Baltic Family Firm Institute

📢CALL FOR PAPERS: 2025 Baltic Family Firm Institute - European Corporate Governance Institute (ECGI) Conference “Empowering Family Enterprise: Professionalisation and Community Impact”. The 3️⃣rd Baltic Family Firm Institue – ECGI Conference is inviting researchers to submit recent papers or extended abstracts on family firm topics. The conference will explore how professional governance frameworks, investment vehicles, social impact strategies and philanthropy can offer diversification, competitive advantage, and support family dynamics and succession, ensuring the continuity of family enterprises across generations. This event is part of the Family Capitalism pillar of the ECGI’s Responsible Capitalism project🌱. ⌛️Submission deadline: 1 February 2025 (midnight CET) 👥Conference: 09 - 10 June 2025, Riga, Latvia 📝Submit a paper: https://lnkd.in/gyUPVPmK #ecgievent #ResponsibleCapitalism #CorpGov 

⭐ ATTENTION RISING GENS IN FAMILY BUSINESSES ⭐ Join me on October 30th at 2 PM ET for a webinar dedicated to the Rising Gen in family businesses: “Talk It Out: How Rising Gens Can Tackle Their Toughest Talks.” 🎤 Effective communication across generations is essential for success in family enterprises, yet many Rising Gens struggle with it. Power dynamics, fear of conflict, and concerns about appearing ungrateful often prevent us from having the difficult conversations that need to happen. 🎤 During this session, I’ll share actionable strategies for navigating tough topics like succession, ownership, and family policies. We’ll explore common obstacles and dive into real-world examples, with the goal of fostering stronger communication and long-term success in your family business. 🎤 Looking forward to sharing insights and answering your questions alongside David Shaw, Publishing Director of Family Business Magazine. Hope to see you there! 👉 Sign up here: https://lnkd.in/ev9W5gcE #RisingGen #NextGen #FamilyBusiness #FamilyEnterprise

🎤 A proud moment for the Baltic Family Firm Institute (BFFI) as we, together with Sorainen (Jurgita Karvelė and Laimonas Skibarka), presented the results of the first pan-Baltic survey on family businesses! BFFI board members Valdone Darskuviene, Krista Jaakson, and Anete Pajuste served as panelists, sharing their insights on the findings and the implications for family businesses in the region. The survey was designed and coordinated by Jelena Luca (University of Latvia (Latvijas Universitāte) in Latvia in Fall 2023 (114 respondents), followed by identical surveys of Estonian (99 respondents) and Lithuanian (89 respondents) family businesses in Spring 2024, conducted by University of Tartu and ISM University of Management and Economics students and supported by Sorainen. The survey reveals an encouraging trend: Baltic family firm owners are strongly committed to passing their businesses to the next generation, with 9 out of 10 Lithuanians, nearly as many Latvians, and 8 out of 10 Estonians expressing a desire to keep their legacy within the family. 🎉 However, our findings also highlight a critical gap – most family businesses lack a formal succession plan, with only 44% of Latvian, 27% of Estonian, and 25% of Lithuanian respondents having one in place. 📉 Our key takeaways from the discussion: 1️⃣ The importance of establishing family values, education, and governance structures to ensure continuity and prepare the next generation for leadership. 2️⃣ Recognizing that NextGens bring an innovative approach to the family business, driving growth and adapting to changing markets. 3️⃣ The need to master difficult conversations and create a family constitution to ensure clarity, alignment, and long-term success. 4️⃣ The value of timely succession planning – it's never too early to start preparing for the future. 5️⃣ The benefit of engaging outside expertise to guide the process and provide fresh perspectives. We look forward to supporting more family businesses across the Baltics in their journey toward effective succession planning! #FamilyBusiness #SuccessionPlanning #Baltics #NextGeneration

📢 Please join us for a free webinar on October 1, 10:30 EET, organized by Baltic Family Firm Institute and Sorainen. 👉 During the event, we will reveal the results of a pan-Baltic family business survey conducted in Estonia, Latvia and Lithuania (during October 2023 - May 2024) by the Baltic Family Firm Institute (BFFI) in collaboration with Sorainen and Jelena Luca (University of Latvia (Latvijas Universitāte)). This is a unique opportunity for family business owners and stakeholders to get valuable insights into the longevity and success of family enterprises in the region. Topics: ✅ Understanding of current trends and challenges that family businesses are facing ✅ Expert reflections and practical advice on ensuring the long-term success of your firm Speakers & Panelists: Valdone Darskuviene, Krista Jaakson, Jurgita Karvelė, Kärt Anna Maire Kelder, Anete Pajuste, Santa Rubīna, and Laimonas Skibarka 📅 The webinar is free of charge, but prior registration is required and open until September 30. You can find the registration link in comments. #familybusiness #successsion #NextGen

