Family Firm Institute Conference to be hosted at LBS
FFI event is further evidence of the global prominence of family businesses
London Business School (LBS) and the Institute of Entrepreneurship and Private Capital (IEPC) are excited to announce the upcoming Family Firm Institute (FFi) Conference. Titled "Mean Time," the conference is to be held in October 2024. This unique event is a collaboration between LBS and FFI, reflecting the School’s commitment to addressing today’s challenges facing the global business community, while celebrating the successes of family enterprises.
Taking advantage of LBS’s London location, this year's theme, "Mean Time," explores the intricate relationship between Time, Timing, and Timelessness in the field of family enterprise. From the establishment of the Greenwich Mean Time (GMT) in 1884 to the global influence of time zones, the theme delves into the temporal phases in the lifecycle of family business, strategic decision-making, and enduring values that shape the identity of family enterprises.
Professor Narayan Naik and Dr Heinz-Peter Elstrodt both play important roles within LBS’s Family Enterprise Mentoring Scheme. Heinz-Peter Elstrodt, a guest lecturer on family businesses at LBS, acts as board member on a number of family firms and at the Family Firm Institute (FFI). He is a Director Emeritus at McKinsey & Company. Speaking about the upcoming conference, Dr Elstrodt, said: “Family businesses have outperformed public companies during decades. At the same time they are facing the perennial issues of succession and challenges to create competent teams of owners. These and many other compelling issues will be explored at this fascinating conference.”
LBS Professor Narayan Naik teaches tailored courses in Strategic Investment & Risk Management, Wealth Management, Infrastructure Finance and Hedge Funds for Investment Banks and Financial Institutions. He also serves as an external Advisor on the Investment Committees of several Family Offices. Adding to Dr Elstrodt’s comments on the forthcoming FFI conference, Professor Naik said: “In today’s volatile world order, the FFI Conference offers a unique opportunity to share the frontier of knowledge, encourage innovation and lateral thinking, as well as implement new strategies for Wealth preservation and Risk management within the family business arena”.
Importance of family enterprises and the unique support lent by LBS teaching and coaching initiatives
LBS recognises the vital role of family enterprises in the entrepreneurial and funding ecosystems globally. With more than five million family firms/ businesses in the UK alone employing more than 13m people, it is clear that these enterprises are often the backbone of national economies the world over. The long-term vision and purpose of family enterprises set them apart, often delivering a sustainable vision and sense of purpose across multiple generations.
As a leading business school LBS is keen to provide opportunities for individuals who work in the family enterprise sector. LBS students can benefit from an active Family Business Club run by students, and from electives such as the Family Business, Wealth Management, or Executive Education courses such as Strategic Investment Management (SIM), Financing the Entrepreneurial Business, Masterclass in Private Equity (PE) and the Family Office programmes.
Fostering the growth and skill development of family members, whether they remain within the family business or explore opportunities outside, is essential for the continuous operation of each enterprise. Enhancing each member's continuing contributions becomes central to the sustained success of both the individuals and the businesses themselves.
Recognising the potential impact of family-owned entities in the entrepreneurship and private capital ecosystems, IEPC offers the Family Enterprise Mentoring (FEM) program. This initiative aims to support the next generation of family business owners as a significant and influential group within the London Business School community. Additionally, the Institute recently launched the CFO Private Business Forum, tailored for CFOs of family businesses or privately held companies. Taking place twice a year, the forum delves into the vital role and performance of CFOs within family enterprises. Through workshops and engaging discussions, participants can explore the challenges, priorities, and future prospects inherent in this pivotal function.
Bringing families and family offices together
Leveraging the School’s distinguished thought leadership, world-class faculty, and extensive network, LBS also offers a non-commercial event tailored for a select group of single-family office principals and the families they support. The second Family Office Conference, held on February 20-21, 2024, serves as a testament to LBS's commitment to facilitating meaningful dialogue among family office leaders with a distinctive focus on its educational aspect. This exclusive gathering assembles principals and senior executives in a confidential setting, free from external influences of service providers or entities with commercial interests. This unique initiative recognises the vital role that successful family enterprises play within the entrepreneurial and funding ecosystems, often encompassing both a family business and a family office.
For more reading on the subject of family offices, private equity and family enterprises, see the following:
Understanding the success of private equity
Six tips for being a successful entrepreneur
Find out more and register for the FFI conference here
Three London Business School (LBS) students have won this year’s prestigious Moelis Prize at The Wharton SchoolTurner MIINT Impact Investment Competition for their company entry, Afterwind, a business which reprocesses end-of-life wind turbine blades into traceable, virgin-grade materials.
Competing against a total of 44 other business school entries, LBS’s Yen Tran Hai (EMBA, 2024), Shahvir Pooniwala (EMBA, 2024) and Zeib Khwaja (EMBA, 2024) won the Moelis Prize and a $50,000 investment cheque from Turner MIINTthat gets deployed directly into Afterwind.
The Turner MIINT competition, hosted annually by the ESG Initiative at Wharton School, empowers the next generation of impact investors to "think like an impact investor." Students worldwide engage in rigorous due diligence processes, assessing early-stage impact venture capital deals and presenting their findings to an expert judging committee. Running for 13 successful years, competition winners attract international acclaim and a bursary for future investment.
Previous business school winners have included teams from UCLA, Yale, INSEAD, Wharton, MIT, Kellogg, and McCombs.
The Turner MIINT (MBA Impact Investing Network & Training) is an experiential-lab designed to provide students with hands-on education in impact investing. Its aim is to train the next generation of impact investors. It is co-produced by the BRIDGES IMPACT FOUNDATION and The ESG Initiative at the Wharton School.
"This has been one of the best experiential programmes I have ever been a part of,” said Zeib Khwaja. “On one side, we worked closely with faculty from Wharton and London Business School, and on the other side, we immersed ourselves in Afterwind, the company we were assessing. Months of research and learning culminated in winning first place and securing a $50,000 investment into the company. We were thrilled to connect with fellow students, impact investors, and alumni, all sharing a singular mission focused on 'Impact'. Through this course, I've forged invaluable connections and expanded my network significantly. Entering the world of Impact Investing has empowered me to make a positive contribution to the planet. This is definitely where I see myself making a difference."
The three LBS students also wished to thank the management team at Afterwind for permitting the LBS team to nominate their company. The LBS team also deeply acknowledged the support they received from Julia Minici and Sune Bertelsen, “for always being there with us”, and team mentors, Ahmed Raafat and Cristina Spiller, “for their invaluable advice and patience”.
“We would also like to thank Luisa Alemany, for her wisdom and expertise that have guided us through our financial due diligence, as well as the invaluable support from the Investment Committee of London Business School’s Student Impact Investing Fund (SIIF).
Luisa Alemany, Associate Professor of Management Practice in Strategy and Entrepreneurship, and Academic Director, Institute of Entrepreneurship and Private Capital (IEPC), said, “it has been a delight to work with this strong team of LBS EMBAs. They are engaged, comprised with having an impact and diverse. The company they found can have a massive impact and their analysis was impressive. IEPC proudly supports LBS students throughout the various rounds of the MIINT competition and will continue to provide the financial assistance required to enable them to participate in the finals.”
