Welcome to Grit & Growth’s masterclass on the complexities and opportunities of running a family business, featuring Peter Francis, Stanford Graduate School of Business lecturer. Peter provides practical strategies, tactics, and firsthand experiences of effective family business management.Peter Francis’ expertise in family businesses goes far beyond the theoretical — he invests in them, teaches a class on them, and is also the former CEO of a sixth-generation family business. So he understands both the advantages and complexities that come with families working together and transitioning from one generation to the next.Peter believes, and the statistics confirm, that family businesses have some significant advantages over their public counterparts, namely patient capital, speed of decision making, the ability to pursue unconventional strategies, and pride of ownership. But the complexities of family relationships and emotions can be challenging.Creating a culture that encompasses both family and business is essential. “ It's not what you say with your mouth, it's what you do with your feet. And so early on family leadership needs to make it crystal clear that that's the way it's going to operate, and then they need to operate that way. And I will tell you, what you do will outweigh what you say.”Top Six Masterclass TakeawaysMake sure to understand your ownership model, clearly defining who are your active vs. passive owners (you want more of the former.)Education, transparency, and communication are the top three “universal” antidotes for handling many of the issues that show up in family businesses, especially during times of transition.Separating business and family is essential — don’t bring business problems home and try to solve them in the “family room”.Bringing in an outside voice/advisor can be a huge help in matters of transition, especially when things get emotional. Which they almost always do.Getting independent directors is key to growth and success. Actually listening to what they have to say is even more important.Thinking ahead, before you’re actually ready for a transition, will be a big help, especially in the event of an unintended consequence, such as the death of a founder.Listen to Peter’s insights, advice, and strategies to help manage everything from success to succession in your family-run business.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Meet Naomi Kipkorir and Annette Kimitei, the mother-daughter team leading Senaca East Africa, and Peter Francis, lecturer at Stanford Graduate School of Business, and hear about finding success and navigating succession in a family run business.Family dynamics can be challenging, not to mention, emotional. But when you add in a business, things can get even more complicated. Especially when the entire family is involved. That’s the story behind Senaca EA, a private security company headquartered in Nairobi, Kenya. Founded by Naomi’s husband, an ex-policeman, the business started in 2002 as a side hustle and now it’s a full-time, all-in-the-family-of five affair.After a failed merger with a European company, the family literally came together to pull their company back from the brink. Thinking about family succession came next. And as Annette learned, “succession is not one event, it’s a process.” Formalizing corporate governance is key to that process, which for Senaca begins with introducing advisory board members that have skill sets the business is missing, and eventually independent directors.Peter Francis fully supports that plan. And he knows from experience; his family run business has been going for six generations. Peter uses that firsthand knowledge to teach a class called The Yin and Yang of Family Business Transition at Stanford. Because issues that arise in a family business can often turn emotional, Peter advises seeking outside expertise, and relying on education, transparency, and communication to handle tough issues.“If you're having a conversation about the business at home you might say, "you know what, we're home, we should be wearing our family hat, not our business hat". And then communication... I don't mean just communicating, but also learning how to communicate. That is a muscle that we can strengthen in the family.”Listen to Naomi and Annette’s family story and Peter’s business insights to help think about your own company’s succession and governance plans.Links:Senaca East Africa: https://senacaworld.comAnnette Kimitei: https://www.linkedin.com/in/annette-kimitei-70594249/?originalSubdomain=kePeter Francis: https://www.gsb.stanford.edu/faculty-research/faculty/peter-t-francisStanford Seed: https://www.gsb.stanford.edu/seedResources:Poza, E. & Daugherty, M. (2014). Family Business, 4th Edition. Mason, OH: South-Western Centage Learning,Gersick, K., Davis, J., Hampton, M. & Lansberg, I. (1999). Succeeding Generations: Realizing the Dream of Families in Business, Boston, MA: Harvard Business School PressWard, J. L. (2004), Perpetuating the Family Business: 50 Lessons Learned from Long-Lasting Successful Families in Business, New York, NY: Palgrave MacmillanMontemerlo, D. & Ward, J. (2011). The Family Constitution: Agreements to Secure and Perpetuate Your Family and Your Business. Family Business Leadership Series, No. 20, Marietta, GA: Family Enterprise PublishersSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Hear the story of Dr. Shuchin Bajaj, a doctor, and entrepreneur who set out to provide affordable, quality health care in rural India and found himself on the front lines of the pandemic through his network of 15 hospitals. From encountering multiple supply chain disruptions to motivating his team and building a 1,000-bed, no-cost, Covid treatment center in a matter of weeks, Dr. Bajaj has moved mountains to save lives. Leaders across India and in emerging markets globally will find his reflections valuable, both now, and when/if they find themselves at the center of a second or third wave.  