Pwc Family Business Survey 2012

7/23/2019 Pwc Family Business Survey 2012

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Building on strongfoundations: Wates

Name:Paul Drechsler, Chairman and CEO,Wates

Paul Drechsler is the first ExecutiveChairman from outside the family to run theWates business after four generations infamily control. The Wates family is stillpassionately involved in the day-to-dayrunning of the business, with a fifthgeneration keen to become involved.

Sector: Construction

Market:UK

Founded:1897

Turnover: 1bn

What are the main differences that

youve seen of working in a family business

versus working within a public company?

First is that in a family business theshareholders are unambiguous about thefact that they want to be invested in theenterprise. Secondly, they want to beinvested for the long term, and the greatfamily businesses see themselves asbeing good stewards of the enterprise forthe next generation. So they take a verylong term perspective, and find the rightbalance between long-term and short-termperformance. In addition to all of that,

they can offer customers a commitmentand a continuity that public companiescant offer because they are at the beckand call of their shareholders, who canchange their minds on ownership tomorrowmorning. Our true USP is the fact we aretotally committed to the industry wherewe operate, and to our relationships withcustomers and communities and thepeople who work for us.

Could you talk about the companys

values their attitudes to the local

community, and to employees?

In Wates above all its about people.

Its about creating a culture and workenvironment where people will be highlyengaged, and highly motivated to deliverour promise for customers. More than that,wherever we build and operate we want toleave a positive contribution and a positive

legacy to the local community, so werealways involved in community projects,sometimes one-off, but very oftenwere involved in creating employmentopportunities for the long-term unemployed.Weve had nearly 600 candidates throughour Building Futures programme over thepast five years. The Wates family havehad a long tradition of charitable givingand a few years ago they set up a familytrust to give to causes that resonate withthe companys strategy and priorities,such as helping the long-term unemployedor disadvantaged children.

And how many family members are

involved in the business now?

There are five active shareholders, andthree of the previous generation who areless active, but are still deeply interested,because I think that in a family businessyour interest grows the older you get.There are a lot of other family members brothers, sisters, uncles, aunts, nephews,nieces but the family have focusedon maintaining a narrow shareholdingbase through the course of their history,and each generation has reduced thenumber of shareholders to keep it highly

concentrated, which is a source of strength.

What are the challenges of being a

non-family CEO?

For a family business to appoint a non-familychief executive is an extraordinarily bigdecision. It shouldnt be taken lightly, andwhile it will work for some families, it wontfor others. I would strongly advocate thatfamily businesses have external non-executive or advisory directors, but thatsstill a huge decision for a family business totake. Each family has to find the leadershipand governance model that will work forthem in their context, for their stage indevelopment, and for their stage of evolutionas a family. I think its a great privilegefor a non-family member to lead a familybusiness, but its also a huge responsibility,which can be just as demanding as leadinga public company.

Name:James Wates, Deputy Chairman,Wates

James Wates has been deputy chairman ofthe family firm for six years, and has neverworked anywhere else. His son Piers will bethe fifth generation to become involved in itsgrowth and expansion, but he plans to gainexperience outside the business, as well as abroad range of skills within it, to prepare himfor the challenge of leadership in the future

How has the business changed since

you brought in an external CEO?

When we made the decision to appoint anon-family chief executive it was a bravemove, but absolutely the right one, becausethe dynamic definitely changed. Previouslypeople were empowered to make decisions,but they would often look to the family totake the lead. Whereas now, people get onand make their own decisions, and takeownership of the consequences. Itsdefinitely a crisper, more agile businesstoday than it was then.

How did the decision come to be made?

The previous generation of ownerswas structured as five equal partners,and while there was no constitution per se,they had evolved a way of working duringtheir term of stewardship. But when wecame to transition from one generationto the next, it was clear that there wouldno longer be five equal partners, so weneeded some guidelines and parameterswithin which we would work. Thats stillevolving and being fine-tuned, now that wehave non-family executives running thingson a day-to-day basis. I think it hasnt beenreally stress-tested yet, mainly becausethe business has been going very well.The challenge will come when thingsdont go quite so well, but I am confidentthat the structure weve got in place now

will help us to manage that.

Paul Drechsler James Wates Piers Wates

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Equipped to succeed:

LL BeanName:Chris McCormick, CEO

Chris McCormick is the first non-familymember to run the LL Bean business.The company sells its distinctive outdoorapparel and equipment to 160 countriesacross the world, and has retai l outlets inthe US, Japan, and China.

Sector: Clothing

Market:US

Founded:1912

Turnover: $1.6 billion

Has being a family business helped

you through this economic climate or

affected it differently from public

companies?

