Family Business Internationalization: Challenges

1
Family Business Internationalization Challenges
Opportunities
Jill Thomas University of Adelaide
2
Overview

• What is a family business?
• The family business as a system
• Internationalization
• Strategies resources
• Structures practices for growth

3
Modules

• Module 1
• The family business Unique or not?
• Module 2
• The family business as an integrated system

4
Modules

• Module 3
• Internationalization Strategies and resources
• Module 4
• Structures practices for growth through
  internationalization

5
Case Study

• Tavazo Co.
• 3rd generation family business with origins in
  Iran
• Has undergone internationalization

6
Module 1

• The Family Business Unique or Not?

7
Module Objectives

• To explore what constitutes a family business
  if it differs from a non-family business
• To appreciate the nature of family business its
  potential contribution to world economies through
  internationalization

8
What is a Family Business?
9
Family Business Towards a Definition

• A family business is a synthesis of
• Ownership control by two or more members of a
  family or a partnership of families
• Family members exerting strategic influence on
  the management of the firm
• Family relationships inside the firm
• Succession within the family

10
Family Business A Working Definition

• A family business is one where
• A family controlled dominant coalition has shaped
  the vision that is being pursued
• The intention or behavior is potentially
  sustainable across generations
• (Chua et al., 1999)

11
Internationalization

• No universally agreed upon definition
• Process of increasing involvement in
  international markets (Susan, 2007)
• A dynamic process explained by continuous
  interaction of state change variables
  (Johanson Vahlne, 2009)

12
Evolving Academy

• Long history of family businesses existing
  (including archaeological evidence)!
• Academic fields of entrepreneurship family
  business, however, are relatively new

13
Family Business World Economies (Poza, 2010)

• Constitute 80-90 of businesses in the worlds
  developed economies
• Generate 64 of US GDP (more than 75 in other
  countries)
• Employ 80 of US workforce (more than 85 of
  working population globally)

14
Family Business Examples
15
FBs Slow to Internationalize
16
Family vs. Non-Family Firm Performance

• Evidence suggests a wide variation in performance
  of family businesses cf non-family businesses
• Conflicting results due to variations in how
  family business is defined, location, industry
  etc.
• Makes comparison with non-family businesses
  difficult

17
Family vs. Non-Family Firm Performance Contd

• Founder-led (1st generation) firms found to have
  superior performance than both later generation
  non-family firms
• Impact of later generation (2nd subsequent)
  management on performance is dependent on the era
  geographic context

18
Succession

• Approx. 85 of entrepreneurial family owned
  businesses disappear in their first 5 years of
  operation
• Among those that survive, only 30 are
  successfully transitioned to a 2nd generation
• Only 12 survive to a 3rd generation

19
Succession Internationalization

• Born again global used to describe a push by
  2nd later generations to internationalize their
  family businesses as a means of renewal (Kontinen
  Ojala, 2010)

20
How Are Non-Family Businesses Different?

• Family and non-family firms differ on
• Strategic Organizational Dimensions
• Family Influence on the Firm

21
Strategic Organizational Dimensions

• Different ownership structure
• Overlap of family, ownership management
• Competitive advantage derived from interaction of
  family, management ownership

22
Family Influence

• Most important difference
• Necessary to understand how the concerns of
  family members affect business decisions
• Also need to understand how those decisions
  affect firm performance

23
Strengths of Family Business

• Stable culture values
• Balance tradition with innovation
• Knowledge sharing
• Flexibility
• Practice long term thinking planning
• Instill a stewardship approach

24
Challenges of Family Business

• Resistance to change
• Managing transitions succession
• Raising capital
• Emotional issues
• Leadership

25
Family Influence on Internationalization

• Mixed evidence (Arregle et al., 2012 Calabro et
  al., 2012)
• Some scholars find a positive impact of family
  ownership on internationalization
• Others argue that family-related factors have a
  negative impact
• Finally, some scholars find no difference between
  internationalization practices of family vs.
  non-family businesses

