Family Business Audiocast’s Post

Here a new article accepted for publication in ACADEMY OF MANAGEMENT PERSPECTIVES (#AMP) with great colleagues: Ireland Duane, Naveed Akhter, Ph.D., Emanuela Rondi and Rida Ijaz. THE SHOW MUST GO ON: Preserving the Legacy Business through Exit in Family Business Portfolio Firms Results from our qualitative analyses reveal that family business portfolio firm owners prioritize protecting the firm’s legacy business, even if it is underperforming, over pursuing potential future opportunities in satellite businesses, including successful ones. This paradoxical approach can ultimately place the overall business at risk. We observe that the owners of the family business portfolio firms in our sample engage in a sensemaking process that shapes their understanding of how their emotions of guilt, sadness, and fear—and their related emotional attachment to the firm’s legacy business—affect their business exit decisions. ACCESS IT HERE: https://lnkd.in/gimZaUPh Ireland, R. D., Chirico, F., Akhter, N., Rondi, E., & Ijaz, R. (forthcoming). The Show Must Go On: Preserving the Legacy Business through Exit in Family Business Portfolio Firms. Academy of Management Perspectives. #MacquarieBusinessSchool #ResearchExcellence #Entrepreneurship #Marketing #FamilyBusiness #familyfirms #impresefamiliari #familyoffice #MacquarieUniversity #JonkopingUnivesity #MQBS #JIBS #mergers #employees #Job #performance #risk #CeFEO #dead #distress #embeddedness #legacy #portfolio Macquarie University Macquarie Business School Centre for Family Entrepreneurship and Ownership (CeFEO) Australasian Family Enterprise Research Network (AFERN) Jönköping International Business School Jönköping University

Glad to share our new article “THE KING IS DEAD – LONG LIVE WHO? A FAMILY AND FIRM EMBEDDEDNESS PERSPECTIVE ON SUCCESSION AFTER THE CEO-OWNER’S SUDDEN DEATH” accepted for publication in the JOURNAL OF MANAGEMENT STUDIES (Financial Times #FT50) with great colleagues – Kimberly Eddleston, Philipp Sieger and Massimo Baù.   When the CEO-owner of an SME suddenly dies, who should take over? Integrating the social embeddedness perspective with research on crisis management, we theorize that an SME’s financial health gets progressively worse before it stabilizes and recovers, reflecting an inverse U-shaped relationship between time since the CEO-owner’s sudden death and an SME’s financial distress. We then explore how successors’ family and firm embeddedness moderate this relationship. Family successors lacking firm embeddedness report the highest financial distress, whereas family successors with high firm embeddedness experience the lowest. ACCESS IT HERE: https://lnkd.in/gHUyh5ev Eddleston, K. A., Sieger, P., Chirico, F., & Baù, M. (forthcoming). The King Is Dead–Long Live Who? A social embeddedness perspective on succession after the CEO-owner’s sudden death. Journal of Management Studies. I dedicate this work to two remarkable individuals, Professor Gianluca Colombo and Mr. Dominique Lyone, founder and Chairman of COS (Australia's largest family-owned and operated office and education supplies business), whose sudden and unexpected passing occurred very recently. #MacquarieBusinessSchool #ResearchExcellence #Entrepreneurship #Marketing #FamilyBusiness #familyfirms#impresefamiliari #familyoffice #MacquarieUniversity #JonkopingUnivesity #MQBS #JIBS #mergers #employees #Job #performance #risk #CeFEO #dead #distress #embeddedness Macquarie University Macquarie Business School Centre for Family Entrepreneurship and Ownership (CeFEO) Australasian Family Enterprise Research Network (AFERN) Jönköping International Business School Jönköping University

