Are family businesses really more resilient, agile and adaptable than other business types? And, if so, have they been able to tackle the challenges of COVID-19 better than most and, perhaps, emerged even stronger? The shock of an unexpected global pandemic provided an opportunity for the Successful Transgenerational Entrepreneurship Practices (STEP) Project Global Consortium and KPMG Private Enterprise to come together to find the answers to these questions by taking a first hand look at how family businesses have responded to the pandemic in the Global family business survey: COVID-19 edition and report. Global survey data was collected between June and October 2020, followed by input from family business leaders, academics and family business advisers in January 2021. The experiences and insights from family businesses in the Americas, Asia, Europe and the Middle East & Africa have revealed a roadmap, not only for mastering a comeback in their businesses, but for leading a global economic recovery. Mastering A Comeback Learn how family businesses across the world are mastering a comeback in their businesses and triumphing over COVID-19, to help lead a global economic recovery. Resilience, It’s In Their DNA Family business leaders reported that the first impact of the pandemic was seen in their revenues. That was not surprising. The majority reported that they experienced revenue declines, however, as many as 17 percent whose revenues were affected by COVID-19 actually experienced a revenue boost. Predictably, this included companies that benefited directly from an increased demand for their products and services, but many others were also able to adapt quickly and rebuild their businesses to tap into new opportunities. The resilience and agility of family businesses has proven to be to their advantage once again. They have achieved positive outcomes for their businesses, families and communities by transferring their resilience into actions at the organizational, strategic and social level and did so with the characteristic inclusiveness and tenacity that are found in most transgenerational family firms. Leveraging The Unique Characteristics Of The Family Business Model Eighty-seven percent of family firms that responded to the survey are led by family CEOs, which often reflects a high level of family involvement in day-to-day decision-making. This is a unique characteristic of family businesses. During times of dramatic change and upheaval, the family is often a source of unique resources and capabilities. During the initial shock, we identified several financial and non-financial actions that families took to stabilize their businesses while simultaneously laying the foundation for their companies’ longer-term growth prospects. For some, this led to a complete transformation of their business operating models and the launch of new product offerings, often with the intent of making the business fit for purpose in a rapidly accelerating digital age. Statistics For Family Businesses Led By A Family CEO Not only were they involved in addressing the impact of COVID-19 on their businesses, but they also looked out for the welfare of their communities and expanded their horizons to integrate their business and environmental, social and governance (ESG) strategies to support broader environmental and societal goals. The Power Of Family Involvement When many family businesses started to grasp what the pandemic might mean for their companies, they realized that more involvement and input was needed from the family itself. It was important for the family to re-engage, especially when the management of the business had been entrusted to non-family executives. In some cases, senior family members have come back into the business to bring a historical context and to ensure that the family’s purpose and values remain intact for whatever decisions might need to be made. Younger generations are becoming more involved as well. Because of their knowledge and exposure to many new technologies, they are being relied upon to identify digital solutions to transform the family’s business operations and help to develop new technology products and service offerings that will pivot their business, potentially taking them into entirely new markets. Three Strategic Responses The actions taken by family businesses have revealed three core strategic responses: Strategy 1: Social Responsibility The focus is outside the family business and emphasizes the business family’s commitment to the welfare of society as a whole, and the needs of all their stakeholders including employees, customers, suppliers and local communities. It reflects the family’s values and the governance practices that are in place to support their societal and environmental responsibilities and maintain their reputation as responsible owners. Strategy 2: Business Transformation The concept of pivoting and the importance of encouraging a transgenerational entrepreneurship mindset is the focus of this strategy to pass the business successfully from generation to generation. It includes reactive actions such as streamlining operations and implementing new financial measures, proactive pivots for creating new products, exploring untapped markets and adopting new technology solutions to transform the business. Strategy 3: Exercising Patience With this strategy, some family businesses have not taken immediate action to address the impact of COVID-19. The capital invested in the family business is “patient capital”, and they are prepared to take their time to fully assess the impact on their business and the actions of others in their industry before making decisions that might have far-reaching, longer-term consequences. Making The Strategic Choice: Two Key Factors We observed a pattern in the strategies-of-choice among family businesses that reflect two key factors: the leadership of the business and the ownership composition of the company. “Is the business led by a family member or a non-family CEO?” “Are the company’s shares highly concentrated among a small number of shareholders or are they widely dispersed among multiple family (and potentially non-family) members?” Other characteristics, such as the size and age of the company and the number of family generations who are actively engaged in the business, have also influenced their actions. When we combined the family/non-family CEO and family ownership factors with these additional characteristics, we were able to cluster family businesses into four groups that share a common profile. We found that the families who are represented in each cluster have generally adopted similar strategies and actions in their response to COVID-19 and we have brought them to life in four illustrative family business personas that we have labelled: the “Family Corporation”, “Family Enterprise”, “Family Consortium” and “Family Venture”. Real-life experiences have been used in the personas to show, by example, the unique features of different family business types and how their characteristics may be influencing the decisions and actions they are taking. Lessons In Resilience The actions that family businesses have taken to respond to COVID-19 from a business, family and societal level demonstrate, once again, their extraordinary competitive advantage in being able to act and adapt quickly. They have shown their resilience in making a comeback – even in the face of the most challenging of times. More than that, they are showing family and non-family businesses alike how to leverage all of their assets – financial and non-financial – to lead their companies into the future and not look back. We hope their experiences and some of these considerations can help to position your family business at the forefront of the resurgence in the global economy: How effective have the initial financial and non-financial actions been in mitigating the impact of COVID-19 on your business? Did the company’s governance practices help to support these efforts and reduce potential risks? Are good mechanisms in place to facilitate the family’s decision-making? Should the family begin to play a larger role in the operations of the company? How relevant are the three strategies (social responsibility, business transformation and exercising patience) for the short- and long-term needs of your business? What other actions might you consider now? What is the long-term outlook for your business? Is it time to recalibrate the business model and adopt new technology solutions? Is a remote workforce a viable, long-term option? Is it important to engage younger generations of the family in contributing to the recalibration of the business? Is succession planning becoming more of a priority? Are acquisitions, strategic alliances or other opportunities available to diversify your products and provide a potential entry into new markets? Take a look at the full findings in the report, Mastering A Comeback below:

