies and procedures provide the framework within which an organization operates. They define what your organization does and how you do it. Clear policies and procedures support effective decision making and delegation therefore it is necessary for the people to have a clear understanding of it in order to operate the family business efficiently and effectively. When policies and procedures are well thought out and, most importantly, implemented they provide common understanding and agreement on how things should be done in the organization. This Masterclass will help the participants establish a professional and effective organization. They will be able to understand and implement the policies and procedures with in their businesses effectively and provide consistency amongst their staff by familiarizing each person on the best practices being followed in the business.
Who should attend?
This program has been specifically designed for family businesses and entrepreneurs undergoing generational change. This program will be beneficial for:
- Decision makers and board members in family businesses
- Family business c-suite executives
- Entrepreneurial policy makers and regulators
- Aspiring entrepreneurs
- Family shareholders
- Trustees of family-controlled firms
- Investors interested in family business portfolios