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Samuel Bronfman) Tracking Strategy In a Family Firm: A Case Study Yehya Isrnail A Thesis In The Faculty Of Commerce and Administration Presented in Partial Fulfillment of the Requirements For the Degree of Master of Science in Administration at Concordia University Montreal, Quebec, Canada March 1997 O Yehya Ismail, 1997 7 of Canada du Canada Acquisitions and Acquisitions et Bibliographie Services services bibliographiques 395 Weltington Street 395, rue Wellington Ottawa ON K1A ON4 OüawaON K1AON4 Canada Canada The author has granted a non- L'auteur a accordé une licence non exclusive licence allowing the exclusive permettant à la National Library of Canada to Bibliothèque nationale du Canada de reproduce, loan, distriiute or sell reproduire, prêter, distriiuer ou copies of this thesis in microform, vendre des copies de cette thèse sous paper or electronic formats. la forme de microfiche/nlm, de reproduction sur papier ou sur format électronique. The author retains ownership of the L'auteur conserve la propriété du copyright in this thesis. Neither the droit d'auteur qui protège cette thèse. thesis nor substantid extracts fiom it Ni la thèse ni des extraits substantiels may be printed or otherwise de celle-ci ne doivent être imprimés reproduced without the author's ou autrement reproduits sans son permission. autorisation. 1 would like to thank my supervisor Dr. Bakr Ibrahim for his guidance, supervision and patience. 1 couid not have done it without pu. 1would dso like to thank Dr. McGuire and Dr. Desroches for their assistance and recornmendations. 1 would like to dedicate this work to my Parents, Lulu and Tarek. Thank you al1 for being there fiom the very start. 1 would like to take this opportunity to express my sincere appreciation to The Seagram Company Limited for opening their doors and ailowing me to use their facilities. A special thanks should go to Heather and Theresa for their devoted assistance. ABSTRACT Tracking Strategy in a Family Fh:The Case of The Seagram Company and The Bronfman Family Yehya Ismail Family fms represent the most prevalent form of business in both Canada and the United States. It is estimated that over 90 % of al1 business in North America are family- owned and operated. Due to their importance, several issues have been the subject of research including succession and conflict. However, little research has been conducted on corporate strategy ir; family firms. The objective of this thesis, is to examine the critical factors that shape the strategic decision in family firms. The Seagram Company Limited and the Bronmian Family are the focus of the present research. The case study approach was chosen because it allows for the gathering of rich, detailed data fiom a variety of sources to help explain areas of research which have been neglected. The discussion section reveals two critical issues that affect the strategic decision making in The Seagram Company Lirnited by the Bronfhan Farnily. Finally, based on the results, the present research seems to suggest a number of factors contributing to success and survival of family firms, we cm enhance the quality of decisions and improve the low survival rates. iii Table of Contents List of Figures and Appendices .................................................................. v Introduction .......................................................................................... 1 Literature Review Definition of Family firms ............................................................... 2.3 Problems in Farnily firms ................................................................. -4 Family involvement in the Business .................................................. -4-5 Succession ................................................................................. 5-6 Grooming the Offspring ................................................................. 6-7 The Concept of Strategy ................................................................. 7-9 Strategy Formulation .................................................................. -9- 1 1 Factors that affect Strategic Decision Making .................................... -12- 14 Strategic Decision Making in Family firms ...................................... -14- 15 Methodology ..................................................................................... 16-23 The Bronfman Family ....................................................................... -24-45 First Generation ........................................................................ 25-34 Second Generation ..................................................................... 34-40 Third Generation ...................................................................... -40-45 The Seagram Company Limited .......................................................... -46-61 First Generation ........................................................................ 46-53 Second Generation .................................................................... -54-5 7 Third Generation ...................................................................... -58-6 1 Discussion ....................................................................................... 62-74 Conc~usion...................................................................................... -74-78 References ...................................................................................... -79-89 Figures and Appendices ................................................................... -90-128 List of Figures and Appendices Figure 5.1 : Leadership Skills ...............................................-90-9 1 Figure 5.2. Long-term and Intuition ...................................... ..9 2.94 Figure 5.3: Innovative Behavior ............................................ -95-96 Figure 5.4: Acquisitions and Purchases .................................. -97-1 0 2 Figure 5 -5: Net Sale (1 929- 1996) ..............................................-1 03 Figure 5.6. Total Assets (1 929- 1996) .......................................... 104 Figure 5 -7: Diversification ................................................ .10 5- 106 Figure 5.8 : International Markets ............................................... 107 Figure 5.9. Role Mode1 ..................................................... 108-109 Figure 5.1 0: Grooming the Offspring ......................................11 0. 1 13 Figure 5.1 1 : Grooming the Offspring for decision making ............11 4. 1 15 Figure 5.12. ûther Family Members Involvement .....................-1 16- 1 1 8 Figure 5.13 : Key Bronfriian Players ......................................-1 19- 120 Figure 5.1 4 : Communication ..............................................-1 2 1 .122 Figure 5.1 5: Ownership .......................................................... 123 Figure 5.16 : Succession .................................................... .124. 1 36 Appendix 1:Orghtional Chart .............................................. 127 Appendix 2: Family Tree ........................................................ 128 INTRODUCTION Family business research has gained tremendous popularity and interest largely due to the importance and prevalence of family businesses (Dyer, 1986; Ward, 1987). Family hsrepresent the most prevaient form of businesses in both Canada and the U.S. (Alcorn, 1982; Danco, 1980; Ibrahim and Dumas, 1995). Using a broad definition of fdybusinesses, it is estimated that over 90 % of all businesses in North Arnerica are family owned and operated (Beckhard and Dyer, 1983). Family businesses employ 48 % of al1 the work force, generating 40 to 60 % of gross national product (Barnes and Hershon, 1976; Ward and Aronoff, 1990). Family businesses are usually thought of as being small businesses, though they represent over one-third of the Fortune 500 list of large companies (Lansberg, 1983). Apparently, farnily businesses exist in al1 business sectors, fiom manufactunng and retailing to construction and services. Due to the importance of family businesses, several issues have been the subject of research including succession and conflict. However, little research has been conducted on corporate strategy in family fïrms (Harris, Marthe2 and Ward, 1994). The objective of this thesis, is to examine the critical factors that shape the strategic decision in f~lyhs. By understanding the factors contnbuting to strategic decisions in family firms, we can enhance the quality of decisions and improve the low survival rate of these hs.According to Bucholz and Crane (1980), the average iife span of family ksis Iess than 25 years and only 30 % survive into the second generation, those that do, only halfmake it to the third generation. CHAPTER 1 LITERATURE REVIEW Definition of the term fdybusinesses has been a fundamental problem for business researchers in the field. Some researchers argue that a business is a fdybusiness when more than one member of the Myis âffected by business decisions. ûthers require that at least two members of the Myare active in the management/ownership of the business, while others argue fdymembers fiom different generations have to be active in the business in order for it to be called a fdybusiness. Due to a Iack of conceptual clarity, it is unlikely that a definition will be agreed upon in the near fùture (Litz, 1995). Accurding to Handler (1990), Mybusinesses is one that has fdyas a major shareholder and managed by at least one family member. Domelley (1964) considers a business as a Mybusiness when it has been closely identified with
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