FIN4112L Family Business And Wealth Management

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FIN4112L Family Business And Wealth Management

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FIN4112L Family Business And Wealth Management

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Course Code: FIN4112L
University: National University Of Singapore

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Country: Singapore

Question
Case 1 : An interview with Finland’s Krister
Ahlstrom, Harvard Business Review 1998.
 
1. Analyze Merck KGaA and Krister Ahlstrom: What mechanisms did the founding family implement to control the firm for generations and also maintain harmony of the family?
2. Can we apply the governance in Merck to Yung Kee or other family firms in Asia? Be specific about which mechanisms might or might not work in Asia.
 
Case 2 : Philippines: Keeping the family out of San Miguel, IMD Case
1. As a consultant, would you recommend Eduardo Cojuangco Jr. to plan his succession at the San Miguel group? Outlines the reasons to convince him.
Hint:• Identify various challenges that San Miguel group is facing from both inside and outside the family.• Analyze various options that could potentially help Cojuangco solve such challenges.• Discuss any negative effects of each option to both the family and the firm.

Answer
Case 1: Analyze Merck KGaA and Krister Ahlstrom:
1. What mechanisms did the founding family implement to control the firm for generations and also maintain the harmony of the family?
The founding family used two different mechanisms to control the firm for generations and to maintain the harmony of the family. The first mechanism was to constitute the Family Assembly. In layman’s language, the family assembly would be compared with the owners of the company. The mechanism created a channel where all members of the family who had the ownership of the company would sit together and discuss the issues of concern to them and the company (Baruah & Ward, 2015). As stated in the case study, it is evident that decisions would not have been made without convincing the family members. Ownership of a company gives the owners the right to question the decisions that are made. The family members were the majority shareholders of the company, and that meant that they had control of the company. The fact that they were all given the right to own the company means that they all felt as part and parcel of the family business. It was also apparent that they were given a platform where they would air their views and look into any issue that affected them. Harmony is fostered when people feel that there are no superiors and that was what the founders of the company did to make sure that the generations that would come would feel as part and parcel of the company thus live together as a big happy family.
The second mechanism was to constitute the family council. The family council would come in place to be a link between the board members, the family, and the CEO. The Family Council communicated the interest of the family members to the board and also suggested the suitable candidates be selected on the board. The mechanism was effective, and this is because it made the family members feel as part and parcel of the company (Hornstein, 2015). When the members of the family are given the power to air their concerns and participate in the selection of the board members, it is apparent that they feel honored. The fact that they represent other family members makes every family member feel as part and parcel of the company.  
2. Can we apply the governance in Merck to Yung Kee or other family firms in Asia? Be specific about which mechanisms might or might not work in Asia.
In the case of Yung Kee or any other family firms in Asia, the mechanisms applied at Ahlstrom would work better if they were combined. The reason for stating so is associated with the way the family businesses are run in Asia. In Asia, the family members are interested in being involved in the family business, and that means that giving the family members an opportunity to talk is not enough. The family members want to be allowed to air their views and make decisions that are associated with the business.
Case 2: Philippines: Keeping the family out of San Miguel, IMD Case –
1. As a consultant, would you recommend Eduardo Cojuangco Jr. to plan his succession at the San Miguel group?
San Miguel Group has proved to be an organization that is facing challenges from within and outside the company. The internal challenges are associated with the transition process where the company has no family members who are suitable to lead the company. Cojuangco had a plan of grooming Mark to become the inheritor, but he had different plans. Mark followed most of the family members into the politics of the country, and that left the position of the next leader vacuum. The rest of the family members have proved that their interest is in the politics and that means that the company is facing a challenge. Considering that the company belongs to a family and the leadership has been transferred from a generation to another, it is evident that there might be a challenge for Cojuangco to leave the leadership to a family member who would take the leadership of the company to a higher and better level.
The challenge that San Miguel Corp is facing from the external forces is associated with the interest of other parties to take the leadership of the company by buying out shares or trying to illegalize the process that Cojuangco used to buy his shares (Carnall, 2018). For the time that Cojuangco has been the leader of the company, he had faced different legal challenges which have been aimed at trying to make him not fit to be on the top leadership of the company. There are different organizations and people who are eager to take the leadership of San Miguel Corp. The threat is immense, and this is because, in the past, Cojuangco has had to deal with the president to secure his position as the leader of the company.
Cojuangco has two options to deal with these challenges. It is evident that his time to leave the company has come and therefore he must leave another person to lead the company. Cojuangco can either give the leadership to Mark who has no interest in the family business or hand the leadership to Ang who has proven to be a good and loyal leader but not from the family lineage. Each of the options at the disposal of Cojuangco has negative effects. Selecting Mark to take over the leadership of the company would be making a business mistake, and this is because he had no interest or experience to take the organization to a higher level of success (Bolman & Deal, 2017). Selecting Ang as the leader would be a wise business decision, and this is because he has proven that he has all it takes to be an effective leader. Ang has worked with Cojuangco, and that means that he is likely to continue leading the company to success. However, this would not be in line with the traditions of the company. The reason for stating so is because the company has a trend in choosing leaders who are strictly family members.  
References
Baruah, B., & Ward, A. (2015). Metamorphosis of intrapreneurship as an effective organizational strategy. International Entrepreneurship and Management Journal, 11(4), 811-822.
Bolman, L. G., & Deal, T. E. (2017). Reframing organizations: Artistry, choice, and leadership. John Wiley & Sons.
Carnall, C. (2018). Managing change. London: Routledge.
Hornstein, H. A. (2015). The integration of project management and organizational change management is now a necessity. International Journal of Project Management, 33(2), 291-298.

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