Growth, succession & global trends: investigate the hot topics of family business
“We call our strategy ‘where, what, wow’. That means being where our customers want to shop with us, whether that's in-store, online or mobile; it’s about offering what our customers want to buy from us, and it’s about wowing them with the quality of our service.”
“My advice to any family firm is to maintain a professional focus on their business. Systems and processes are a key part of that.”
“A conventional company can advertise and hire the best, but when it comes to family businesses, a lot of emotional issues come into play. That is why the transition should be planned well, and that takes at least three, four, five years, if you do it the right way.”
"I want to move from the B2B model we mostly operate now, to more of a B2C focus, selling workouts direct to the consumer to do at home. That’s a huge opportunity for us, and a great challenge and excitement for me. But it’s not just about building a big international brand - it’s about making the world a better place. ”
“Every company has to continuously recruit new and better talent at every level, whether it’s a family business or not. What’s important is the team spirit you create - the values you share and the trust you develop in one another. That’s what kept our business together over the last decade, as we made our investments and waited for them to come to fruition.”
“ When a company has been operating for a while you tend to find there is a risk of stagnation or complacency. Recovering the original drive and ambition is one of the owner's tasks. Personally, I believe an active owner will generate higher performance, and faster and better development than an external CEO.”
“You need to assess the health of the family with same depth and rigour as you assess the health of the business – look at what’s working and what isn’t. You do also need the processes in place to head problems off before they get engrained. But if you can fix the family issues the business issues are much easier to solve. That’s the good news.”
“My dad is a creative person and he likes doing deals, but he's not someone who will sit down for hours talking about management process or systems. But that’s what my brothers and I do – we are managers rather than deal-makers, and our skill is turning deals into businesses. And that works very well.”
"I think the best way to solve conflict is to prevent it. And the best way to prevent it is to have family members sit on the board only – running their investments, not running the business.”
“Most of the growers are multigenerational companies, so they have some of the same aspirations that we do. There are bonds beyond financial that hold you together.”
"Unlike a typical family business, we’ve taken a conscious decision not to involve ourselves in day-to-day activities. We like to give our employees freedom to take their own decisions, so that there is a lot of delegation."
"When you achieve success in the market, people are motivated to work for you – your employees have a sense of belonging they associate with your brand, and this is what helps in attracting and retaining the best talent"
“The basis for any success is to be professional.”