It has definitely helped we dont playto the Street, or to the quarterly resultscycle. In fact, in 2010 we went to theBoard and recommended that L.L.Beanhave an investment year and allowprofits to fall we needed to make a biginvestment in marketing and attractingyounger customers, and they agreed.

Family members understand we want

to be around for another 100 years andinvestments in growth are critical tothe long-term financial health of thebusiness. As a private company, we canmaintain the balance between retainedearnings for an adequate level ofinvestment in the business and theearnings requirements of our familyshareholders. That collaborativeapproach with shareholders to businessstrategy is tough to accomplish in apublic company.

How does succession work at LL Bean?

Leon Gorman chairs our family Board of

Directors following his 40-year leadershipof the company as President and CEO.He oversaw the seamless transition of the

President and CEO role over 10 yearsago. Similarly, Leon is preparing for an

eventual transition of family leadership.He has established a 3-member familyGovernance Committee made up offourth-generation family members.The mentoring and development processis underway as family members remainactive in board and committee matters,and now the fifth-generation of familyare becoming involved with orientationsessions around the business andlearning opportunities about their futureresponsibilities. At the executive level,we have a very structured leaderdevelopment process with each of ourcurrent senior leaders being reviewedand evaluated on their contributions topreparing leaders to assume these seniorroles. This process has been moveddown through the organization withleaders at all levels expected tocontribute to succession planning.

Do you believe your family-run

business gives you an advantage

over your competition?

I think we do have an edge. We stickto our core beliefs customer service,quality, outdoor recreation and our familyownership. We work as a team withshared values. The people part of ourbusiness is very important to us whether employees, customers orcommunities and the ownershipstructure encourages this focus.Additionally, these shared values haveallowed the business to maintain aconsistent point of view, a consistentexperience, a consistent message.This is what differentiates our brand inthe marketplace and keeps us relevant.We believe that to sustain our successover time, we have to add value to theinterests of all our stakeholders employees, the outdoor recreationcommunity, our local communities,vendors and of course, our customers.

If we do these basics well, profitabilitywill follow, as it has now for over100 years.

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Re-engineering the familyname: Wikov

Name:Martin Wichterle, Owner

Martin Wichterle began his career bystudying geology, and founded his ownbusiness with a partner in 1990. The Wikovfamily firm had started life as anagricultural machinery-maker in the 19thcentury and enjoyed international success

before being nationalised in 1946, andlater being acquired by another[conglomerate] which subsequently wentinto liquidation. It was a stroke of luck thatMartin was then able to buy thetrademark, and reorganise his owngrowing group of engineering companiesunder the old family name.

Sector: Engineering

Market:Czech Republic

Founded:1880, then re-establishedin 2004

Turnover: CZK 1,6 bn (EUR 64 milion)

Have you considered recruiting aprofessional management team to run the

Wikov group?

I do not run the company day-to-day.The company has a CEO and I nolonger wield the powers of an ExecutiveDirector. I have not completely withdrawnfrom an active role, but 90% of thebusiness happens without me. I getinvolved of course when we arenegotiating important deals and thecustomer wants to talk to me, and in keyinvestments and finance, but the runningof the company is in the hands of theprofessional management team.

Do you feel that a family firm has an

advantage compared with the multinationals,

especially in terms of decision-makingand taking a longer-term view?

I would definitely agree with that. When youdeal with any family firm, it is relativelyeasy to reach a deal the decision-makingis quicker and more flexible, and thosefirms are also far more likely to lay theircards on the table. Thats one advantage.Of course, it is relatively easy for anowner to be flexible about changingstrategy, which means the firm canrespond immediately to a situation arisingon the market. Logic dictates that any bigmultinational will need longer to approvea change like that, and need a certain

amount of courage to do so. The secondthing you mentioned is the long-term viewand that is definitely true as well. An ownerwho knows what he is about works less onthe basis of market research and surveys,and more from intuition, according towhat he sees in the business.

Does being a family firm with close ties

to a particular local area give you an

extra sense of responsibility towards

that community and your employees?

I do feel a sense of responsibility towardstwo things: I dont just feel it towards theemployees who work here, which is

logical, but I also feel a sense ofresponsibility about how the companyworks with the local community. There is adifference if you have a company in a bigtown, or somewhere where there are 500people and the local community dependson your factory. When I started work atfirms which had previously been state-owned, I was absolutely flabbergasted byhow de-motivated the people were. Allthey were doing was going to work andthey werent able to feel any pride in whatthey were doing. An important part of oursuccess for me is that weve managed todo something that the people who work

for us are proud of they get a sense ofpride from their contacts with majorcustomers all over the world, on everycontinent. They share in our success.That counts as motivation for any owner.

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On the crest of a wave:Seafolly

Name:Anthony Halas, CEO, Seafolly

Anthony Halas runs the highly successfulswimwear brand that was set up by hisfather over 30 years ago.

