Family Business Magazine Blog
A recent article in The Practitioner -- an online publication of the Family Firm Institute, an organization for professionals who advise and study family enterprises -- pointed out the difference between "firm survival over time" (continuity of a family business through the years) and "longevity of a family enterprise" (a family's ability to create wealth and value over generations).
The Practitioner article -- by Pramodita Sharma, the Sanders Professor for Family Business at the University of Vermont's School of Business Administration and a visiting scholar at Babson College -- argued that family enterprise success can be defined in ways other than leadership transfer from one generation to the next. "Both the creative destruction of firms and pruning of the enterprising family are integral parts of longevity of an enterprising family ....," Sharma wrote. "Recent reviews of the research on succession, governance, professionalization and performance all point in the same direction -- that one size does not fit all and the overarching numbers of ‘success' are insufficient to capture the complexity and heterogeneity of family enterprises and their pathways to success."
Family Business Magazine's cover subjects for May/June 2014, the Power family, sold J.D. Power and Associates to McGraw-Hill in 2005....Read more
Free Feature Article
South Florida Tissue Paper ramps up production as orders roll in.
The memes came first.
In late February, Juan Corzo III started seeing social media memes about how consumers were stocking up on toilet paper and paper towels as they prepared to shelter in place during the coronavirus crisis.
The memes weren’t just a quick laugh for him. As the vice president of South Florida Tissue Paper, his family’s firm, he wondered if the trend might lead to an increase in orders.
For a few weeks, however, business went on as usual. Then, on the morning of March 13, Juan III’s assistant called to let him know they were seeing unusual order volume. The firm typically received three large orders per day. On that morning, the orders were coming in every few minutes.
“I thought ‘It’s happening!” says Juan III. “The memes were true. But then all the orders came in at once.”
From mid-March to mid-April, sales swelled 550%. The Miami Gardens, Fla.-based company moved quickly to capitalize on the opportunity. Shifts were expanded from two to three per day, work weeks...Read more
Todd Immell, Principal, Ernst & Young LLP discusses robotics processing automation operating models for family offices. Final installment in a 4-part series.