Couple of weeks ago together with Robertas Dargis and Domas Dargis we gave an interview for Delfi Lietuva portal on the topics of managing family business and succession planning. https://lnkd.in/d-g8SV22 The content is unfortunately available for subscribers only, however I have included below a couple of thoughts that I mentioned in the article: -  From an early age us kids had an opportunity to observe the work of our parents, as well as to help out where possible. Domas worked on the construction side, whereas I observed my mum working as a doctor at the Red Cross hospital or helped my grandmother at her pharmacy. This has instilled a work ethic and accountability which served me right in my career, regardless whether I worked for a family business or not historically. -  When working for a family business you are at risk of making your business dealings too personal or personal relationships too transactional. This is very delicate and you have to have a balanced personality to withstand such fluctuations. Hence why some rules are enforceable, such as not talking ‘business’ during personal celebrations, yet you always have to be ‘aware’ during day to day dealings. -  Our future children should be involved in the family business, the question is only what shape or form, as with the first generation shift from 1st to 2nd generation family businesses in Lithuania we will start witnessing a model, where children can also be passive shareholders and guardians of the business. The most important thing is that they would be willing to achieve something and create things in life, and not be ‘bored’ 😊

Families in Business program at Harvard Business School now accepts applications - don't miss the opportunity! Christina Wing was one of the keynote speakers and workshop leaders during our recent BFFI - ECGI Family Business Conference in Vilnius. She is an amazing presenter and has a remarkable ability to lead group discussions that are both engaging and thought-provoking.

Please welcome Valdek AS, our new corporate member of the Baltic Family Firm Institute! Valdek AS is a family business specialized in sheet metal works and one of the Estonian Family Business Champions 2023. We are inspired by the shared spirit of creativity and dedication of this enterprising family. Valdek family: "AS VALDEK was founded by Mihkel Valdek in the early years of Estonia’s regained independence. As many companies back then, we also started in a garage. However, AS VALDEK has preserved the status as a family business even after becoming a larger company. In 2024 we have 80 employees, 8 of whom are family members. We believe that our people are the biggest asset in our company. Their know-how has an important role in achieving the company vision. We thrive to provide our customers satisfaction using innovative technologies, while maintaining the family and work friendly business environment we are proud of as a company." We wholeheartedly welcome all the generations of Valdek founding family to our organization and look forward to a mutually beneficial collaboration aimed at enhancing family enterprise multi-generational prosperity and financial stability in the Baltic region. #familybusiness #nextgeneration #familylegacy

Register for the Making Family Councils More Effective virtual program and meet a community of Family Council members from around the world to exchanges ideas and problem-solve with https://lnkd.in/eppehc_b

🌟 Read the highlights from our recent family business conference, where global leaders shared insights and innovative solutions for shaping the future of family enterprises. Discover key takeaways that are driving change in the Baltic region and beyond! 🌟 #FamilyBusiness #FamilyOffice #Succession #NextGeneration #CorporateGovernance #Sustainability

Please welcome BDO Latvia, our new corporate member of the Baltic Family Firm Institute! BDO Latvia is a leading professional services firm providing a wide range of services, including audit, tax, legal, advisory, and business services & outsourcing. With a strong presence in Latvia, BDO Latvia is committed to delivering exceptional client service and helping businesses achieve their goals. Their team of experienced professionals offers tailored solutions to meet the unique needs of each client, with a proven track record in effective succession planning, wealth management, and strategic advisory services.   Vita Liberte, managing partner and a sworn advocate at BDO Latvia: "I am delighted to announce that BDO Latvia is joining the Baltic Family Firm Institute, marking an exciting new chapter in our commitment to supporting family businesses across the Baltic region. With over 20 years of experience in international private law and EU law, my team and I are poised to provide strategic guidance and comprehensive legal support to family-owned businesses navigating complex financial and legal landscapes. Our expertise in family law, asset planning, and tax structuring positions us well to assist in the seamless transition of wealth across generations. By joining the BFFI, we aim to enhance the resilience and success of family businesses, ensuring they are well-equipped to meet future challenges and opportunities."   #BDOLATVIA #ADVISORY #AUDIT #TAX #LEGAL #BSO #TEAM