Kellogg School of Management’s John L. Ward Center for Family Enterprises Highlights Importance of ‘Transformative Learning’ for Family Businesses

SINGAPORE, 29 August 2023 – The Kellogg School of Management’s John L. Ward Center (‘the Ward Center’) for Family Enterprises has highlighted the worth of ‘transformative studying’ as a way of supporting long run succession planning for household companies and managing the transition between generations.

At the Global Family Business Summit, held at this time in Singapore by the Kellogg School of Management at Northwestern University, one of the main analysis and instructing universities within the U.S., consultants from the Ward Center shared analysis on household enterprise traits and outlined particular studying approaches to assist household companies shield and improve the worth of their operations and construct capability over time.

As half of its dedication to constantly creating its instructing capability, the Ward Center collaborates with exterior companions, reminiscent of Tanoto Foundation, who share insights gleaned from many years of enterprise which in flip contribute to the analysis carried out by the Center.

Francesca Cornelli, dean of the Kellogg School of Management, stated: “When household companies develop, they face challenges that are totally different than different varieties of companies. Families should adapt to expansions and new challenges, generally in a short while span. It is subsequently necessary to think about new approaches to construct capability and guarantee an efficient transition between generations”.

“The Ward Center’s instructional programming and groundbreaking analysis is an asset to household companies throughout Asia and around the globe, and I’m thrilled we had been in a position to convene so many distinguished household enterprise leaders in Singapore for these necessary conversations,” she added.

Dr. Matt Allen, Executive Director of the Ward Center for Family Enterprises, stated: “In many instances, the following era of household companies can have witnessed their corporations evolve from a nascent stage to an unlimited and complicated current. This is why we now have launched what we name ‘transformative studying’, wherein we use revolutionary instructing methodologies to assist college students and their households to rethink how they’ll work collectively for the long run of their companies”.

The Global Family Business Summit takes place in opposition to a backdrop of the regular development in household companies, each globally and in Asia. Research from PwC printed final March confirmed that 71% of household companies reported development of their final monetary 12 months, whereas the quantity of household workplaces primarily based in Singapore has elevated exponentially lately.

Dr. J. Satrijo Tanudjojo, Global CEO of Tanoto Foundation, stated: “This dramatic development in household companies highlights the necessity for persevering with scholarship and analysis on this space. There’s an growing want for training targeted on household enterprise methods, governance, and succession to make sure the sustainable enlargement of household companies for future generations”.

In 2021, Tanoto Foundation made a donation of USD10 million to Northwestern University, renaming the Kellogg School of Management’s Center for Family Enterprises to the John L. Ward Center for Family Enterprises, in honour of Clinical Professor Emeritus John L. Ward, who served as co-director of the middle for practically 20 years and was one of the primary students to place science behind the sphere of household enterprise.