Sector: Swimwear

Market:Australia

Founded:1975

Turnover:A$95m, with exports to theUK, the US, Canada, Germany andelsewhere in Europe.

How did the Seafolly business change

when it passed from your father to you?

My father was an incredible trader heknew how to pick good product and buyit at a good price and he was an amazingsalesperson. But obviously now thebusiness is this size, you cant get asinvolved in the day-to-day, it becomes aquestion of about managing teams andemploying the best people to do the joband being more strategic. So a verydifferent management style is needednow, compared to when he was runningthe company.

Where does the business go next?I want to double the business in the nextthree to five years. I think the internationalopportunities are huge for us. Werelooking at my first retail site in the US,and if thats successful well quite quicklyroll out a few stores over there. We justopened up our first international store inSingapore which has been verysuccessful, so were looking for a secondsite there. Were also expanding theSeafolly brand beyond swimwear about25% of our business is now coming fromnon swimwear categories

Whats your biggest challenge now?Currency fluctuations are a big risk atcurrent levels at the moment weretrying to maintain prices but that meanswere taking a hit in margins. A big part ofour business is the stock, and holdingstock of swimwear is a risky business,because its so weather-dependent. Soas the business grows, your stockholdingis growing and your risk is growing. Sothats something that we really have tocontrol. The whole internationalmanufacturing issues is a challenge to at the moment we manufacture in China,but thats a market thats changing fast its not easy to predict what will happento wages and labour availability there,. Sowe have to remain flexible and keep otheroptions open.

Whats the advantage of being a

family firm?

Definitely the ability to be able to makegood decisions and react quickly notbeing bound by outside investors whoare purely looking at the bottom line. Ithink what a family business can do isreally invest in the future. In the earlydays we would forgoing profit forinvesting in the brand and up till about sixor seven years ago up the money wasgoing into investing in marketing, I dontknow if you could have done that if youwere a public company or had privateinvestors. Its all about long-term vision.

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The benefits of listing:a Hong Kong perspective

One interesting finding from our surveywas the fact that many more familybusinesses are listed in Asia, incomparison with firms of a comparablesize elsewhere in the world. So we askedthree prominent family businesses inHong Kong about their experience of thelisting process, and what benefits it canbring to the governance andmanagement of a family firm.

Tom Tang, Managing Director, Asia

Pacific Region, TTM Technologies

The transition to a listed company is

quite dramatic. As a private company,everything is quite easy. You can changedirection, you can invest in productsthat have a much longer time horizonand in much more riskier projects.After you become a public company,these decisions have to be justifiedbecause you will be asked questionsabout their returns by the fund managers.Being a public company helps usbecause most of our customers arelarge companies which would not buyfrom a private company. Some actuallyrequire US listing because they needtheir suppliers to be Sarbanes-Oxleyand Dodd-Frank-compliant. And beinga public company gives you otheroptions. You can issue shares andbonds, neither of which are reallyavailable to a privately-held company.It does give you more flexibility.

Henry Tan, CEO, Luen Thai Holdings

Im very proud that we made thedecision in 2004 to turn the familybusiness into a public listed company.Not only does this bring in the additionalcapital we need for the business, it alsodemands a specific governanceframework which supports better familygovernance as well. I would encourage allfamily businesses to get a public listingwhenever they can. It helps ensure aproper structure between theshareholders, the management, and thebusiness and makes each of these rolesclearer.

Cheung Kit, Chairman, EVA PrecisionIndustrial Holdings Limited

The process of preparing for a listingcan help you achieve greater clarityabout management responsibilities withinthe business, which can also preventpotential conflict. In my company, my twobrothers and I agreed on the allocation ofshares in the period leading up to ourIPO. We also mapped out a clear set ofroles and responsibilities and the processfor making collective decisions.



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Singapore

Malta

Turkey

Middle East

Canada

Switzerland

South Korea

Hong Kong

Mexico

Austria

India

SwedenGermany

Ireland

Taiwan

Belgium

UK

Brazil

Finland

Australia

Denmark

France

Romania

USA

Italy

South Africa

Russia

Greece

Western Europe: -37%

Eastern Europe: -75%

North America: -46%

Latin America: -48%

Middle East/Africa: -45%

Asia Pacific: -26%BRIC: -51%

NET agreement

34%

19%

8%

3%

-14%

-19%

-24%

-26%

-32%

-36%

-38%

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-42%

-47%

-49%

-54%

-56%

-58%

-62%

-62%

-66%

-71%

-71%

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This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this

publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in thispublication, and, to the extent permitted by law, PwC does do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refrainingto act, in reliance on the information contained in this publication or for any decision based on it.

2012 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure forfurther details.

Pwc Family Business Survey 2012

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Transcript of Pwc Family Business Survey 2012