Meet intrepid entrepreneurs from Africa and South Asia, hear their stories of trial & triumph, and gain insights and guidance from Stanford University faculty and global business experts on how to transform today’s challenges into tomorrow’s opportunities.
From securing investment and planning family succession, to mindful leadership and managing in adversity, you’ll learn firsthand from entrepreneurs and experts on how to develop the grit you need to grow your business — in times of crisis and calm. Walk away with actionable information, new perspectives, and fresh inspiration to take your business to the next level.
Listeners can also take a deep dive into entrepreneurship with masterclass episodes featuring interviews with Stanford faculty and global experts. It’s a unique opportunity to hear about cutting-edge research, get practical business tips, and learn proven leadership strategies from some of the world’s leading thinkers and practitioners.
Grit & Growth is brought to you by Stanford Seed, a Stanford Graduate School of Business-led initiative that partners with entrepreneurs in emerging markets to build thriving enterprises that transform lives.
About The Host:
Darius Teter is executive director of Stanford Seed, a Stanford Graduate School of Business-led initiative that partners with entrepreneurs in emerging markets to build thriving enterprises that transform lives. Darius has held leadership positions at Oxfam America, the Asian Development Bank and with the US Government where his experience included advising governments on economic policy, developing human rights programming, and financing infrastructure megaprojects across Africa, Asia and Latin America. All the while, he remained intrigued by the human experience and our universal drive towards growth and prosperity.
Welcome to Grit & Growth’s masterclass on the complexities and opportunities of running a family business, featuring Peter Francis, Stanford Graduate School of Business lecturer. Peter provides practical strategies, tactics, and firsthand experiences of effective family business management.
Peter Francis’ expertise in family businesses goes far beyond the theoretical — he invests in them, teaches a class on them, and is also the former CEO of a sixth-generation family business. So he understands both the advantages and complexities that come with families working together and transitioning from one generation to the next.
Peter believes, and the statistics confirm, that family businesses have some significant advantages over their public counterparts, namely patient capital, speed of decision making, the ability to pursue unconventional strategies, and pride of ownership. But the complexities of family relationships and emotions can be challenging.
Creating a culture that encompasses both family and business is essential. “ It's not what you say with your mouth, it's what you do with your feet. And so early on family leadership needs to make it crystal clear that that's the way it's going to operate, and then they need to operate that way. And I will tell you, what you do will outweigh what you say.”
Top Six Masterclass Takeaways
- Make sure to understand your ownership model, clearly defining who are your active vs. passive owners (you want more of the former.)
- Education, transparency, and communication are the top three “universal” antidotes for handling many of the issues that show up in family businesses, especially during times of transition.
- Separating business and family is essential — don’t bring business problems home and try to solve them in the “family room”.
- Bringing in an outside voice/advisor can be a huge help in matters of transition, especially when things get emotional. Which they almost always do.
- Getting independent directors is key to growth and success. Actually listening to what they have to say is even more important.
- Thinking ahead, before you’re actually ready for a transition, will be a big help, especially in the event of an unintended consequence, such as the death of a founder.
Listen to Peter’s insights, advice, and strategies to help manage everything from success to succession in your family-run business.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
