18 June 2020: Subscribers to The European Family Investment Company Report plus invited guests and experts, including heads of family business associations, from across nine countries, met online for the third time.
The Conversation was initiated by a panel of three guest speakers – two are members of multi-generational family businesses, one listed and one private; and the other is head of a family business association – discussing the Headline Topic:
The challenge of culture at family investment companies – aligning senior external executives with the family and its values
Following the panel discussion attendees split into breakout sessions when they were asked to address the Question:
Can you give carry or ‘equity-like’ compensation to hire the best people while preserving family culture?
Based on personal experience, attendees exchanged ‘war stories’, discussed challenges and offered potential solutions on issues such as: growing your own talent versus hiring-in; defining and communicating family values; developing compelling remuneration packages to compete with private equity for top talent; the pluses and minuses of offering carry, co-investment rights and equity; the particular concerns surrounding hiring and paying family executives.
In advance of the Conversation, supporting research was issued analysing who was sitting in the Chief Executive and Chief Investment Officer seats at the ten largest private and ten largest listed European Family Investment Companies, examining their background, time in post and previous job.
NOTE: The full text of the Takeaways from this EFIC Virtual Conversation is made freely available to family businesses and others, at our discretion, during the pandemic. We hope it is of use in these challenging times.
To request a copy please email: info @ deanbridgeinternational.com