FAMILY BUSINESS MOVING INTO THE SIXTH GENERATION DEFINES KEY TO THEIR OWNERS SATISFACTION
On April 22nd Philip A. Clemens, Chairman and CEO of the Clemens Family Corporation presented “Keeping the Family Together for Five Generations” on the Network of Family Businesses global on-line network.
As the Clemens Family Corporation welcomes the sixth generation of ownership, they have a goal of seeing shareholders range in age from one year to one-hundred years. Clemens stated the key to their owners’ satisfaction is the functioning and nurturing of what they call their “Trust Triangle.” This ‘Trust Triangle’ is comprised of the Owner’s Advisory Council, the Independent Board of Directors, and the Management team operating their businesses. Clemens stated the unique relationship of these three groups is built on Core Values the Clemens family has adopted for the family and the business. The Core Values of Integrity - doing what I say I will do; Ethics - doing the right thing; and Stewardship - building a foundation for the future.
There are 229 shareholders with 22 employed in the business and 562 family members.
A significant shift in thought and approach came several years ago when the Clemens family changed their paradigm to think of themselves as a ‘Business Family’ rather than a ‘Family Business’. Clemens stated this shift meant they were not the employer-of-last-resort for family members, and the entitlement mindset was eliminated. Though it was not an easy transition, Clemens stated it was necessary for the family to meet their goals and vision. As they work to attract the next generation, Clemens stated everything they do is “to bring pride to the family in how we do business.”
The Network of Family Businesses provides a global, on-line business network for families in business. This network has key capabilities like social networks but with a Family Business twist and an educational component. Family Business Leaders are able to network with advisors, colleagues, and friends to preserve their family and their families’ business legacy. In addition, these leaders can learn from monthly educational seminars and tap into a variety of on-line articles and materials. The seminar by Clemens can be reviewed by registering at www.netfamilybusiness.com.