The Family Business Podcast is dedicated to the stories of family-owned companies and entrepreneurs around the world. This podcast is brought to you by Tharawat Magazine, a global publication that inspires family businesses and multi-generational entrepreneurs as they start, grow, and sustain their companies.
Leveraging Big Data to Reach Your Customers
The ways big data is impacting today’s business climate may be too numerous to count. The ability to access oceans of data relatively easily is a fairly new but massive phenomenon. And while many are excited about the capability, few are seriously examining how to leverage this data to exercise the core function of any business – sell a product or service in the marketplace. Few areas are as greatly impacted by this development as marketing and customer relationship management. But how does having so much data about customers improve marketing decisions for companies?
There are currently strides being made in answering these questions. Certainly, cloud-based solutions are available that can help businesses leverage data to lower their Customer Acquisition Cost (CAC), for example.
Studying these emerging issues quite intensely is expert Michael Haenlein, Professor of Marketing at the business school ESCP Europe, Associate Dean of the ESCP Europe Executive PhD Program and the Scientific Director of the ESCP Europe Research Center on Big Data. Professor Haenlein’s research expertise lies in customer relationship management (CRM), social media and marketing research. Specifically, he analyses the relationship between social networks and customer profitability.
Helping Families Manage Success
Growing a family business into a profitable and successful enterprise is a challenging process and, once there, other questions present themselves. How does the family deal with its newfound wealth and affluence? How do you ensure children grow up without an unhealthy sense of entitlement? How do you adjust to this strange new world?
Dr James Grubman, wealth psychologist and family business consultant, helps families find practical answers to these questions. Aside from his academic training, he draws from a wealth of personal experience having first navigated this rocky terrain when helping his mother sort through their estate following his father’s passing. Later, he and his wife had to find ways of raising children responsibly in an affluent household.
Dr Grubman is the author of two books that explore this territory - Strangers in Paradise: How Families Adapt to Wealth Across Generations, and Cross Cultures: How Global Families Negotiate Change Across Generations, which he co-authored with Dennis Jaffe, PhD.
Recently Tharawat Family Business Podcast sat down with Dr Grubman to discuss the complexities of newfound wealth and the problems that arise when cultures and generations come into conflict.
The Daily Catch: A Family Recipe for Success
It would be a stretch to say the Freddura family invented calamari. However, as the proprietors of the Daily Catch, Boston’s pre-eminent seafood restaurant, they are at least partly responsible for solidifying its place as a staple appetiser in North American restaurants.
“My family helped get calamari in Webster’s dictionary,” explains Dominic Freddura. “Before it was squid, and we said, "This is the Italian word for squid."
Dominic’s father, Paul, was looking to make a splash in the restaurant industry when he opened the Daily Catch in 1973. Paul was born and raised in the North End and grew up eating his mother’s seafood-centric Sicilian cuisine, including fried calamari. At the time, the dish was popular in Europe and parts of Asia but was relatively unheard of in North America.
Paul learned about the seafood business from veteran fishermen at the docks and knew an opportunity when he saw one. Clams, easily the most popular catch, were exorbitantly priced, while squid was going for just 15 cents a pound. Paul decided to open the Daily Catch and place his mother’s calamari at the heart of the business.
Spire: A 21st-Century Approach to Strategy and Risk Advisory
Interview with Matthew Hoffer Craig, Managing Partner, and Rebecca Bachmann, Chief Strategy and Technology Officer, Spire Strategy & Risk Advisory, Switzerland
The most successful business partnerships can take root just about anywhere. Some occur in the boardroom, while many others happen at the gym or on the golf course. But then there’s the case of Rebecca Bachmann and Matthew Hoffer Craig, who struck up a conversation on a bus heading to a tech conference and are now partners in Spire, a Swiss-based strategy and risk advisory firm.
They realised that with extensive and complementary skill sets, they could meet a demand that had yet not been addressed in the marketplace. Formed in November 2016, what makes them stand out from the rest is their self-described approach:
“Ingrained in our DNA is the belief that a great strategy requires unrivalled contextual intelligence. Spire’s approach is designed to obtain this intelligence through a holistic analysis of key quantitative and qualitative data points within and between three pillars: organisation, industry and environment.”
If past performance is any indication of future success, then the sky is the limit for the pair behind Spire. Together, Rebecca and Matthew’s collective work experience involves stints at Strategy&, the World Economic Forum, the US Department of State, General Dynamics and J.P. Morgan Investment Bank.
Tharawat Magazine recently sat down with Rebecca and Matthew to discuss the new enterprise and how 21st-century technology is affecting the global business landscape.
German Family Businesses Eye A Digital Future
The challenges facing a family-owned business are wide-ranging; however, the Chair of Family Business sets out to become a thought leader by focusing on specific topics such as innovation, entrepreneurship, strategy, governance, and succession.
Through their research, Kammerlander and her team have come to discover that many conventionally held beliefs about family-owned businesses – such as that they lag in business innovation – are not true.
Tharawat Magazine sat down with Prof. Nadine Kammerlander to discuss her research and what the future holds for family-owned businesses.
The Eastern Adventures of an Entrepreneurial Family
From the coastal town of Aabenraa in what is now Denmark, two young men, Heinrich Jessen and Jacob Jebsen, whose fathers and grandfathers were sea captains, set out on a trading expedition to the Far East in the late 1800’s. The two men who were also cousins proved very adept at bridging the cultures and establishing profitable trading partnerships, and in 1895, they went into business together. In 1909, they created Jebsen & Jessen Hamburg in Germany to facilitate trade between China and their European clients.
Today, there are two separate branches of the family enterprise, one that operates out of Singapore and the other out of Hong Kong. Together, the business has commercial interests in manufacturing, engineering, mining and distribution activities. Serving customers globally the group employs more than 7,000 people.
Tharawat Magazine had the opportunity to speak with 3rd generation member Heinrich Jessen, CEO of the Jebsen & Jessen Southeast Asia Group to discuss his family’s adventurous history and the key to longevity.