26
Scholarly Findings (Kontinen Ojala, 2010)

• FB owner-managers maximize revenue from certain
  foreign markets rather than pursue several
  markets at once
• Networking has a positive impact on the amount of
  internationalization knowledge among family
  members

27
Scholarly Findings Contd (Kontinen Ojala, 2010)

• Three key determinants of family business
  internationalization
• Level of commitment of family owners
• Financial resources available
• Ability to commit financial resources to develop
  the required capabilities (including recruitment
  of non-family managers to round out skill set
  related to internationalization)

28
Scholarly Findings Contd (Kontinen Ojala, 2010)

• International joint ventures between family
  businesses are more likely to succeed than those
  between a family business a non-family business
• Explained by shared values (even across cultures)
  which include trust, loyalty and preservation of
  the family

29
Reflection Discussion

• Reflect on the strengths challenges of family
  businesses identified in this module and how
  applicable they are in your personal experience
• Compare contrast to those present in the Case
  Study (Tavazo Co)

30
Reflection Discussion Contd

• Reflect on the internationalization strategy
  outlined in the Tavazo Co Case Study
• Which strengths of the firm will be beneficial to
  internationalization?
• What challenges may be problematic?

31
Module 2

• The Family Business As An Integrated System

32
Module Objectives

• To appreciate the contributions of overlapping
  systems of family, ownership the business
• To appreciate the range of relationships which
  will be present in the family business how
  these can be satisfactorily balanced and managed
  to facilitate growth, innovation sustainability

33
Module Objectives Contd

• To identify the developmental stages of the
  family, the business the ownership of the
  business
• To discuss the implications of these stages for
  expansion growth

34
Systems Theory

• The family business is a dynamic system of
  varying interactions between family, management
  ownership subsystems
• Individual perspectives of family the business
  may differ
• MAY lead to an overemphasis on one sub-system at
  the expense of the others

35
Systems Theory Model
36
Three Circle Models Range of Stakeholders(Gersic
k et al., 1997)

1. A family member who is not working in the
   business and has no ownership stake (may include
   children in-laws)
2. An owner/shareholder who does not work in the
   business and is not a family member

37
Range of Stakeholders Contd

1. An employee, not a member of the family
2. An owner, not an employee but a member of the
   founding family
3. An owner working in the business but not a member
   of the family

38
Range of Stakeholders Contd

1. A family member working in the business, a member
   of the family but without any ownership
2. A family member, working in the business with
   some ownership

39
Blurred System Boundaries

• Boundaries among family, ownership management
  systems may become blurred
• May result in diminished problem solving ability
• Difficult to determine if decisions relate to
  family, ownership or management issues
• Where are our priorities?

40
A Balancing Act(Carlock Ward, 2001)

• Overemphasis on the business erodes
• Family communications
• Family values
• Family time
• Family loyalty
• Family personal identification

• Overemphasis on the family erodes
• Business communications
• Business relations
• Business performance
• Business decisions
• Business strategy

41
Implications

• Too family oriented
• IF family owners/managers dont delegate the
  management of relationships with international
  partners to nonfamily managers, they may suffer
  burnout
• Too business oriented
• IF alliances are formed purely for monetary gain,
  the values culture of the family may not be
  aligned with international partners

42
Reflection Discussion

• What are some of the indicators in the Tavazo Co
  case that help you appreciate the value of
  considering the family business to operate as a
  system?

43
Reflection Discussion Contd

• How balanced do you consider Tavazo Co to be in
  its current (3rd) generation of management?
• Is it more business oriented? Family oriented?
• Is some change of the organization necessary if
  future growth and increased internationalization
  are to be achieved?