Between 30%-48% of UK adults suffer from insomnia. Are you one of them? Perhaps you find it hard to get off to sleep, have difficulty staying asleep, or wake frequently in the night and find you can’t get back to sleep. It’s a problem for me too. So, what can we do about insomnia? Dr Deborah Lee from the Dr Fox Online Pharmacy shared her ten top tips to help us all to get a better night’s sleep. 1. Get Some Sun First Thing In The Morning Our bodies are programmed to work in conjunction with our own internal biological clock – known as Circadian rhythms. At night-time, the brain recognises the darkness and produces the sleep hormone, melatonin, which is the signal for sleep. But in the mornings, it needs to recognise the daylight, so this highlights the difference between night and day. If you can go out for a walk preferably within an hour of waking, without sunglasses, this will help prime the natural sleep cycle. 2. Create A Bedtime Routine Never expect to get into bed and drop off straight away when your mind is whirling and tossing after the stress of the day. You need to wind down for sleep. Having a bedtime routine is important, as your brain knows what is coming next. Set a bedtime and stick to it. Start getting ready for bed an hour or two before this. Turn off the TV screens, the computers, and mobile phones. For start, the blue light emitted by these devices inhibits the production of melatonin. But they also just keep stimulating your busy brain. Play some soft music or listen to something interesting on the radio. Take a warm bath or shower. Do some gentle stretching exercises. Read for half an hour in bed. Avoid caffeine and alcohol at least 6 hours before bedtime. 3. Write A List Before Bedtime In a 2018 research study, those who wrote a list of plans and obligations for the following day before going to sleep fell asleep more quickly than those who wrote about what had happened during the previous day. Participants were asked to write for 5 minutes about what they planned to do the next day. Writing a ‘to do’ list is a simple way you can park your worries until the morning. 4. Keep A Gratitude Journal Other research has shown that keeping a gratitude journal can aid sleep. In a 2011 study, a group of students with anxiety and sleep problems was found to worry less and sleep better after completing a gratitude writing task. When we start to look around and take notice of all the things we are grateful for, and that we often take for granted, this helps us get things into perspective. Developing feelings of gratitude helps lower levels of anxiety and leads to more positive thought processes, which aid relaxation and sleep. 5. The Military Method You may have heard of ‘the Military Method’, a method apparently used by the Army to help them fall asleep quickly when they have the opportunity. 96% of those who do this are said to fall asleep in 2 minutes – Here’s how to do it: Start by taking a few slow deep breaths. Then consciously try to relax your face, neck, jaw, and shoulders. Continue with slow deep breaths. Imagine a warm trickling sensation passing over your whole body, passing from the heart down to the toes. Next, breathe in and out slowly and try to relax your body, arms, hands, legs, and feet. You then try imagining you are in a canoe on a calm lake looking up at the blue sky, or, that you are lying on a black velvet hammock in a room that is pitch black 6. Cool Down You might think you need to get nice and warm to go to sleep, but studies show that body temperature falls by 1-2 degrees when we sleep at night. A fall in temperature signals to the body that it is time for sleep. This is why it’s a good idea to keep your bedroom cool. Sleep with the windows open, or even use a gel pad on your pillow. Exercise heats up your body, which is one of the reasons why it’s not advisable to exercise too close to bedtime. 7. White Noise Or Pink Noise? Some people swear they can only sleep in silence – which is often impossible in today’s world. In fact, certain types of noise can be helpful for sleep. White noise is a specific sound made up of every frequency of sound that can be heard by the human ear. It creates a background noise that dampens out any loud noises like a door banging or the sound of a car exhaust. For hospital patients, a white noise machine produced a 40% improvement in the ability to fall asleep. It has also been shown to be effective in helping babies and small children sleep. Pink noise is made up of a mixture of low-frequency and high-frequency tones. This is background noise like the sound of the wind in the trees or the waves on the ocean. Pink noise has also been found to be helpful in improving the ability to fall asleep, to sleep for longer periods, and have better quality sleep. (I listen to the radio in the night, at a very low volume, so it’s really a murmuring and I have to strain to hear it, but I find it helps.) 8. Only Use Your Bed For Sleeping Experts are quite insistent that a bed should only be used for sleeping (and sex!). Now that many of us are working from home, it’s important not to work from your bed or bedroom. Your brain needs to know that when you go into the bedroom, it’s time for sleep, and not to associate your sleeping quarters with stress and work. Plus, not working in the bedroom helps you to achieve a work-life balance. It’s time to find another workspace if you want a better night’s sleep. 9. Cold Water And The Dive Reflex It may be a surprise to know that the diving reflex can aid sleep. When you submerge your face in cold water, your body thinks you are about to dive and sets off a range of natural reflexes, which aid sleep. Your heart rate slows, and your blood pressure falls, as blood is rerouted from the limbs to the brain and the heart. The process activates the parasympathetic nervous system, inducing feelings of calm and relaxation. You can try holding your face under cold water for a few minutes before bedtime, or even going for a night time swim. Final Thoughts Falling asleep does not happen easily for many of us. But as you can see, there are many easy, inexpensive, tips and tricks you can use to help yourself fall asleep faster. What changes could you make to help yourself get off to sleep more quickly? About the Author – Dr Deborah Lee is from the Dr Fox Pharmacy, a fully regulated UK online doctor and pharmacy service managed by NHS GPs. She is a doctor and freelance writer who writes about all aspects of health.

Riso Gallo is one of the oldest rice-growing companies in Italy. Riso Gallo started out back in 1856 with a factory in Genoa that processed imported paddy rice. At the same time, another factory was opened in Argentina to meet the requirements of the South American market. Its success and increasing experience in the field encouraged the company to concentrate on Italian crops, and so in 1926 the Genoa factory was transferred to Robbio Lomellina in the heart of the province of Pavia, one of the most well known rice-growing regions. In the 1940s, an intuitive hunch marked a new chapter in the history of the company and the cockerel (Rooster) symbol was created. Since illiteracy was still widespread in Argentina, the company decided to identify the different varieties of rice by using images of animals. A giraffe, a tiger, an eagle, an elephant and a cockerel (rooster) appeared on all the sacks of rice. The cockerel (rooster), which identified the best variety, soon became the company symbol and synonymous with the high quality of its products. At the same time, the company began to sell rice in retail packets. Check out the film that explains more about their family business history.

