{"id":11054,"date":"2017-12-05T16:34:57","date_gmt":"2017-12-05T16:34:57","guid":{"rendered":"http:\/\/hnews.hult.edu\/?p=11054"},"modified":"2026-05-08T17:48:55","modified_gmt":"2026-05-08T16:48:55","slug":"family-businesses-navigating-a-whole-new-world","status":"publish","type":"post","link":"https:\/\/www.hult.edu\/blog\/family-businesses-navigating-a-whole-new-world\/","title":{"rendered":"Family businesses navigating a whole new world"},"content":{"rendered":"

With family businesses, there comes a time when the spotlight shines on the youngest generation. Have they proven themselves? Are they ready to carry on the name and vision? Do they even want <\/em>to stay in the family business?<\/p>\n

We take a look at 5 global family companies \u2014two of whom have Hult student ties\u2014 and the unique challenges facing each.<\/p>\n

Should I Stay or Should I Go?<\/strong><\/h2>\n

Hult MBA<\/a> student Heloise Thomson has a double dilemma. She has the option of working in a research analysis company her mother founded two decades ago or the U.K. media conglomerate run by her father\u2019s side of the family since 1906.<\/p>\n

\u201cOne business is really old and slow-moving and needs fresh thought. The other business is trying to find its way by building out the middle [management] of the company. Both have challenges,\u201d 28-year old Thomson says.<\/p>\n

\n

\u201cOnce you\u2019re in, you\u2019re in. My father got the call at age 27 from his grandfather and has never left the company, but I\u2019m very much on my own personal adventure.\u201d \u00a0<\/strong><\/h3>\n
Heloise Thomson, Hult MBA student <\/strong><\/h5>\n<\/blockquote>\n

She is currently enrolled in Hult\u2019s Global One-Year MBA<\/a> program and applied because of its family business specialty courses. \u00a0Before entering business school, she had worked six years at her mother\u2019s company, Enders Analysis, which provides research in the technology, media and telecoms space. She also did a stint at her father\u2019s company, DC Thomson, which owns several U.K publications (Sunday Post, the Courier, Aberdeen Press & Journal) and the children\u2019s entertainment brand, Beano Studios.<\/p>\n

\u201cI really need to get more training. I\u2019m stuck in growth in terms of the hard skills like economy and finance,\u201d she says, adding that her Hult experience on the San Francisco campus<\/a> has emboldened her to carve her own path.\u00a0 \u00a0\u201cI\u2019m very much on my own personal adventure. I\u2019m thinking of not coming back to the U.K. I have a lot of passions like media and technology. I want to stay in the U.S. I\u2019m going to take that risk and not work for the family businesses now. I feel much braver than I did when I was younger.\u201d<\/p>\n

\"Ender<\/p>\n

2009 Hult MBA graduate Yukiko Teshima is now President and CEO of Teshima International , a medical equipment company her father started half a century ago. 45-year old Teshima did not have an easy path in the company and even considered quitting because of her father\u2019s reluctance to accept advice.<\/p>\n

\u201cMy father is so stubborn.\u00a0 No one ever challenged him. I was the first to challenge him. In 2002, I fought for six months just to convince him to get a computer for the company,\u201d recalls Teshima. \u201cI suggested doing trade shows to acquire new customers and take market share. He was resistant.\u201d<\/p>\n

Her mother brokered disagreements between father and daughter. Finally, the younger Teshima focused on her goal. \u201cMy mission was to make this company bigger and better and not to quit,\u201d says 45-year old Teshima.\u00a0 \u201cJapanese corporate owners generally don\u2019t have decision \u2013making skills. That\u2019s a concept I learned from Hult. \u00a0So I created my own position of President and took charge.\u201d<\/p>\n

After tremendous effort, Teshima says she and her father now have a good relationship. He has stepped back from day-to-day operations and has accepted his daughter\u2019s business decisions to help modernize the family company.<\/p>\n

\n

\u201cWhen you talk about family businesses, it\u2019s always about blood. I want to give up my blood relationship to start a new \u2018family.\u2019 I want to bring my employees the values of family business.\u201d<\/h3>\n

Lari Raitavuo of Ensto Group on leaving to start his own ventures.<\/h5>\n<\/blockquote>\n

The story is equally complex for one prominent family business in Finland. Ensto is a third generation family company that specializes in smart electrical solutions.\u00a0 The founder\u2019s grandson, 24-year old Lari Raitavuo, recently decided to break away from the company in order to start his own venture.\u00a0 He says part of his decision was rooted in frustration that his voice was drowned out by the older generation.\u00a0 The other factor was his desire to move quickly using his own business instincts.<\/p>\n

<\/h5>\n

\u201cGetting knowledge outside the family business is really important in a really rapidly changing world,\u201d says Raitavuo.\u00a0\u00a0 He started a brand content creative agency called Helsinking Originals. It\u2019s 3 months old and has 10 employees. He already signed up Ensto as a client.<\/p>\n

\u201cEntrepreneurship creates ownership,\u201d Raitavuo says. \u201cI am not forgetting the family business. In the future, I\u2019d love to be an active owner not in operations, but with a strategic vision. My mother is my mentor. I talk to her 12 times a day and she was really supportive of my decision to start my own business.\u201d<\/p>\n

While Raitavuo has branched out, his brother and sister are working in the family business. Two other cousins are also directly involved in Ensto operations.<\/p>\n