44
Not Homogenous

• Family business is not a homogenous sector
• Operate across all industries include different
  levels of family ownership involvement

45
Three Dimensional Developmental Model (Gersick et
al., 1997)

• Model used as a framework to explore challenges
  opportunities for family businesses at different
  stages of development
• Modeled over three axes
• Ownership
• Family
• Business

46
Three Dimensional Developmental Model (Gersick et
al., 1997)
47
Ownership Dimension

• Family business ownership over time will
  generally move from
• Owner/founders as controlling owners
• Sibling partnerships

Cousin consortiums
48
Challenges to Ownership Subsystem Controlling
Owner

• Capital from savings and sweat equity
• Can access funds unencumbered funds from family
  but often emotional strings attached
• Handling consequences of ownership concentration
• Need input from others as business grows
• Clarity of direction but beware of dependency on
  single owner

49
Challenges to Ownership Subsystem Sibling
Partnership

• Need to develop process for sharing control with
  each other
• Need to define role of unemployed owners
• Need to determine a process of retaining capital
• Need to control potential factions in family
  branches

50
Challenges to Ownership Subsystem Cousin
Consortium

• Managing growth complexity of shareholder group
  of 3rd generation on
• Cousin relationships may be less intense
• Greater spread of interests developmental
  stages
• May be concentration of siblings from one branch
  of family
• Need to distinguish management ownership roles
• Important to articulate options for withdrawal

51
Investments in Ownership Subsystem

• Essential to preserve propensity to manage with a
  long-term horizon
• Means investing in
• Appropriate ownership control structure
• Education, information engagement of
  stakeholders
• Systems processes governing the ownership-firm
  interaction (see Module 4)

52
Non-financial Motives

• Socio-emotional wealth (SEW)
• Family businesses motivated by more than
  financial return wish to build their
  socio-emotional wealth achieved through those
  firms
• Socio-emotional wealth being those non-financial
  aspects of the firm that meet the familys
  affective/emotional needs, such as identity, the
  ability to exercise family influence, and the
  perpetuation of the family dynasty (Berrone, Cruz
  Gomez-Meja, 2012)
• Internationalization SEW
• Owners might therefore pursue internationalization
  to enhance SEW

53
Importance of SEW for Internationalization

• Gomez-Meja et al. (2007)
• To avoid losing their SEW, family businesses may
  be risk willing and risk averse simultaneously
• Internationalization strategy
• Family businesses may be willing to give up some
  control to preserve or enhance SEW by enabling
  next generation

54
Reflection Discussion

• In your view, to what extent will the current
  sibling partnership help or hinder growth in
  Tavazo Co?
• What options can you suggest if one brother does
  not support growth while the others do?

55
Business Dimension

• Three key components
• Start-up
• Expansion/Formalization
• Maturity

56
Business Dimension Challenges

• Start-up
• Survival
• Rational analysis vs. dream
• Expansion/Formalization
• Evolving owner/manager role
• Professionalizing the business
• Integrating non-family managers

57
Business Dimension Challenges Contd

• Expansion/Formalization contd
• Strategic planning (especially for
  internationalization)
• Managing cash flow
• Maturity
• Strategic re-focus as required
• Management ownership commitment
• Re-investment

58
Family Circumstances

• Young business family often too busy building
  the business to worry about internationalization
• Examples
• Fords 2nd generation (Edsel Ford) was the
  catalyst for international expansion
• Puigs 2nd generation acted to internationalize

59
Family Dimension

• Young Business Family
• Entering the Business
• Working Together
• Passing the Baton

60
Family Dimension Challenges

• Young Business Family
• Creating a workable marriage
• Delineating relationships between work family
• Raising children
• Entering the Business
• Individuation of young children
• Decision about early career opportunities

61
Family Dimension Challenges

• Working Together
• Fostering communication co-operation
• Establishing processes for dealing with conflict
• Managing up to 3 generations working together
• Passing the Baton
• Letting go establishing smooth transfer

62

• Lets consider the implications of this
  complexity of the family business for its
  prospects for internationalization