How do family businesses stay intact for the next generation? The statistics are daunting: some 70% of family-owned businesses fail or are sold before the second generation gets a chance to take over. In an increasingly competitive world, family businesses need quality advice to help maximize their chances of success. But we also need to recognise that family businesses are intrinsically bound up with the personal lives and wealth of its members. This is where family offices can step in and add value. As a single command centre, family offices can help to keep families unified in purpose through a range of services, from well-considered succession planning, to formulating family constitutions and assemblies, to helping set up family philanthropy. Providing Structure Family businesses are often the brainchild of one or two founders, sometimes growing organically for another generation or two. But the longer a family business exists, the less it can depend on the sheer force of will of its senior members. Family offices help to bring structure as a business matures. A family constitution establishing the principles of how the business is to be governed can serve as a useful reference point. This can anchor the family’s values, helping to transmit the principles of the founder to the next generation. Family offices can sit down with a founder, or other senior figures in the business, to help them formulate these principles and commit them to paper. Boards, assemblies and councils are also important in ensuring that everyone’s voice is heard. Some of these may be organised in accordance with shareholdings, but in a family business it is important to give more junior or peripheral members a seat at the top table as well. Younger family members might even be given a specially-crafted ‘junior board’ to cultivate their interest in the business. Here, family offices can help provide an organisational framework. Insiders And Outsiders Some family members want to continue in the business. Others do not. However, it doesn’t need to be quite so binary. Individuals would often like to retain some involvement, but in a specific role which interests them. Again, family offices can come to the rescue and work to fit a family member’s own interests into the company in a way that makes corporate sense. It may also not make sense to keep everything in the family. Perhaps a professional CEO is needed to run the show while family members sit on the board. Or maybe it’s a matter of hiring a few more in-house experts, such as lawyers or accountants, to offer much-needed support and counsel. An example of a large family company doing this well is the Brenninkmeijer family, of C&A fame. For a smaller firm, these first forays can be contentious – but is equally something which a family office can help to advise on, leveraging its position as a neutral arbiter. Trusts Trusts are an important weapon in the family office arsenal. This is especially because they can help to mediate disputes, which is a crucial component of family business succession planning. Unfortunately, a lot may have been left unsaid when a founder dies. Family members who put in the hours to grow a business may fear a sibling, who didn’t, gaining a substantial interest in the same company which they feel to be rightly theirs. The task of trustees is to satisfy the wishes of the settler, handling disputes which arise much in the way a referee helps to manage a game of football. Global Families When someone says “family” people think “local.” But this is hardly the case anymore. One of my clients is a family business from Milan, Italy. It used to be that everything they did was in that locality. Now, the family has production everywhere from Finland to Malaysia. This sort of globalisation opens up a new set of challenges and opportunities. Family offices can strive to ensure that diversity of jurisdictions works to everyone’s advantage – most notably in keeping things tax-efficient for all family members, and for the business itself. It also prompts some emotionally charged questions over who is closer to the business, or who gets to participate in the company’s exciting new phase of growth, about which families may welcome advice. Philanthropy For successful family businesses, philanthropy can be the glue which brings people together. Members can get involved in something meaningful together by injecting purpose into their work, offering a line of participation to those who might otherwise not want to be too involved in the business. Family offices can take the lead on this, identifying the right organisational structure. This could mean setting up a charity in and of itself, or a grant-making body which interfaces with established charities. Regardless of what model the family chooses, a family office can cut out the administrative bureaucracy and let family members focus on helping the less fortunate.

Escapism Bar Group was founded in 2004 by husband and wife team Phil and Mel Harrison. Since the opening of their first bar Mean Eyed Cat, they have gone on to open seven other unique bars which all offer something totally different in Leeds. Paul Andrews spoke to the founders to get an understanding of their journey to date and to find out what it means to start and grow their family business. What does the business do? We are a group of independent bars in Leeds. We create memorable moments, inspire our guests and create an atmosphere of happiness and togetherness. Our core business isn’t to sell drinks – it’s about the atmosphere and the experiences our guests have when they visit us. The clue is in the name – it’s all about escapism! Each bar brings something unique. They’re each based on a different cocktail genre or era of partying history – from 1920s prohibition at our speakeasy The Maven, to 1950s post-WW2 indulgence in the South Pacific beach bars at Tiki Hideaway, to Johnny Cash in the rebellious Deep South at The Mean-Eyed Cat. Another bar, Cuckoo, was founded during Brexit. We wanted to create something as far away from politics as possible. We painted the front of the building pink and had zebras running through the walls. Every part of your experience when you visit an Escapism bar is a little bit unique, whether it’s a tower of beer with a giraffe’s head on top which you can spin around and serve to your friends, drinks set alight, or a six-course cocktail tasting menu. Tell me a little about the history of the business? It started with the two of us [husband and wife Phil and Mel], aged 26, thinking ‘how hard could it be to set up a bar?’ We always wanted to have our own business – it’s about being in control of your own destiny. We’d had some rubbish jobs and some horrible bosses, and as we went out every weekend, we became inspired to do our own thing and create something great. We wanted to create somewhere where all the guests were friendly to each other, and the bar team was a close group of friends. You spend a lot of time at work, so we wanted to make it the best possible place it could be. In the beginning, we raised money by moving between houses, doing them up and getting the equity out. We didn’t have any inheritance or help from our parents – it was a lot of graft and a lot of painting! Are there any other family members working in the business? Yes – in 2014, Mel’s sister-in-law, Hayley brought her marketing expertise on board and has been heading that up ever since. Our three children are still at primary school age, so it’ll be a while before they become interested in joining. What has helped drive your success to date? Our initial drive came from putting everything on the line. We couldn’t afford to lose. We’d work hundred-hour weeks to make it happen. When you open up more venues, you’ve got to be able to trust your team to create a good culture. They need to want the business to grow too. We’ve made every mistake we could possibly make, but just when you think you’ve seen it all, something new goes wrong. That’s just the nature of the hospitality industry and of running your own business. What values are important to the family and the business? When we induct new members to the team, we tell them our back story. It’s important to us that they know where we started. Hard-working, enthusiastic, and a great attitude are all qualities we look for. We also want our team to want to continuously improve. We must, otherwise we will stand still. The number one thing we tell our team is to host the bar as if you’re hosting a house party. Look after your guests: make sure the music’s right, the drinks are flowing, everything’s clean, you’ve got loo roll in, you’re introducing guests to each other, bid them goodbye when they go and make them feel special! Do you build the family ownership into the marketing and brand narrative and if so, how? People describe the bars as a brotherly, sisterly environment. It’s safe and friendly. There’s no pretentiousness or trouble going on – instead, just as if you were with family, it’s relaxed, and you can be yourself. Anyone who works for us would tell you that it’s like a big family. We do quarterly away days and make sure everyone at all the bars really knows each other. Our team is really diverse and we hire on personality. We hugely believe in paying everyone doing the same job the same wage, regardless of their age or gender. What do you think makes working in a family business special? Trust is massively important. We’re both working towards the same goal, even if we have different ideas about how to get there and may disagree from time to time. We can build in flexibility for looking after our children, which helps us be understanding and flexible when employees have children too. Work should be as natural as play. Are there any disadvantages associated with working in a family business? It can be hard to split the person from the job role. You always need to keep in the back of your mind the job description of the actual job you’re doing. We split the work between us by keeping an awareness of each other’s strengths and weaknesses. If you can do that for yourselves, you can do that for the other job roles in the company too. If you haven’t got defined roles, there can be crossover. It’s like at home – kids will play you off against each other if there are inconsistencies. So, at work, we make sure we know who deals with each area. Have you taken any particular steps to help protect the business for the future? Covid’s an obvious one when thinking about the future. We’ve been very agile in changing how we operate. 88% of our business used to be between 10pm and 4am. So, when the curfew was introduced last summer, we had to become a daytime brunch place. People used to arrive in taxis at midnight, now they’re ordering drinks at noon! If you could talk to your younger self before you joined the business, what would you say? Just go for it! A lot of people do all the hard work and research and then don’t have the guts to take the final leap. We’ve never really regretted taking that leap. The only other thing would be to read more and learn more. All the knowledge is there, you’ve just got to find it. Personally, I’d probably learn more about the figures. I tend to go on gut instinct and day-to-day figures, rather than long-term financial planning. But sometimes the numbers right in front of your eyes are the most important ones. If you concentrate on each day, the year will work itself out! If you could sum up the family business in three words, what would they be? Togetherness, happiness and escapism!

Arco scooped two awards at the Family Business of the Year Awards (‘FBOTY’) organised by Family Business United (‘FBU’), including the ultimate accolade, Supreme Family Business of the Year 2021. FBU celebrates family owned businesses across the UK, recognising the contribution they make in terms of employment, income generation and wealth creation. In the live ‘virtual’ awards ceremony, Arco took the Yorkshire Family Business of the Year title which was promptly followed by the ultimate triumph as they were crowned Supreme Champions for 2021. For Arco, the UK’s leading supplier of safety products and services, the evening was a celebration of all that it has achieved over its 5 generations as a family owned business, as well as recognition of their core purpose: to keep people safe at work. As Doug Ryan, Wealth Management Director at Mattioli Woods, sponsors of the Supreme Champion Award explains: “Arco is a multi-generational family firm that has real purpose underpinning everything they do. Family values are firmly embodied in the business and have helped guide them successfully for over 135 years to become a world class business.” “Arco stood out as worthy overall winners this year. As we all know, people are at the heart of any business and they are the lifeblood of Arco. Their family values define their reason for being and are truly embodied within the heart of the organisation, the people in the Arco workforce. These values have been upheld during the pandemic, the business has stepped up to help communities the length and breadth of the country and over the past few years there has been continued investment to help future-proof the business for generations to come. Arco are worthy winners of this award and all the accolades it sends their way,” concludes Doug. Ben Fowler, Managing Director of Western Pension Solutions, sponsors of the Yorkshire award and judge adds: “Arco is a business that is driven by the why and not the how and if. They have made significant investment in the governance of both the family and the business and always strive to do their best with growth coming from their desire to make a positive impact on society, something they have been doing since 1884. This is an incredible family business and a great ambassador for the sector, not just in Yorkshire, but across the whole of the UK and beyond.” As Thomas Martin, Chairman of Arco adds: “At the end of the most remarkable and humbling year that I have ever had in my 35 years in business, this award just caps it off! Our fifth generation family business is driven by a single purpose, to keep people safe at work. During the last 12 months, our crew have done amazing things to help the heroes and heroines on the front line, battling to build back better and help fight against this horrendous pandemic. They have been incredible and this award recognises their efforts.” “We just strive to be the best that we can and to be a force for good wherever possible. These awards are an important reminder to those in government and in business of the importance of the family business sector and the contribution it makes. Family businesses are at the forefront of making the UK the best possible place it can be, to do business, to start a business and to thrive and these awards recognise this across the whole of the country,” adds Thomas. “As for us, I am accepting these awards on behalf of over 1600 members of the Arco crew and, of course, the family. It is a great honour and we are thrilled with the recognition. Thank you very much indeed,” he concludes. As Paul Andrews, founder of FBU and organisers of the awards concludes, “Family businesses are the engine room of the UK economy and these awards celebrate their contribution. There can only be one winner and Arco are a fantastic business, great ambassadors for the sector and deserving winners of the 2021 Supreme Champions Family Business of the Year title.”

