Cyber risk has moved from the IT department to a full-fledged enterprise risk. Unfortunately, a cyberattack can hit a company at any time. There are, however, practical, actionable steps to ensure that when a cyberattack hits, your company and board will be both ready to address the threat and resilient enough to recover from it. Leveraging a flexible and uncluttered framework of readiness, resilience, resources, reporting and results—what we call “The 5 Rs”—is key.
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Having an entrepreneurial culture can help nurture a family legacy by providing pathways for family members to invest in new enterprises and regularly recharge the wealth for future generations. Although it may be challenging to re-energize a family, a dynamic culture of growth can flourish within a thriving entrepreneurial ecosystem. A family interested in being a family of legacy should examine their current culture to determine if they have what it takes to be an entrepreneurial family.
The world has gone through seismic change since the current generation of family business leaders first joined their family firms. Today’s next gens are educated, ambitious, globally minded and socially engaged. Given that they may pursue different paths in the future—whether as stewards, transformers, intrapreneurs or entrepreneurs—to follow their passion and make their mark in the world, the current generation must prepare, equip and support the next gen to be successful.
Increasingly, companies of all stripes are being stressed to manage their reputations in a world that is always on, more social, and more contentious than ever. The problems faced can be even more challenging for family-owned businesses. Family members and businesses are increasingly asked to take stands on social concerns and political issues by the media, community leaders, and employees. Meanwhile, family members’ personal preferences and actions are exposed on the worldwide stage for public scrutiny, placing family reputations on the line.
Learn how non-family business executives can lead discussions on succession and why you may want to facilitate this process. In this session, Charlie and Jonathan will share data and case studies from successful (and unsuccessful) successions at leading family enterprises and engage in a group discussion to help answer the following questions:
In Skin in the Game, a proposed TV show with a format similar to Shark Tank, the audience effectively runs the game, deciding which businesses get funded. Audience members also have the option to invest their own capital in the Skin in the Game fund. More than fun and games, it was designed with projections for job creation and economic development in mind, and the success of these crowd-funded deals will be published and discussed on each show.
Successful business-owning families know that a set of timely decisions is required to continually prepare and grow the family-operating companies. For the long-term success of the family, timely and thoughtful exploration of future planning for self and family is also required, but often overlooked. This session presents ideas and best practices for strategically planning for the lasting success of individuals, family, and business, while recognizing the complex intertwining of the three.You can view each part of the seminar below:
Family businesses transitioning from the owner-manager stage to a larger and more diverse family ownership group often lack the practices necessary to assure owner alignment and avoid conflict. Many times, owner groups are perched on the lip of what we call the “conflict spiral,” ready to descend into fractured communication and hostile relationships. Our presenters have found that the “four-room model” provides a clear and practical perspective on how governance and decision-making can evolve in successful family enterprises.
FOX’s 2017 study on The Shifting Talent Paradigm: How Advisors Are Redesigning Their Talent Strategy can serve as a great resource for those seeking insights on what is changing the advisor labor market and how they can shape the best talent strategy for their firm. This report is organized into four sections:
For American companies who do business in Europe or who process the personal data of EU residents, the world of data privacy and security is about to get much more complicated. While U.S. privacy law is unsettled, with rapidly proliferating state and federal laws and regulations and uncertainty as to how strictly they will be enforced, the rules in the European Union are tough and about to get much tougher.