63
Traditional IB Stage Theory (Uppsala Model)

• Firms enter foreign markets successively as they
  become older larger
• Firms gradually increase their commitment to
  foreign markets
• Firms enter proximate countries first
• Emphasize learning through experience

64
IB Stage Theory (Uppsala Model) Contd

• This traditional theory has recently challenged
  born globals (i.e. firms which have a global
  focus from the beginning)
• FBs often follow the basics of the Uppsala Model
  domestically then slowly evolve to do business
  internationally
• FBs likely to do business in countries that are
  geographically /or culturally similar

65
Early Effective Internationalization
Environmental Factors Firm-Level Factors Mgt-Level Factors
Transportation communication advances Innovativeness International experience and/or orientation
Openness of economies Partnerships Commitment to internationalisation
Size growth of market (domestic, foreign) Learning capacity Few perceived barriers to internationalisation
Competition (domestic, foreign) External ownership
Sector
66
Things To Consider

• In some cases, imperative exists to
  internationalize immediately, as domestic markets
  are too small to be viable (eg. High tech sectors
  in AUS CAN)
• Born globals can avoid developing a domestic
  mindset, which can lead to inertia

67
Internationalization Ownership Structures

• Different ownership structures possible
• Levis Strauss
• Owned by descendants of Strauss but no family
  members are employed
• Puig
• Ownership is at the cousin consortium stage
  with family closely involved in management

68
Shared Ownership

• Can be a plus
• Family SMEs who share ownership with some
  corporate entities who have a block of shares are
  more likely to compete internationally as they
  draw on that corporate for resources utilize
  some professionalized structures which help to
  minimize conflicts of interest within the family
  firm (Zahra et al., 2005)

69
Reflection Discussion

• Identify where Tavazo Co is along the three axes
  of the Gersick et al. Three Dimension
  Developmental model
• Discuss the particular challenges for growth
  internationalization they now have as a family
  owned (sibling partnership) managed business

70
Module 3

• Internationalization Strategies Resources

71
Module Objectives

• To consider the implications of a growth (or no
  growth) strategy of the family business
• To understand basic principles of the strategic
  planning process in the family business context
  if internationalization is pursued
• To understand the case for against
  internationalization

72
To Grow Or Not To Grow?

• What influences growth strategies in a family
  business (local, national /or international)?
• Family values
• Degree of control
• Exit strategy

73
Reasons for Growth Avoidance

• Maintain family control of the business
• Perception that family control will be lost past
  a certain point of growth

74
Growing Pains

• Not enough hours in the day
• Spend too much time putting out fires
• Confusion over who is responsible for what
• Lack of clarity of where the business is headed

75
Growing Pains Contd

• Too few good managers, lack of trust delegation
  of authority
• Strategic plans are made but soon gather dust
• The business may have experienced growth in sales
  but not in profits

76
Why Internationalize?

• Potential benefits of internationalization are
  well documenting, including
• Exploitation of owner-specific advantages
• Efficiencies derived from integrating operations
• Ability to take advantage of host countries
  sources of competitive advantages (eg. labor
  costs)
• Utilization of networks developed

77
Power of Networking

• networking has been crucial, I mean, John is
  the sole distributor for us in Sweden. He was
  introduced to us by a family-owned company in
  Australia. We looked after John, and he told all
  his mates all the way around Europe about how
  good our company was. Its been 10 years since
  meeting John at the international trade fair, and
  hes responsible for 40 of this companys
  exports. Crucial.
• Quote from an Australian plastics manufacturer
• (Graves Thomas, 2007)

78
The Case Against

• Families usually wish to retain control fear
  losing it
• Important to evaluate culture of potential
  partners to ensure both sides can work together
• Overlap of family management governance is a
  double edged sword
• Provides flexibility but can block progress if no
  formal systems are in place

