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
The family-owned New Jersey amusement and lodging enterprise celebrates 50 years of seaside fun.
It’s two days before the season opening of Morey’s Piers, three boardwalk amusement parks in The Wildwoods, a New Jersey seaside resort about 90 miles outside Philadelphia. On this April afternoon, stands are being stocked with candy and stuffed animals at Morey’s Surfside Pier, and the famous Curley’s Fries have drawn the attention of the bird population. A sweet scent on the breeze suggests that the funnel cake fryer is also getting a test run.
At one of the games, seasonal employees are learning what to say and how to respond to customers, whether they win or not. An enthusiastic trainer gives them tips on how to get visitors’ attention despite the myriad distractions on the pier.
The company has distributed play money to the employees working that day and shifts are set up to get first tastes of a seaside lunch at Jumbo’s Grub and Pub, whose menu includes crab cakes, salads and chicken fingers. This is an opportunity for the kitchen and wait staff to practice service and test a new point-of-sale system.
Todd Immell, Principal, Ernst & Young LLP discusses robotics processing automation operating models for family offices. Final installment in a 4-part series.