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2007 Kellogg Family Business Conference Best Practices and New Ideas May 15–16, 2007 2007 Kellogg Family Business Conference Sponsored by Kellogg School of Management Northern Trust Corporation McDermott Will & Emery KELLOGG CENTER FOR FAMILY ENTERPRISES Professor Lloyd E. Shefsky Clinical Professor of Entrepreneurship The Center for Family Enterprises grew out of a request Founder and Co-Director, Center for Family Enterprises by a group of Kellogg M.B.A. students nine years ago [email protected] to start a club and attend a class focused on the unique aspects of owning, governing and/or managing family Professor John L. Ward businesses. The center deliberately concentrates on Clinical Professor of Family Enterprises family enterprises with a focus that includes family Co-Director, Center for Family Enterprises businesses, family foundations, family offices, family [email protected] investment companies and family wealth management. Carol Zsolnay Center Mission: Assistant Director Center for Family Enterprises • Provide thought leadership to the field of family [email protected] enterprise Dana Levit-Geraci • Contribute to the body of knowledge through cases, Center Assistant research and publications Center for Family Enterprises [email protected] • Serve student needs through courses, informal workshops, personal counsel and a resource library Center Website: www.kellogg.northwestern.edu/familyenterprises • Build a family business community among Kellogg students, faculty and alumni Phone: 847 467-7855 Fax: 847 491-5747 • Develop a global network of successful business Kellogg School of Management families who can learn from each other and connect Donald P. Jacobs Center with each other through Kellogg, Kellogg partner 2001 Sheridan Road executive programs and conferences Evanston, IL 60208 • Stimulate awareness and research by other Kellogg faculty on the special issues and opportunities for family firms Best Practices and New Ideas May 15–16, 2007 2007 Kellogg Family Business Conference You can carry on a family enterprise if you Estate planning is a topic that just can handle three things: greed, jealousy, doesn’t, at least initially, lend itself to and a sense of entitlement. This is very comfortable decision making. easy to talk about but very difficult to do. DICK LANG LESTER CROWN On the difficulties encountered when trying to help clients plan for the transfer of wealth between generations. On the challenges of maintaining a successful family enterprise across generations. In the past few years, I started to appre- All the difficult times we went through ciate that I have a part to play in forming together have enabled us to be stronger. the culture and the values of our business. I think the real heroes in our story are the ones who restarted the business the LIZ STEIN LAUF On being a member of the Invisible Organization within the family business. first time after the Revolution. PRISCIllA DE MOUSTIER On her family remaking their 300-year-old business numerous times dating from the French Revolution. Contents Welcome from the Center for Family Enterprises 5 Next Generation Making a Difference 93 MODERATor: Greetings from Northern Trust and 6 John L. Ward, Kellogg School of Management McDermott Will & Emery PANELISTS: Photo Array 8 Ramya Bharathram, Thirumalai Chemicals Company J.P. Rhea, Rhea Cattle Company Issues and Answers 13 FACILITATor: Next Generation Reflections from the Workplace 103 Lloyd E. Shefsky, Kellogg School of Management MODERATor: Dustin Marshall, Kellogg Student Family Enterprise Club Adventuresome Spirit 21 HosT: KEYNOTE SPEAKER: Barry Merkin, Kellogg School of Management Bertrand Piccard, M.D., Explorer, Pilot, Humanitarian PANELISTS: Long-Term Thinking 31 Andrea Paiz, La Fragua SPEAKER: Gregory Touret, Touret Family Investment Group John L. Ward, Kellogg School of Management Carrie Meek, Meek’s Lumber and Hardware The Invisible Organization 45 Kellogg Award for Special Contributions 121 MODERATor: to Family Business Carol Zsolnay, Kellogg School of Management PrESENTErs: Lloyd E. Shefsky, Kellogg School of Management PANELISTS: John L. Ward, Kellogg School of Management Liz Steinlauf, Edmunds.com, Inc. Marilyn Ofer, Ofer Group RECIPIENT: Jamie Crane, Crane Group Co. The Wendel Family SPEAKER: Wealth Transfer Planning 63 Priscilla de Moustier, WENDEL Investissement MODERATor: John L. Ward, Kellogg School of Management Participating Family Companies 136 PANELISTS: R. Hugh Magill, The Northern Trust Company Kellogg Student Conference Volunteers 139 Richard Lang, McDermott Will & Emery LLP Appreciation 140 Enterprising Families 77 MODERATor: Lloyd E. Shefsky, Kellogg