Proud to share our new theory article on FAMILY FIRM RISK-TAKING, accepted for publication in the JOURNAL OF MANAGEMENT (Financial Times #FT50). Another 10+ year project developed with amazing colleagues – Luis Gomez Mejia, Michael C. Withers, Geoff Martin, and Robert M Wiseman   ARE FAMILY OWNERS WILLING TO “ROCK THE BOAT”? We leverage research on socioemotional wealth (SEW) and implicit theories to develop a novel blended SEW-implicit theory framework that explains why some family firms are more risk seeking or more risk averse. According to implicit theory, individuals perceive reality through their interpretative cognitive filters. We theorize that family firms with high SEW intensity tend to adopt an entity orientation (fixed reality), whereas those with low SEW intensity tend to adopt an incremental orientation (malleable reality). Accordingly, we propose that the likelihood that family owners hold either orientation is shaped by organizational features associated with SEW intensity. Also, we theorize that a firm’s performance hazard can shift family owners' implicit orientation from entity-based to incremental and vice versa, thereby impacting their risk-taking behavior. ACCESS IT HERE: https://lnkd.in/grrBKWhb Gomez‐Mejia, L. R., Chirico F., Withers MC., Martin, G, & Wiseman, RM (forthcoming). Are family owners willing to risk “rocking the boat”? A blended socioemotional wealth-implicit theory framework. Journal of Management #MacquarieBusinessSchool #ResearchExcellence #Entrepreneurship #Marketing #FamilyBusiness #familyfirms #impresefamiliari #familyoffice #MacquarieUniversity #JonkopingUnivesity #MQBS #JIBS #mergers #employees #Job #performance #risk Macquarie University Macquarie Business School Centre for Family Entrepreneurship and Ownership (CeFEO) Australasian Family Enterprise Research Network (AFERN) Jönköping International Business School Jönköping University

🌟 Member Spotlight Alert 🌟 Join us on November 26th in Acheson for a special AEG event featuring Premier Danielle Smith. At this event, two of our members will have the opportunity to showcase their businesses. One of the highlights will be Board Member John Liston, who also serves as Managing Partner at Newcastle West Partners. 🔑 Newcastle West Partners specializes in M&A advisory and business continuity, helping businesses navigate smooth transitions and ensuring long-term success—particularly for retiring baby boom entrepreneurs. ✨ With over 25 years of experience and a deep passion for M&A, John has shaped business strategies across Canada and the U.S., guiding companies through critical transitions. As a Certified ValueBuilder® and Certified Exit Planning Advisor (CEPA), he’s helped countless entrepreneurs optimize the value of their businesses. 💼 As a proud member of the AEG Board of Directors and a former collaborator with Premier Danielle Smith, John’s leadership continues to make an impact on Alberta’s dynamic business landscape. Don’t miss this chance to learn more about Newcastle West Partners and how they support Alberta businesses in navigating change. 👥 Interested in learning more about AEG membership and how you can get involved in Alberta’s vibrant business community? Find out more here 👉 Become a Member #AEGSpotlight #BusinessLeadership #MergersAndAcquisitions #AlbertaBusiness #NewcastleWestPartners #JohnListon #ContinuityPlanning #AchesonEvent

Caveat emptor…come learn how to construct a founder friendly capital deal. A message from Doug Tatum, Professor Florida State University - Jim Moran College of Entrepreneurship (Author of "No Mans Land – Where Growing Companies Fail" – recipient of four national Best Business Book awards; former Association for Corporate Growth (ACG) Global Chair): "Private Equity has a terrible brand these days. Is Private Equity the enemy of growing companies or can they unlock your ability to scale farther, faster. The answers to these questions can be found at the first annual FSU Founder Friendly Capital Conference, where capital market experts join business owners to go behind the curtain of this potent source for growth. Florida State University - Jim Moran College of Entrepreneurship has put together a deep dive into the details of Private Equity as financial partners – the good, the bad, and the ugly. What does a Founder Friendly PE firm look like – what does it look like to have money on your terms. How do you know if your company is Investor Friendly?" Come join me for this exclusive graduate-level Executive Education Program:   When:             Monday & Tuesday, February 17- 18, 2025 Where :           Coral Gables, Florida / Hyatt Regency Who:                Founders with companies generating $1 million+  EBITDA Cohort:   100 Approved Registrants Learn more and submit your application here:  https://lnkd.in/e-W_wsuk   #founderfriendlycapital #executiveeducation #founders #familyownedbusinesses #privateequity Lewis Schiff Birthing of Giants Kevin Poole Newport LLC Aprio Florida State University Florida State University Division of Student Affairs