It all starts with your family legacy. Your stories, thinking patterns, what you stand for or wish to innovate. All these hold their foundations in your family legacy. Family Chronicle Galaxies & Rainy Recollections In the world of a multigenerational business and legacy families, all stories are in an intertwined and perpetual flux with each family member clicking through thousands of layered puzzle pieces that are fidgeting within their world, spanning through different cultures, environments, and generations. Thousands of tales are happening in close or distant successions, and break out into new ones even mid-sentence. It’s a continuation of lineages, dynamic memory recollections, evolving family identities, and thematical individual and collective cataloguing. Certain historical events or business milestones may fit into a time-line, however, these connected accounts and colourful characteristics can’t be arranged in a chronological order. Each timeline of accomplishments needs tracking, however, due to their complex nature, legacies are not traceable, only mappable. Everything is fragmented in the family cosmos and the task is to purposefully decrease fragmentation, map, understand, learn from, and connect relevance points that engage and inspire everyone within the family, and beyond, for generations to come. All family truths hold a coherence of ideas, and coherence systems are composed of quantitative and qualitative multiplicities. Family members hold stories within stories and these can be mapped, understood, interpreted, and reordered in different ways by everyone within the family. Memories are not static images but ever-changing interpretations, re-interpretations, and recalibrations of past events holding different meaning for everyone. Any rupture point can destabilise the framework that is the result of a series of co-creation and co-composition processes of your ancestors. How can a multigenerational business family decompress, map, understand, and interpret their complex marbling, as well as embrace all its moving parts? In addition, to understand what the clinging and adhering properties between these are, and how families can separate or fuse the different narrative points and thematic zones of contact to offer a solid re(-)presentation from which their family members can learn, families require a bespoke transformational legacy curation. Multigenerational storylines and family members’ understanding, evaluation, and conciliation of their complex and multi-layered legacy and impact expand by the virtue of opening up the various connection points. As families grow, they embrace, understand, and discuss their multiplicitous identities. These different qualities resolve themselves in various intensities, and magnitudes, and may even unveil unexpected revelations. Consequently, families can re-energise their narratives, recalibrate current structures, and form new ones depending on how the present landscape of their different capitals and the revived narrative terrain dictate the enhanced capabilities and capacities of their newly shaping environment. Therefore, it is critical for families to study and understand their origins, semantic network, the evolution of their multi(-)verse, realign on what they hold important, and drive impact purposefully on many levels. It’s about families looking into and engineering their future whilst understanding, reconnecting with, and learning from their past, and building their own legacy and impact upon these in a purposeful way. A Zeal For Legacies Transformational legacy curations also offer a foundational understanding of your roots and where you are on your complex legacy journey. This is especially critical prior to and in the midst of a succession, as with a generational transition, it’s not only the business, your family values, and historical details that you pass on to the next generation. To ensure a successful succession, all your different capitals, as well as your collective family intelligence needs to be transferred; it’s a transfer of knowledge, networks, and your family legacy. Bespoke family legacy curation projects offer a solid social, cultural, family, talent, and historical effective consciousness to families to reconnect with their past, future-proof, and drive their future activities. Such projects also expand family members’ horizon of their thoughts, domain of experiences, and connect their individual horizon with the overall collective family horizon to strengthen and safeguard their family ties, inspire and engage with each other, without proposing to overidentify only with the group identity. The common sense within the family is created by the family, it is a fusion of the family members’ understanding horizons. The multitudinous world of multigenerational family legacies is filled with wonders; invaluable, one-of-a-kind educational, family engagement, and inspirational resources that both foreground family members’ experience with their legacy materials and serve as anchoring tools for the wider family. You have unique personal access to your family’s legacy objects and other curiosities that relate to the inner and outer works of your family. This access may lead you to find comfort and better orientate yourself within and beyond your family. It’s inviting you to serendipitously or intentionally look for pieces, connection points waiting to be discovered, rediscovered (for example, family legacy curations are also powerful ways to celebrate any major milestones or anniversaries that your family wishes to commemorate.) Your family legacy offers unlimited inspiration through relevance points, and portrays a sense of continuity from your ancestors to you, and your next generation. Family legacies constitute the cornerstone of each longstanding and thriving enterprising family. How well you and your family members double-down on your legacy, and how purposefully you leverage it, will shape the trajectory of your future, determining also your legacy’s longevity. We all seek resonance and relevance points, we thrive via relating to stories, characters, and connecting dots of our past and present, and create our future accordingly. Whilst we read chronicles, we turn to footnotes, indexes, or the foreword to gain further insights on specific aspects connected to the storylines, characters, and the different narrative inserts. The same relevance-seeking and connection-finding happens also with your family legacy. Whenever you hold a connection with a story, family character, or event, there is a point of reference, otherwise, you may only rely on the absence of evidence and will be witnessing over the generations how your family legacy may gradually evaporate. Close encounters with your family legacy help you imagine, design, further shape, create your own legacy marks, enrich the family legacy, and continue your joint and individual legacy journey. You can also re-evaluate, re-frame, and articulate your narratives and drive better-informed decisions. Consequently, you can engage, inspire your family and community for generations to come by animating your heritage and family legacy. Become a Connoisseur Of Your Family Legacy You are invited to become a connoisseur, a conscious co-guardian and custodian of your family legacy, finding out more, and inspiring others via your family’s and your own legacy. It’s about transcending past to the future, re-inhabitation of family legacies, and re-enchantment with family legacies. You can surround yourself with your ancestors and decrease the distance that you hold with them by pondering on and receiving points of reference on their decisions, how they lived their contextual settings and background. These exercises instantly take you back to the past and bring out memories from your own life, and resonance points to which you can relate. A participatory design in bespoke legacy curations is indispensable, as you and your family members hold the meaning, resonance, and relevance points to your family narratives, different family characters, and events. You can then continue shaping and transforming your heritage and family legacy, articulating your legacy, and bringing it closer to everyone to benefit from. Some families create tangible foundations, some tackle their collective intelligence via stories, some do both in periodically reconstituting their world, retaining and synthesising the previous chapters of their past. Whether you would wish to keep most of your family legacy stories for your family members or are keen to share a few aspects with your community for their delight and further engagement, and appreciation, it’s your decision. Some of the materials could even complement your PR activities. Submerging into your family legacy may feel as a retreat not only for you and your family members. Your community members are also keen to understand and appreciate to learn more about your family, praise, and appraise your and your ancestors’ achievements and any background information behind these, which may further instil the pride and belonging that they hold for your family and legacy. Synthesising the chapters of your family’s past as well as adding your legacy marks, continuing and transforming your family traditions, and giving them current relevance to everyone is a meaningful series of endeavour that propels your family and community to new heights when it comes to engagement, alignment, and inspiration for generations to come. About the Author - Zita Nikoletta Verbényi is the Founder and Legacy Aesthete at The Legacy Atelier, and the 1st PhD Candidate in Family Legacies.