79
Pros Cons of FB Internationalization (Graves,
2008)

• Financial Outcomes

• Non-Financial Outcomes

• Financial performance
• Sales asset growth
• Survival
• Risk management
• Increased value of firm
• Strain on financial resources
• Effect on domestic market share
• Losses from competitor imitation

• Overall competitiveness
• Global perspective
• Knowledge/experience
• Managerial capabilities
• Production capabilities
• Brand image/reputation
• Enjoyment/satisfaction
• Strain on family/management
• Conflict

80
Competitive Environment

• As families grow as the business is expected to
  cater to more owners, there is often a
  re-evaluation of the focus of the family business
• New markets will be contemplated just as
  families evolve, so the business cannot
  remain static

81
Competitive Environment Contd

• New methods, new expertise may be required
• Strategic planning is required
  internationalization is one avenue to achieve
  renewal

82
Strategic Planning

• Requires
• A new level of communication among family members
• Ample financial market information
• Building on the different perspectives
  predictable disagreements across generations

83
Key Questions for Strategic Planning

• What business(es) are we in?
• Are we equipped to do this effectively?
• Does this need to change?
• What will our goals be?
• How will we achieve these?
• What resources do we need to achieve our new
  goal(s)?

84
Specific Issues To Consider

• Production capacity
• Do we have the capacity to grow the business?
• Do we have the right products at the right price
  for the international marketplace?

85
Specific Issues To Consider Contd

• What organizational capabilities need
  development?
• International business networks the role of
  family members
• Managerial capabilities to manage growth
• Marketing capabilities
• Outside expertise
• Delegating authority

86
Disciplined Execution

• Strategy in the family business context is guided
  by
• The owners vision for the future
• Legacy derived from the firms competencies
• Both insulate the process from chaos and loss of
  control

87
Disciplined Execution Contd

• Wide consultation is a plus
• Craft a strategy from accumulated wisdom of the
  current generation, the dreams aspirations of
  the next generation
• Loyalty to ones customers leads to innovation
  growth for the business across generations
• Planning change takes time resources

88
Reflection Discussion

• In your view, to what extent have strategically
  focused questions been addressed in the case of
  Tavazo Co as they consider future international
  expansion?

89
Module 4

• Structures Practices For Growth Through
  Internationalization

90
Module Objectives

• To explore the resources necessary to effect an
  internationalization strategy
• To consider why ownership structures that work
  well in one generation often prove ineffective in
  later generations
• To consider what governance structures will be
  important if a family business is to pursue an
  internationalization strategy

91
Owner-Firm Relationship

• The interaction between ownership, family
  management can be a source of competitive
  advantage
• It can however ALSO be the biggest challenge
  faced by family firms, hence the need for
  effective governance of the shareholder-firm
  relationship

92
Owner-Firm Relationship Contd

• To effectively pursue an internationalization
  strategy, owners must ensure that
• They harness appropriate resources
• They establish relevant structures practices
  for governance

93
Structures Plans (Gersick et al., 1997)
Ownership
Plans Succession plan Contingency plan
Structure Shareholders Meetings
Plans Estate plans
Constitution Shareholders Agreement
Business
Family
Structure Family Council/Forum Plan Family Plan
Structure Board of Directors
Management Team Plans Strategic Plan
Business Plan
94
Family Business Governance

• At a minimum, FBs will benefit from looking at
  options to encourage discussion amongst family
  members on desired directions for the business
• More developed family governance might include
  the formation of a family forum/council
• Also options to formalize discussion at the
  business level (i.e. a board of directors
  formalization of the management team)

95
Formalize Board

• FB firms need to recognize inherent trade-offs
  associated with maintaining greater family
  control vs. successful implementation of
  internationalization strategy (Singla et al.,
  2014)
• If FB is pursing internationalization, partners
  will look to governance practices

96
Management Team

• Guidelines for membership in the management team
  and individuals roles should be clear
• Particularly important if there is a non-family
  manager responsible for international operations

97
Formalization of Policy

• FB employment policy needs to guide employment of
  family members
• Do you want family members to gain experience
  elsewhere before joining the family business?
• What are the expectations for tertiary education?
• Performance of employed family members should be
  reviewed in the same way as that of non-family
  employees

98
Managing Family Expectations

• Have you had a dialogue to clarify the familys
  commitment to family business continuity?
• Some family members will wish to become
  employees, others may do their own thing but wish
  to be involved as be responsible shareholders
• At family gatherings, are conversations about
  both family business acceptable, or should they
  be separated?