SCORE Mentors is celebrating its 60th anniversary in October! Since 1964, SCORE has helped more than 17 million Americans realize their dream of small business ownership. Both Larry Grossman and myself are former SCORE mentors who, between us, possess nearly 40 years of U.S. Small Business Administration program experience, including 20 years in state management for America's SBDC and 17 years of leadership with SCORE. We originally joined SCORE as successful business owners and subject matter experts who wanted to help small business owners create financial independence by starting, growing and/or selling a business. It’s an excellent way to ‘give back’. (Check out www.score.org to learn about volunteer opportunities.) Larry and I ‘retired’ from SCORE earlier this year but we are definitely #notdone. We created Business Growth Resource (BGR) to help business owners in a more 'hands on' manner. BGR works with growth-minded entrepreneurs to build stronger due diligence portfolios and pitch decks, and put investment-ready clients in front of potential investors. And we remain big SCORE fans. We are leading a pilot program in SCORE’s West Region (AZ, CA, HI, NV, UT) to help SCORE mentors provide their clients with access to capital resources. We are also helping SCORE CEO Forums create added value for members who are seeking funding. SCORE is a great organization that is doing essential, valuable work and we are proud to (still) be a potential source of expertise for their clients … #success #entrepreneurship #smallbusiness #ceoforum #leadership #womeninmangement #ageism #capital #investors #venturecapital #angelinvestors #womenowned #minorityowned #veteranowned #funding #businessdevelopment #investmentready #score #sbdc #mentors #SMEs #marketingexpert #brandingexpert #growth #accesstocapital #acquisitions #growthstrategies #privateequity #exitstrategies #pitchdeck #encoreentrepreneur #dei #mindingherbiz #technicalassistance #managementconsultants #scoreturns60

Thanks INSEAD Family Business and Tatar Sonia for this in-depth insight.

What I know for sure? The strength of America lies in the spirit of entrepreneurship: a culture built from a very young age. 🇺🇸 So when I was called upon by University of Delaware Diamond Challenge to close out their 2024 challenge—my answer was a YES! Each year over 650 high school students from more than 40 different countries enter the competition to vie for $100,000 in scholarships and cash prizes, as supported by great names like W. L. Gore & Associates, CSC, Horn Entrepreneurship Official Capital One, Paul & Linda McConnell. From safety innovations to sustainability solutions for cleaner water to personalized language learning apps, I was inspired by these HIGH SCHOOLERS and cannot wait to see what they will build next! When I asked some of the winners what they planned to do with the money they just bagged, without hesitation they answered, "oh, we'll reinvest it in the business to get it to the next stage." Our future in America is bright. And here's a favorite lesson I shared from my entrepreneurial journey, reflecting on when I received my first resignation from a staff member twice my age when I was but 21 years old, trying to keep the business afloat: “Running a business is harder than most realize — but is a bigger honor than most recognize, in providing opportunity and purpose for others beyond yourself.” To everyone doing the hard thing, not just leaning into their purpose but providing opportunities for others— keep going. Our world needs you! Special thanks to Laurie Prysock Maggie Nelson Felicia Harrington and so many others who contributed to this epic experience. Ellen Stang Steven Aubuchon Lovell Kosh, M.S., USA-W, CSCS Timothy Desmond #keynote #keynotespeaker #leadership #venturecapital #entrepreneurship #business

🧡 Here's a message from our CEO with some very exciting news... Hey everyone, I’ve got some news to share that’s close to my heart because it’s been a real journey to get here. When we started getting flooded with requests from brands wanting to bring their manufacturing back to the UK, we knew we were onto something. “Made in Britain” is more than just a stamp – it represents quality, consistency, and a sense of pride that’s hard to beat. But with that opportunity came a whole new set of challenges. The demand was explosive, and with growth like that, the financial strain is real. We realised early on that if we wanted to keep up, we’d need serious support – both financially and operationally. One of the biggest lessons I’ve learned through this process is that growth doesn’t just happen in a straight line. There were moments when the challenges felt overwhelming – like securing BRC certification, which was a huge hurdle for us. It wasn’t just a box to tick; it was a hard-fought battle that involved everyone in the company doubling down on quality and processes. And then there were the deals – two of the biggest the UK’s sector has seen in years. Closing them wasn’t just about numbers; it was about trust, relationships, and a lot of late nights. I’ve learned that success isn’t just about hitting targets; it’s about the grit and determination to keep pushing forward, even when things get tough… and they did! Fast forward to August, and I’m proud to say we’ve secured the investment we needed at an all-time high valuation for Orange County. This isn’t just a win for the company; it’s a validation of the hard work, the setbacks we pushed through, and the lessons we learned along the way. We’re more fired up than ever to keep innovating and delivering the best for our clients. Here’s to the journey – the ups, the downs, and everything in between. Aaron #Leadership #BusinessGrowth #MadeInBritain #UKManufacturing #Investment #Resilience #Entrepreneurship #QualityControl #TeamSuccess #Innovation #HardWork #SuccessStory