Family enterprises form the majority of businesses large and small in every country in the world. At the same time, few are able to sustain themselves with the same level of wealth and success even into their second generation and sustaining shared family wealth after the third generation is nearly improbable. Overcoming these challenges is the subject of the book, Borrowed from Your Grandchildren: The Evolution of 100-Year Family Enterprises (Wiley, Feb. 26, 2020), by Dennis Jaffe, a leading architect of family enterprise consulting. As each generation of a family enterprise becomes larger and more complex, the book describes how the family must evolve through internal and external challenges to remain cohesive. Borrowed from Your Grandchildren presents the findings of a multiyear project in which researchers interviewed more than 100 families around the globe to understand the evolution of family enterprises that have succeeded for 100 years or more. Particularly, Jaffe shares findings in an engaging narrative that point to elements of families’ experiences and learnings that allowed them to survive for the long term. In a time when there is much concern about the concentration of wealth in the hands of ‘the 1%,’ Jaffe’s study is an important addition to the dialogue. It shows how, in many successful family enterprises, business values and culture aren’t focused solely on generation of wealth, but on using resources responsibly. In Borrowed from Your Grandchildren, Jaffe shares qualities and practices of what he calls ‘generative families,’ and addresses: What specific qualities sustain a family enterprise for successive generations How shared values and a long-term perspective inform successful family enterprises How business families develop social responsibility and resilience across generations How family businesses avoid the three-generation “curse” and improve chances for longevity How older generations effectively groom younger generations to assume responsibilities — and how younger generations often branch into new directions How forces of digitalization, globalization and rapid change make today’s environment for families fundamentally different What important differences exist between family and non-family businesses? What family dynasties — from America’s Rockefellers to Sweden’s Wallenbergs to Korea and Japan’s Kongo Gumi — serve as models for today’s families businesses? Following the evolution of multigenerational family businesses, Jaffe uncovers qualities of the first-generation entrepreneur, the second generation that grows and professionalizes the business, and the third or fourth generations when the increasing numbers of family members have to decide the nature of their engagement in the business. The author’s many examples, along with tools and activities, will prove instructive to families forming or maintaining family enterprises, along with lawyers, accountants, bankers, coaches, consultants, board members and other trusted advisors who offer resources to families to keep them on course. “As we enter a new century of global business, characterized by uncertainty, unpredictability, high risk, and dramatic technological innovation, the public company managerial model may no longer be the most adaptive form of business. All over the world, business is discovering advantages of long-term family ownership and control.” —Dennis Jaffe

According to the latest research by KPMG Australia there is more to transition in a family business than deciding what date the leader will step down and deciding who will take over. It’s a complex task and needs a plan – not just a list of tasks but one that encompasses the business imperative, family goals and aspirations for the business’s future. In conjunction with the University of Adelaide’s Family Business Education and Research Group they talked with seven family businesses about the critical actions for long-term sustainability. Three key themes emerged: succession planning, leadership diversity and entrepreneurship across generations. There is no one-size-fits-all approach when it comes to succession planning and certainly planning retirement based on age isn’t right for everyone. Knowing when to ‘go’ can be difficult and in a family business, where your connection is personal, it can be challenging. But ‘hanging in’ can be detrimental for the next generation who may not be willing to stay with no roadmap for the future. One of the benefits of a succession plan is the opportunity to build diversity within the leadership. While having a family member is key in Australian family businesses and ideally the leader should be selected on merit, readiness and passion and not gender. The transition plan needs to include all of the interested and capable next generation to encourage the next generation to explore and communicate their interests and commitment to pursuing a leadership role. COVID-19 has exacerbated the caring responsibilities of work-oriented parents even further. and just as large organisations facilitate diversity by introducing flexible working, so should a family business. Importantly, work early to develop knowledge, skills and experience in the next generation to ensure they are prepared to step up to lead. It is often said the first generation creates the wealth, the second grows it and the third blows it. While this is a stereotype, it is often true that the greater the pool of financial resources, the more risk averse and the less interest in trying to grow it. In many family businesses the second and third generations stand to inherit significant capital, and many find themselves having to decide whether or not they want to be safe custodians of the wealth or wish to grow it further which may involve some risk taking. Providing emotional and social conscious can help overcome the pitfalls of entitlement and encourage commitment among younger family members. Part of this is encouraging open dialogue where all generations have clarity around each other’s goals and values on what they want the future of the business to be. To continue growth, family businesses need to maintain the entrepreneurial spirit that first inspired the founder. There are many effective ways of sustaining this between generations. Implementing formal succession plans, so all members of the family know their responsibilities now and into the future allows the next generation the freedom to develop entrepreneurship skills within the safety of an agreed plan and the safety to fail in the security of the families’ support of new ideas and ventures. Whilst family businesses largely smoothly navigated through COVID-19 the fallout will continue for generations to come. Planned investment in these future generations will ensure the family business continues long after the immediate effects of the pandemic fade. Check out the full report below:

William Croxson established his wholesale bottle merchant business in London in 1872. Today, nearly 150 years later, both the family name and the family business are as strong as ever. They’re very proud of this heritage, especially over the last 40 years, where there has been a huge evolution of the company. Building on the vision of chairman James Croxson, they are now well-established as an international expert in single-source, multi-choice glass packaging. And with these solid foundations in place, the next 150 years look like being even more successful. We spoke to Tim Croxson, the fifth generation of the family business to find out more. When was the business founded? The business started in 1872, so we will be celebrating 150 years in 2022. What does it do? We design and supply glass containers and closures to food, drink, beauty & cosmetic manufacturers and brand owners. For example, a lot of craft beer and gin finds a home in one of our bottles. Tell me a little about the history of the business? William Croxson, the founder, my great-great grandfather, trained as a wine cooper and went into the wine business as a broker in London. At that time, glass bottles were expensive as they lacked the manufacturing techniques we see today, so every bottle was reused. William saw an opportunity for a cradle to grave type industry, collecting used bottles, cleaning them, then filling them with wine that he purchased. What generation are you and what are your first memories of the family business? I am the fifth generation, and my first memories were of coming into the office at weekends, playing with the Telex machine. Whilst certainly not appreciating the finer details of what the business did, I think the majority of memories were more around the team of people who worked for the business, something that remains just as important to us today. Are there any other family members working in the business? My father is still involved as Chairman of the Group, with more of a focus on our international companies. How important was the business in your life as you grew up? It would be foolish to not recognise the benefit/privilege that growing up around the business gave me. It offered part-time work as a young lad but also gave an aspiration as well as demonstration of what hard-work was and the level of commitment required to run a business. What was your journey into the family business and what do you do now? I have been full-cycle – from desire to work in the business, to wanting nothing to do with it but then wanting to apply my education to the company, to help it be and do better. My first formal role was working in the