Business Families Foundation launches drive to entrench strategic learning among world's business families
MONTREAL, April 16, 2019
Initiative is part of sustained engagement towards global economic stability
MONTREAL, April 16, 2019 /PRNewswire/ -- Business Families Foundation (BFF) has reinvigorated its drive to embed a culture of learning among enterprising families through an overhauled user portal and revamped program of family business courses.
The push is part of BFF's wider goal of sustained engagement of family firms, whom the foundation sees as an antidote to commercial short-termism and enablers of economic stability.
Family-controlled firms make up 80-90% of businesses worldwide and are major drivers of GDP and employment.
Montreal-based BFF spent months overhauling a diverse offering of business courses, case studies, events, as well as a repository of more than 1,400 videos and interactive learning tools aimed at enterprising families, universities and advisors.
Drivers of GDP
The launch comes at time when family enterprises have gained hard-fought recognition for their economic impact and job-creation value. The world's 500 largest family-owned businesses account for a combined $6.5 trillion in revenue. Yet fewer than a third survive the transition from first generation to second. Roughly 13% of family businesses make it to the third generation.
BFF aims to reverse that trend though its three-pronged approach to learning. In doing so, families are invited to "relate" among peers, "understand" through sophisticated learning techniques and "apply" what they learn in their enterprises.
"The relate-understand-apply model is our key philosophy and forms our core beliefs," says BFF President Olivier de Richoufftz. "We firmly believe that in helping families build their learning cultures and identify their learning champions we are unleashing the fundamental elements that enable enterprises to grow and help economies thrive."
Lifelong learning paths
BFF's learning community are invited to "relate" through eight distinct themes, for example "achieving generational purpose", a perennial family firm challenge, and "improving impact" in which philanthropically-minded families can develop socially responsible businesses.
"Any family enterprise can take part in our global network and we encourage that," says BFF Chair Margaret-Jean Mannix. "We know what it takes to thrive, but we want families themselves to share their own experiences and contribute towards a deeper collective understanding of the keys to enhanced family enterprise longevity."
BFF is renewing its focus on blended learning, a form of online and in-person instruction, while enhanced immersive learning tools will be delivered by the foundation's university partners.
Additionally, BFF is preparing a 2019 launch of Family Forward, a web-based assessment tool that helps business families pinpoint their weak points and act on them through special training.
BFF has updated five key courses, some of which focus on women's roles, intrapreneurship, ownership and governance, and is on track to unveil two all-new courses – Financial Management for the Rising Generation and Active Philanthropy – later this year.
"Our portal is an essential toolkit for business families, for their chief learning officers and thought-leaders who value lifelong learning, and who put into practice the long-term approaches to business for which family enterprises are renowned," says de Richoufftz.
About Business Families Foundation:
Business Families Foundation is a not-for-profit educational organization which, through its global partner network of entrepreneurial families, universities and family enterprise advisors, promotes the success and longevity of family businesses through the delivery of specialized courses, events, proprietary research and interactive learning media.
For further information: Scott McCulloch, Senior Communications Consultant, Business Families Foundation, Tel: +1 514 983-9744, Email: firstname.lastname@example.org
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