RECAP: 2018 FOX Fall Enterprise Forum

Presenter: Chris Stillwell, Chairman, Stillwell Family Enterprise  Marianne Stillwell, Chairman, Stillwell Motor Group   Session Description:  Embracing an enterprise view, the Stillwell Family of Australia has guided their family enterprise through generational shifts spanning 67 years. With intention and thoughtful planning across the enterprise, the family has defined the purpose for their wealth, embraced educating the next generation, planned for the retirement of the current generation, outlined a clear succession plan, and developed a shared vision for the future. The Stillwells discussed taking an enterprise approach and how it has laid the groundwork for a highly-functioning family.

Key Takeaways: 

1. The Stillwell family started in business in the early 1900s in Australia, led by “Bertie”, a G1 entrepreneur in wholesale food products and commercial real estate. G2, Bib, grew the Stillwell car business in the 1950s, expanding into trucks, aviation and manufacturing in Australia and the U.S. Transition to G3 started with a decision: move forward together or separately. The five siblings decided to continue together – “for the family to survive the business needed to survive; for the business to survive we needed to work together as a single unit.” 
2. Current business includes car dealerships in the U.S. and Australia and extensive real estate holdings. The focus was to grow the size and scale to support six family groups. They operated as a family owned and managed business for 12 years and the past seven have been led by non-family professional management. The Stillwell’s have a formal board in place, with family members and an independent board member to oversee the family enterprise. 
3. As they grew, the Stillwell Family moved to a more integrated family enterprise approach. With a family forum, informed by a family constitution and committees, led by more organic than legal leadership. The family forum defines purpose, value, unity, direction for the family and brings together the wider family in annual family retreats for learning, leadership, and fun. It is the “extra glue” that keeps the wider family operating as an integrated single group. It enables the next generation to emerge in key leadership roles – everyone is “equal family” in the Family Forum, including spouses and partners. The family values diversity. 
4. The Stillwells utilized Family Office Exchange tools and templates to help create agreement, but the real value came in the process and discussions that brought these materials to life. They have formed a Next Gen Committee that meets as a group in their own forum. This forum builds early communication, meeting skills and the cousin generation creates their own policy, has an investment company and serves as directors, monitoring returns. They also engage in philanthropic projects and fun! One member of the cousins’ generation (G4) is nominated to serve on the Family Board. 
5. The legal structure starts at the G3 level with a shareholders group and business boards. The board works with executives on strategy and implementation, but “the buck stops here” with this board. It also oversees wealth creation and distribution. Overall, the Stillwells found it important to have a good governance structure, a unified sense of purpose, values and vision, actively engage the next generation, have transparency and feedback, and be more accepting and less judging. 
    

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