warehouse, running the forklifts, and whilst still retain oversight of that area, I progressed into marketing and operational roles with secondments at two of our group business. I am now Chief Operating Officer of the Group, but, uniquely, heavily involved with the strategic direction of the business. As a multi-generational business, what has helped your firm stand the test of time? At senior level, whilst sometimes taking a little longer than we would like, we haven’t been afraid to make the tough decisions and address our own challenges and change what we are doing if it isn’t working. It would be fair to say that change is a constant. Our team are singlehandedly the most important asset we have – the sense of team in our daily collaboration and work is really vital, and whilst having naturally changed over time, was one of the things that struck me when I first started working. What values are important to the family and the business? Honesty, hard-work, fun. Do you build the family ownership into the marketing and brand narrative and if so, how? We describe ourselves as the family of packaging. Whilst a double play on our history and the full suite of packaging that we offer, we are proud of our history. We use the family business line to most effect in describing how we work as that has the most significant difference compared to a business which is either corporately owned or lacks the long-term strategy and experience. What do you think makes working in a family business special? The sense of family. We treat all of our team as family. There is a greater patience and grace shown than in other types of businesses. Are there any disadvantages associated with working in a family business? There can be massive highs with a family business, but also some massive lows – when it goes wrong … and impacts on family relationships. At its hardest, when decisions are the greater good versus family, with the fall out being, ultimately a break of relationship, that is when you wear the scars of a family business. The toll it can take on yourself and your own family can be high, emotionally, mentally and physically. Having a strong family unit or peers is vital for support and a sounding board. Have you taken any particular steps in terms of governance to help protect the business for the future? We have been blessed with an amazing board of professional directors, some outside hires, some internal promotions. This ensures a balance, and we are clear that we only want people who show integrity and a willingness to say it how it is, rather than trying to play politics. I s there a next generation in the wings? Potentially, but still of a young age. It is difficult though to not look at my children and start wondering, even evaluating… What advice would you give to anyone in the next generation considering joining their family firm? Either be prepared to start at the bottom, work really hard, study and read whilst you do, or go outside of the business and come back in your own right, with all the experiences and knowledge that comes from working in different types of business and under different leadership. If you could talk to your younger self before you joined the business, what would you say? The massive lows that might come your way will hit you for six, but you will come back stronger. There are times that it will be hard, look after yourself, know how to look after yourself both emotionally and mentally. If you could sum up the family business in a few words, what would they be? Inspirational – both design and charitable work. Fun – banter is so important! Family – value is put on the individual AND their family. Team – we work for each other, when someone is down, the team responds. Innovative – both in what we do and how we do it. Find out more about the business by visiting their website here

Riso Gallo is one of the oldest rice growing companies in Italy dating back to 1856 with a factory in Genoa that processed imported paddy rice. Paul Andrews spoke to Emanuele Preve, part of the sixth generation of the family firm to find out more. Officially Riso Gallo began in 1856 but as Emanuele explains, “The business probably started prior to that date as the first official document that we have found is dated 1856 but is actually a complaint from someone about noise from the production facility so it is likely that my ancestors started the business even earlier.” As a business they produce and sell rice, milling and packaging the final product and started with the factory in Genoa and at the same time opened a factory in Argentina to meet the needs of the South American market. The business was successful and with increasing knowledge and experience in the field the focus turned to Italian crops and in 1926 the Genoa factory was transferred to Robbio Lomellina in the heart of the province of Pavia, one of the most well-known rice growing regions. As Emanuele continues, “My grandfather was entrepreneurial and in the 1940’s took the decision to brand our rice and we were probably the first rice brand in the world. It followed his hunch that resulted in a key moment in the development of the business too with the introduction of the ‘Rooster symbol’ which marked a new chapter in our history. Since illiteracy was still widespread in Argentina at the time, the company used images of animals to identify the different varieties of rice. This resulted in either a giraffe, tiger, eagle, elephant or cockerel (rooster) appearing on all the sacks of rice.” “The rooster, which identified the best variety soon became the symbol of the company, synonymous with the high quality food products provided by the business,” he adds. The business grew, expanding around the world and their products are now sold in more than 80 countries. “We have been making Italians happy for six generations,” adds Emanuele, “but our mission is to spread the culture or rice and risotto throughout the world. We are an innovative organisation that is constantly evolving to meet the needs of the modern consumer too,” he continues. Emanuele is one of the sixth generation involved in Riso Gallo today, working closely with two brothers who are actively involved in the business and a fourth brother is the company President but not involved in the operational side of things. Their father, at the age of 80, is gradually stepping back and retiring from the business. Growing up, the business was an important part of family life. “My brothers and I grew up hearing stories about the business. The company has always been a part of our lives and we grew up talking and learning about rice all the time and we appreciate that everything that we have in our lives has come from the business – rice is effectively in our blood,” explains Emanuele. Prior to joining the family business Emanuele graduated as an Economic Engineer before working for several large businesses in finance and administration roles (Pirelli, BMW and Unicredit) and then joining the business as Chief Financial Officer in 2013. Emanuele is well aware of the family business narrative and respectful of the history and heritage that is behind the global brand that exists today. “With underlying values of tradition, quality, passion and reliability at the heart of the family and the business, we have evolved and remain relevant today. As a multi-generational business we have stayed the test of time and believe this is due to tradition and innovation. We were the first rice brand, were pioneers with the development and introduction of parboiled rice, focus on quality and continually invest in brand awareness, all of which help to drive the business forward,” continues Emanuele. “Our brand is recognised the world over, certainly helped by the rooster image and our products are recognised for their quality,“ he adds. Working for a family business can be a uniquely special experience too and Emanuele is respectful of the past, noting that “working for something that came from your ancestors and that you plan to pass on to your sons represents so much more than just being a shareholder of a company. There are many positives about working in a family business like ours although it is sometimes difficult to separate the emotion from the business too.” Governance is also important for the family and the appointment of a non-family CEO has helped in professionalizing certain aspects of the business and helping prepare for the arrival of the next generation too. With eleven nephews ranging in age from 6 to 23, there is a large next generation in waiting so steps have already been taken to prepare the family and the business going forward. As Emanuele adds, “We have rules for the next generation entering the business with one person per family branch, the requirement of a university degree, the ability to speak four languages, three years of experience working outside of Riso Gallo and an appropriate opening of a position within the business too.” Riso Gallo is planning for the future and continues to be a business full of passion, experience and continuity is on the agenda. This is a ling standing, multi-generational family business with plans in place to continue for generations to come. As Emanuele concludes, “Life in the family business has been good to me and I am proud to have joined the business and to continue to help the business flourish since joining. As I said earlier, I guess rice is in the blood and it is a real honour to successfully continue the work that was started by my ancestors back in the 19th century.”