\"Ensto
Lari Raitavuo (above) broke away from the family business and recently started his own venture with outside business partners (below.)<\/figcaption><\/figure>\n

\"Helsinki<\/p>\n

Challenge #1: Bridging the Generational Innovation Gap<\/h2>\n

Royce Leather is a fourth generation American handcraft leather gifts company based in Secaucus, New Jersey.\u00a0 The company has a retail arm and makes corporate monogrammed products for the likes of Emirates and Etihad Airways. 25-year old William Bauer is Managing Director of Royce while his brother, Andrew, is CEO and his mother, Kathy, is President. His father, Harold, holds an advisory role at the company.<\/p>\n

\n

\u201cOn paper, a family business sounds great. There\u2019s an element of charm but it is so stressful. I have way too many bags under my eyes for a 25-year old\u201d.<\/h3>\n

William Bauer, Managing Director of Royce Leather<\/strong><\/h5>\n<\/blockquote>\n

William Bauer saw an innovation gap early on. He steered the family\u2019s leather goods business into the world of e-commerce and updated traditional gifts to cater to the modern client. In 2013, the he decided to manufacture leather wallets with a GPS tracker. It was part of the push into wearable technology.<\/p>\n

\u201cOur dad was highly skeptical because the technical application was not intuitive for him,\u201d says William Bauer. \u201cThe products sold tremendously through Macys and other retail outlets.\u00a0 We still sell them today in Bloomingdale\u2019s.\u201d<\/p>\n

The younger Bauer also started selling on luxury e-commerce site Gilt as the older Bauer expressed doubt along the way.\u00a0 \u201cMy father thinks the profit margins are too low with e-commerce. He prefers to do corporate business with higher profit margins. That\u2019s a business he knew well,\u201d says William Bauer.\u00a0 \u201cYou have to modernize from back-of-the house procedure to logistics providers to e-commerce platforms. My mom gets it. She embraces technology.\u201d<\/p>\n

\"Royce<\/p>\n

Challenge #2:\u00a0 Calibrating Growth<\/h2>\n

Halfway around the world in Ho Chi Minh City, Vietnam, sits the sprawling factory grounds of THP Group, Vietnam\u2019s largest bottled beverages company. 36-year old Phuong Tran and her sister, 33 year old Bich, are co-Deputy CEO\u2019s. They live and breathe the family business. In fact, they live at the factory with their parents on one floor of the company headquarters building.<\/p>\n

The sisters work under the close eye of their father who founded the company using old production equipment of Saigon Beer in the mid-1970\u2019s.\u00a0\u00a0\u00a0 \u201cWe love to talk to each other. We love to discuss things with each other and share ideas.,\u201d Tran says.<\/p>\n

Tran\u2019s family business has grown into a conglomerate that has defied expectations. The company introduced bottled tea in a country where tea is often served for free. THP Group says the company has a valuation of USD $2.5 billion and sells more non-carbonated beverages in Vietnam than Coca-Cola or Pepsi per year. Tran says the success largely has to do with her father\u2019s penchant for taking bold bets and his hands-on approach.<\/p>\n

 <\/p>\n

\n

\u201cTrust is not the only issue.\u00a0 Do I say to my sister, \u2018I trust you because you have my blood?\u2019 No. I trust her because I can count on her ability\u201d.<\/h3>\n

Phuong Tran, Deputy Co-CEO of THP Group<\/strong><\/h5>\n<\/blockquote>\n

\u201cThe biggest challenge is how to overcome our strength. Our strength can be our weakness in the future,\u201d says Tran. She explains that most managers within the 5000-person company have direct contact with her father because he\u2019s involved with the business at every level.\u00a0 \u201cWhen we get even bigger, all those managers need to know how to empower and motivate the younger generation as my father has done. This is so we can keep up the speed of the business.\u201d<\/p>\n

Each family is different and each family business has its own set of priorities, but passion should be the common denominator, according to William Carroll who teaches family business leadership courses at Hult. \u201cThe biggest challenge is the love of the business that spurred it in the first place\u2026is lost,\u201d says Carroll.<\/p>\n

\"THP<\/p>\n

\n

Find out more about Hult\u2019s programs and family business specializations\u00a0here<\/a>.<\/strong><\/p>\n

\n

\"Pauline<\/p>\n

Pauline Chiou is a contributing writer for Hult International Business School. She currently covers global business, news, and politics for CNN International as a freelance journalist based in New York. She spent nine years in Asia as an anchor for CNN in Hong Kong and CNBC in Singapore. Follow Pauline on Twitter @PaulineChiou.<\/p>\n

Grow your leadership capabilities with an MBA in international business<\/a> at Hult. To learn more, take a look at our blog Stepping out of my comfort zone: How one year at Hult made all the difference<\/a>, or give your career a boost with our Masters in International Business<\/a>. Download a brochure or get in touch today to find out how Hult can help you to learn about the business world, the future, and yourself.<\/p>\n","protected":false},"excerpt":{"rendered":"

With family businesses, there comes a time when the spotlight shines on the youngest generation. Have they proven themselves? Are they ready to carry on the name and vision? Do…<\/p>\n","protected":false},"author":62,"featured_media":11204,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[114],"tags":[191,175,205],"yoast_head":"\nFamily businesses navigating a whole new world<\/title>\n<meta name=\"description\" content=\"We take a look at 5 global family companies \u2014two of whom have Hult student ties\u2014 and the unique challenges facing each. 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