99
Reflection Discussion

• To what extent do you believe that Tavazo Co is
  professionalized?
• What needs attention/development if they wish to
  internationalize further?
• What governance structures will be
  useful/necessary if Tavazo Co is to expand
  further?

100
Theoretical Lens Resource-Based View (RBV)

• RBV highlights the unique capabilities or
  resources that family firms convert into a
  competitive advantage through resources being
  VRIN
• Valuable
• Rare
• Imperfectly imitable
• Non-substitutable

101
RBV Internationalization

• RBV suggests that firm-level factors (i.e. human
  social capital, organizational size) form a
  competitive advantage, which drives a firm to
  consider internationalizing entering foreign
  markets
• Is your FB ready to internationalize?
• How will you select the international market you
  wish to participate in?

102
RBV Enablers of Internationalization (Oviatt
McDougall, 1994 Knight Cavusgil, 2004)

• Obvious enablers of effective internationalization
  include
• Family managers experience (both locally
  internationally)
• Networks formed by the family
• If family members do not have the expertise to
  internationalize, are they willing to recruit
  outside the family?

103
Uniqueness of Resources Attributes (Sirmon
Hitt, 2003, p. 345)
Focal Family Firms Focal Family Firms
Resource Definition Positive Negative Nonfamily Firms
Human Capital Acquired knowledge, skills capabilities of a person Extraordinary commitment warm, friendly, intimate relationships potential for deep firm-specific tacit knowledge Difficult to attract retain highly qualified managers path dependencies Not characterized by the positives, but have fewer limitations
Social Capital Resources embedded in network, accessed through relationships Components embedded in family legitimacy with constituencies enhanced development of human capital Limited number of networks accessed often excluded from elite networks (i.e. Fortune 500 CEOs) Networks can be more diverse maybe opportunistic in accessing and leveraging sometimes used for managers benefit agency costs
Patient Financial Capital Invested financial capital without threat of liquidation Generational outlook not accountable to strict short-term results effective management of capital allows pursuit of creative innovative strategies Nonfamily investors excluded limited to availability of familys financial capital Largely do not have the benefits or limitations
Survivability Capital Pooled personal resources family members loan, contribute share with business Helps sustain the business during poor economic times or redevelopment of the business safety net Not all family firms have it Do not enjoy due to lack of commitment by employees stakeholders
Governance Structure Costs Costs associated with control of the firm examples include incentives, monitoring controls Family owned operated firms structures, trust, family bonds reduce governance costs Some family firms may not have an effective structure, trust strong family bonds, thereby producing greater governance costs Professional management capital diversification often increase governance costs
104
Reflection Discussion

• Using the table on the previous slide, other
  aspects of the previous modules, identify the
  current strengths of Tavazo Cos resources that
  will be useful to effect an internationalization
  strategy
• Think about human, social, financial factors

105
Reflection Discussion Contd

• To what extent do you consider the family talent
  needs to be augmented with non-family management
  if further international growth is to be
  successful?
• How does the Tavazo brothers view that at least
  one brother needs to be geographically located in
  the international markets they target affect
  their ability to further internationalize?

106
Reflection Discussion Contd

• How might the human social capital of Tavazo Co
  be affected if growth internationally is
  dependent on recruitment of non-family management?

107
References

• Amit, R. and Villalonga, B. (2014). Financial
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108
References Contd

• Claver, E., Rienda, L., Quer, D. 2009. Family
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109
References Contd

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