Keela was founded on the East Coast of Scotland, the perfect place to innovate and test outdoor garments for the changeable British weather. They continue to provide UK-led garment designs. Their aim is to provide quality outdoor clothing packed with innovation and technology, and after over 25 years they continue to enhance their reputation based on these principles. Paul Andrews caught up with Sam Fernando, Sales Director and second generation family member involved in the business to find out more. When was the business founded? The business was founded in 1979 with Ardmel; the Keela brand came later in 1980. At that time there were 3 directors, including my father. What does it do? Ardmel Specialist Engineering innovates, develops and manufactures machines and consumables for the clothing, electronics and motorcar industry. They are best known for the tape sealing machine and ultrasonics, for which Ardmel won a Queen’s Award for Innovation. Keela is the Outdoor brand. We manufacture technical outdoor clothing for the outdoor professional – Mountain Rescue, ambulance, police etc, and for the amateur outdoor enthusiast whether that’s a runner, dog walker or mountaineer. Tell me a little about the history of the business? Rube, my father, developed the first ever tape sealing machine and this is what really kickstarted the business. The tie-in with manufacturing of clothing followed from this with Rube’s knowledge of sewing production. In the eighties, we could see the writing on the wall in the way business was changing, with a handshake no longer meaning anything. It was painful to see so many brands moving out of the UK, typically to China. Therefore, we went our own route with the Keela brand. In the 1990s, Keela’s Research and Development team began working on the knottiest problem in outdoor gear design: how to manage inner condensation in wet and cold conditions. The result is System Dual Protection (SDP), a pioneering double layer fabric system that offers game-changing breathability. Its ground-breaking performance netted us a second Queen’s Award for Innovation. We have continued to innovate, develop, and grow from there. What generation are you and what are your first memories of the family business? I am the second generation. Much of my childhood recollections are of going to work with my father at weekends. Often, he would give us wee jobs to do, for example we would earn 20p for sweeping the floors. My mum (who was a trained midwife also played a large part in the company) and I have lots of memories of our home filled with boxes of garments. She was always quality checking the inventories or doing some other small tasks at home when the factory was very busy. Are there any other family members working in the business? Yes my brother, Ruwan, is the Operations Director and oversees the organisation as a whole. He set up the factory in Sri Lanka in the nineties, shortly after returning to the UK with his wife, Kate. My younger brother, Harry, has recently joined the engineering section. Arlene Kidd is also a Director and is family to us also. In Sri Lanka, my aunt and cousin also play pivotal roles. How important was the business in your life as you grew up? It was an integral part of our lives. When you have your own business, it invariably overlaps into family life. Holidays and weekends must be balanced with business and in the early days my father worked incredibly long hours, frequently travelling abroad. He would take us into work with him at the weekends and, of course, in any crisis, the whole family would help out. Even now, it’s never a 9-5 job and you often find yourself juggling personal commitments with the business requirements. What was your journey into the family business and what do you do now? Initially I was very against joining the business. After university I ventured down to Leicester for a new career and in between jobs I joined the firm as a temp sales rep in Nottingham. I absolutely loved it, driving all over the country for more than 7 years, living a fantastic life. But then a crisis arose at the factory and I came back to help, and have been here ever since, working my way up within the company. I am now the Sales Director, but as any other SME leader will recognise, you never do one specific job. The nice thing about a family business is that everyone does help out. What values are important to the family and the business? A can-do positive attitude, enthusiasm, drive, and the ability to think outside the box. A quirky sense of humour is probably helpful too. Do you build the family ownership into the marketing and brand narrative and if so, how? No, not really. My father came to Scotland from what was then Ceylon in the 1960’s with Singers’ sewing machines. He met my mother, fell in love, and settled down here. At the time, the Sri Lankan background was not always viewed favourably. We are quite a private family so it’s a bit alien to us to talk about our family heritage. What do you think makes working in a family business special? There’s a bond and you know that, no matter what, your family will always have your back through thick and thin. Are there any disadvantages associated with working in a family business? Ha ha of course! My father’s singing for one! On a serious level though, there are of course positives and negatives. Certainly, being in the family business has kept the family closer. Without this I may well have been down south and only seeing family for special events and holidays. The downside is that it can, on occasion, put strain on relationships both inside and outside the family. It’s important but often difficult to separate business and personal life. Have you taken any particular steps in terms of governance to help protect the business for the future? That’s an interesting question and I feel most family businesses would probably say it’s often something that is pushed to the side to look at for another day. What we have worked hard at is putting in place the right foundations – the right team is critical with good systems and processes. Is there a next generation in the wings? I think, if you asked them, you’d get a resounding ‘No!’ from the next generation right now. One of my nieces has joined the Navy and I am immensely proud of her decision. But who knows what will happen in the future? Some are still in nappies! What advice would you give to anyone in the next generation considering joining their family firm? Try your hand at something else first. It will give you a good grounding and if things don’t work out you will have more confidence to walk away. If you could talk to your younger self before you joined the business, what would you say? Buy shares in Apple! Realistically I think you learn by experience, and even when things go wrong you must learn to stand up, dust yourself off and keep going. So my advice to myself would all be on a personal level – look after your back, don’t neglect your social life and always take a holiday. If you could sum up the family business in three words, what would they be? Pretty damn awesome. You can find out more about Keela Outdoors here