The recent INSEAD Family Enterprise Day, themed “𝗧𝗵𝗲 𝗛𝗲𝗻𝗼𝗸𝗶𝗲𝗻𝘀 𝗜𝗻𝘀𝗽𝗶𝗿𝗮𝘁𝗶𝗼𝗻: 𝗘𝗺𝗯𝗿𝗮𝗰𝗶𝗻𝗴 𝗗𝘂𝗮𝗹𝗶𝘁𝗶𝗲𝘀 𝗳𝗼𝗿 𝗙𝗮𝗺𝗶𝗹𝘆 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗥𝗲𝗶𝗻𝘃𝗲𝗻𝘁𝗶𝗼𝗻”, was a wrap! Big thank you to our remarkable speakers from academia and family enterprises, and to all the students and families in business who joined us for the event. Some of the discussions and takeaways focused on: - 𝐅𝐚𝐦𝐢𝐥𝐲 𝐚𝐧𝐝 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐠𝐨𝐯𝐞𝐫𝐧𝐚𝐧𝐜𝐞 𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞𝐬: balancing the needs of the family across generations for legacy and business stewardship for long-term prosperity; - 𝐂𝐨𝐫𝐫𝐞𝐥𝐚𝐭𝐢𝐧𝐠 𝐦𝐚𝐧𝐚𝐠𝐞𝐫𝐢𝐚𝐥 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐰𝐢𝐭𝐡 𝐞𝐧𝐭𝐫𝐞𝐩𝐫𝐞𝐧𝐞𝐮𝐫𝐢𝐚𝐥 𝐃𝐍𝐀: ensuring consistent and stable performance while embracing sound risk-taking for renewal; - 𝐏𝐥𝐚𝐧𝐧𝐢𝐧𝐠 𝐟𝐨𝐫 𝐬𝐮𝐜𝐜𝐞𝐬𝐬𝐢𝐨𝐧: weighing the benefits of grooming and transiting the business to a successor from within the family versus hiring a professional external CEO to ensure business success; - 𝐂𝐨𝐦𝐛𝐢𝐧𝐢𝐧𝐠 𝐭𝐫𝐚𝐝𝐢𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐢𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧: preserving family heritage, roots and know how and embracing the entrepreneurial spirit for reinvention and innovation; - 𝐂𝐫𝐞𝐚𝐭𝐢𝐧𝐠 𝐩𝐚𝐫𝐢𝐭𝐲 𝐭𝐡𝐫𝐨𝐮𝐠𝐡 𝐬𝐨𝐜𝐢𝐞𝐭𝐚𝐥 𝐜𝐨𝐧𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞: taking a holistic approach to business economic performance while driving positive impact for the family members, communities and the environment at large; - 𝐁𝐚𝐥𝐚𝐧𝐜𝐢𝐧𝐠 𝐛𝐞𝐭𝐰𝐞𝐞𝐧 𝐜𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐜𝐨𝐧𝐟𝐢𝐝𝐞𝐧𝐭𝐢𝐚𝐥𝐢𝐭𝐲: keeping a level of openness in communication while maintaining a certain degree of privacy on family affairs; - 𝐄𝐦𝐛𝐫𝐚𝐜𝐢𝐧𝐠 𝐭𝐡𝐞 “𝐆𝐥𝐨𝐜𝐚𝐥" 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐲: achieving competitive advantage locally while globalising products. Chaired by Christine Blondel, Programme Director of “Engaging Generations for the Long Term” Family Business Consortium programme at INSEAD and Julian von Moeller,  VP of Henokiens Associations, and hosted by Tatar Sonia, Executive Director of the INSEAD Wendel International Centre for Family Enterprise, we had the privilege to welcome distinguished family members, speakers and academics such as - Claudio Stefani (17th gen, Acetaia Giusti), Andreas Rath (6th gen, J. & L. Lobmeyr), Emanuela Rondi, Josip Kotlar, Marta Widz, Rose Xiaowei Luo, and Martin Roll. Special shout out to the Henokiens Association for their long-standing support and collaboration with us. Stay tuned in for more thought leadership insights in the family enterprise space soon.   #FamilyBusiness #Innovation #Leadership #Entrepreneurship #INSEAD