School of Management PANELISTS: Robert Abt, Abt Electronics, Inc. Lester Crown, Henry Crown and Company Larry Levy, Levy Restaurants, The Levy Organization Jeffery Vincent, Laird Norton Company, LLC Welcome We are pleased to invite you to take a look at the 2007 We would like to thank our corporate co-sponsors, Northern edition of the Kellogg Family Business Invitational Trust Corporation and McDermott Will & Emery, for their Conference Proceedings Book. generous support of the conference and publication. We The conference focuses on different topics of interest are very grateful for their assistance and collaboration. to the wide range of constituents who make up a family This publication is dedicated to the many models of enterprise. It is our hope that this volume serves as a family enterprise, and the roles within each, that lead the resource when you consider the following subjects: way for industry and business worldwide. Long-term focus in a family business Lloyd E. Shefsky Keeping one’s family business enterprising through Co-Director the decades Center for Family Enterprises Kellogg School of Management Recognizing the positive business impact of family members not working in the business John L. Ward Co-Director Awareness of the human aspects of wealth transfer Center for Family Enterprises Kellogg School of Management How up-and-coming family business leaders view their opportunities Carol Zsolnay Assistant Director Leadership, philanthropy and global awareness of the Center for Family Enterprises next generation Kellogg School of Management Making adventure an aspect of the enterprise in every generation 2 0 0 7 K E L L O G G FA M I LY B U S INE ss co N F E R EN C E 5 6 2 0 0 7 K E L L O G G FA M I LY B U S INE ss co N F E R EN C E 2 0 0 7 K E L L O G G FA M I LY B U S INE ss co N F E R EN C E 7 8 2 0 0 7 K E L L O G G FA M I LY B U S INE ss co N F E R EN C E 2 0 0 7 K E L L O G G FA M I LY B U S INE ss co N F E R EN C E 9 10 2 0 0 7 K E L L O G G FA M I LY B U S INE ss co N F E R EN C E 2 0 0 7 K E L L O G G FA M I LY B U S INE ss co N F E R EN C E 11 Issues and Answers The Sixth Annual Family Business Invitational Conference welcomes family business members from around the country and around the world. In this opening session, participants are asked a series of questions such as their role within the family enterprise, and their feelings on important issues like growing their business and family wealth. The questions and responses lay out the broader themes to be covered during the conference. FACILITATOR: Lloyd E. Shefsky Founder and Co-Director Center for Family Enterprises Clinical Professor Kellogg School of Management 2 0 0 7 K E L L O G G FA M I LY B U S INE ss co N F E R EN C E 13 IssUes and Answers LLOYD E. SHEFSKY: (Some of the following questions include comparative responses from the 2007 Family Business Conference held at the IESE business school of the University of Navarra in Barcelona, Spain, which was held in June of 2007. Many of the issues presented to the Spanish family business people are similar to the ones addressed at the Kellogg Family Business Conference. While the Kellogg conference is international in make-up, it does have a dominant American influence mak- ing the comparison to the Spanish conference all the more interesting. Unless noted, all of the other responses are from the Kellogg conference.) Audience Poll Welcome to our sixth rendition of the Kellogg Family Due to rounding, responses do not always equal 100% Business Invitational Conference. Some of you have been here all six years, while some of you are new to our confer- ence. We know all of you will find much that is worth- Who is here? while presented by our panelists over the next two days. Percent Answer Kellogg IESE Thank You to Our Co-Sponsors 22% 53% Senior generation in the business We have been very fortunate to partner with two wonder- 8% 16% Senior generation not in the business ful co-sponsors, Northern Trust and McDermott Will & 42% 12% Next generation in the business Emery. They have worked very hard alongside us in pre- 15% 9% Next generation not in the business paring this conference for you. We’re also fortunate to 13% 9% Non-family advisors, directors, family have terrific speakers and knowledgeable panelists who office managers will share their expertise with us. Who Is Here? When did your family business start? There are registrants from 16 countries and 23 states who Percent Answer come here to share best practices and new ideas. You have 4% Since 1990 told us that you learn as much from each other as you 44% 1945–1989 learn from us, and we don’t take that as an insult.
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