Maximizing the Unique Competitive Advantage of Your Client's Family Business: Defining and Building on "Familiness Advantage"
Do your family business clients have a real competitive
advantage? Many family firms think they have a competitive advantage,
when in fact, they do not - alternatively, others fail to recognize where they
do indeed have an advantage.
This session will explore how your clients can identify and
utilize its "Familiness Advantage” to compete and win – whether the competition
comes from a local competitor, a "big box” or China. We will use a case study discussion of home
improvement business that is faced with sudden direct competition from Home
Depot. In the midst of this struggle,
the family learns how to identify and leverage their unique competitive
advantage – and in doing so, learned to view itself not just as a "home
improvement” family, but also as an economic unit.
Key takeaways will include:
Understanding your client’s "Familiness” advantages
Helping your client identify its potential
The Resource Based View of the firm as a
strategic planning tool in family businesses
Understanding the requirements for continuing a
legacy of entrepreneurial behaviorAbout the Presenters:
Michael N. McGrann, Executive Director, S. Dale High Center for Family Business at Elizabethtown College
Mike McGrann is Executive Director of the S. Dale High
Center for Family Business at Elizabethtown College, a resource for family
businesses in Central Pennsylvania, now in its 16th year of operation, with 50
member family businesses. The High Center focuses on strategic ownership and management
practices of family firms, paying particular attention to entrepreneurial
strategy to sustain the family business as an "economic unit” across
generations. McGrann also conducts seminars for family businesses, executive
education programs, and personalized educational workshops for family groups
around the world. He both teaches and coaches in the areas of entrepreneurship,
new venture creation, and family enterprising, helping family businesses continue
their legacy of entrepreneurship.
He teaches classes on entrepreneurship, family enterprising
and new venture creation at Elizabethtown College. He is also the founder of
The TELOS Group, a consulting services firm focused on family enterprising.
McGrann has lived and worked in the Dominican Republic,
Mexico, and Finland, and speaks Spanish fluently. He holds an undergraduate
degree in economics from Cornell, an MBA from Wharton School of Business, and an
MA in International Studies, also from the University of Pennsylvania.