Resources:Volunteer for Project StepOne: https://projectstepone.org/join-us/Donate to Project StepOne: https://projectstepone.org/donate/#Stanford Center for Innovation in Global Health: https://globalhealth.stanford.edu/covid-19/resources-for-the-covid-19-crisis-in-india.html/Stanford Seed: https://www.gsb.stanford.edu/seedSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Welcome to Grit & Growth’s masterclass on raising capital, featuring Zach George, general partner at Launch Africa Ventures and co-founder of Startup Bootcamp Africa. Zach provides honest, practical advice on what founders really need to focus on to attract and secure the right investors.Zach George has been investing on the African continent for over 10 years, but his advice to entrepreneurs at any stage of the funding journey — from pre-seed to Series C — is universal.After earning a master's at Stanford University, a short holiday to see the World Cup in 2010 led Zach to make Capetown, South Africa his home. Today, he is a general partner at one of the largest Pan-African specialist seed venture capital funds with $15 million in funding and investments in 50 - 60 of the largest or most prominent tech founders in the continent. So, he understands what investors are looking for and what makes founders stand out from the crowd.Top Six Masterclass Takeaways1. Ask for advice early, while you’re building the business. As the old adage goes: if you ask for advice you may get some money; if you ask for money, you may get some advice.2. Know your market and your competition really, really well.3. Articulate your value proposition. Before you even think about asking for money.4. Perform due diligence on potential investors. Know their mandate, strategy, portfolio performance, and how you can add value.5. Look for investors who add significantly more than just capital, including help with customer acquisition, recruitment, and talent sourcing. “Smart founders have learned to say no to investors that don't add any of that value.”6. Spend more time on operations than raising funds. Especially in the early rounds.Listen to Zach’s investor insights, founder advice, and capital-raising strategies to help grow and fund your own company.Resources:Launch Africa Ventures: https://www.launchafrica.vc/Zach George: https://www.linkedin.com/in/zachariahgeorge/?originalSubdomain=zaCrossing the Chasm (book): https://en.wikipedia.org/wiki/Crossing_the_ChasmStanford Seed: http://stanfordseed.co/GritSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Meet Likitha Maddukuri, CEO and co-founder of Terra Greens, and Baba Shiv, Stanford Graduate School of Business Professor of Marketing, and hear how unprecedented adversity can create incredible opportunity … when you have the right mindset.Running an organic produce business in India could be seen by many as challenging enough, but the pandemic of 2020 had other plans. With a national lockdown, supply chain disruptions, and a limited labor force, Likitha had to quickly figure out how to create a culture that would motivate and inspire her employees to not just survive, but to thrive.Creating a culture of gratitude, constant communication, and showing up for each other were her keys to success. “For the first time I had to sell the business and the vision to my people and make them believe that we will emerge stronger.”Professor Shiv, an expert in neuroeconomics and decision making, discusses how Likitha’s innovative mindset made all the difference — approaching challenges with a desire for opportunity rather than a fear of failure. Listen to Likitha’s story and Professor Shiv’s guidance and get inspired.Resources:Stanford Seed: http://stanfordseed.co/GritSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Meet Faraz Ramji, founder of Norda Industries and Mindfulness Coach, and Dr. Leah Weiss, Stanford Graduate School of Business lecturer, to hear why mindfulness and emotional intelligence should be part of every entrepreneur’s skillset.In 2017 a factory fire changed everything for Faraz and his team at Norda, a snack food company based in Nairobi, Kenya. Rebuilding the business required more than Faraz ever imagined, most importantly bringing his personal mindfulness practice to work.“I don't want to make it sound like mindfulness is a panacea for everything. I just think it helped me personally, as a leader to be more grounded, to be more objective, to genuinely acknowledge the emotion which was coming up and not suppress or deny it, but genuinely feel it and then be able to use some of that data to drive my decision-making.”Dr. Weiss spends a lot of her time thinking about mindfulness as a researcher, lecturer, consultant, entrepreneur, and author. She teaches “Leading with Mindfulness and Compassion” at Stanford Graduate School of Business and is founding faculty at Stanford’s Compassion Institute. But Dr. Weiss advises that mindfulness isn’t’ simply about meditation, it’s about the intentional use of attention which is essential for leaders. Listen to Faraz’s story and Dr. Weiss’s guidance so you can breathe easier.Resources:Faraz Ramji: https://www.linkedin.com/in/faraz-ramji-01700a25Stanford Seed: http://stanfordseed.co/GritSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Meet Arun Iyer, CEO of Alpha Direct Insurance Company, and Zach George, general partner at Launch Africa Ventures, and learn what it takes to transition your funding from friends and family to angel investors and venture capital.Like most entrepreneurs, Arun relied on friends and family to get his Botswana-based insurtech company off the ground. But bringing insurance to the masses — both within Botswana and across the region — required more substantial sums. And thinking small was preventing him from making it big.“I believed that only these three people would finance my business. Today, I'm raising money from funds that are located across the world. You know, part of our pre-series A was a fund from Switzerland, Launch Africa Ventures is in. So, now the whole world has been opened up. And technically you can do that at any stage, there's nothing preventing you. The only thing that was preventing us from doing it was my mindset. And once I removed that self-doubt, now the world became my oyster.”Arun learned that building relationships based on mutual trust is key to securing capital. And Zach George agrees … along with what he calls the ‘napkin test’. Zach looks for founders who can explain in just a few minutes how they plan to get to $100 million. “The majority of founders can never do that. They fail miserably at it, or they'll say, "hey, can I open up my spreadsheet or I'll talk to my CFO". If you give me the, 'let me talk to my CFO', you've lost me.”Listen to Arun’s capital raising strategies and Zach’s investor insights to help fund and grow your own company.Resources:Alpha Direct, Botswana: https://www.alphadirect.co.bw/Stanford Seed: http://stanfordseed.co/GritSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Introducing: Grit & Growth with Stanford Graduate School of BusinessIn this new podcast from Stanford Graduate School of Business, travel across Africa and South Asia to meet some of the region’s most intrepid and inspiring entrepreneurs as they share stories of trial and triumph.Host Darius Teter also interviews Stanford University faculty and global business experts who provide insights, guidance, and practical tips to help you succeed on your own entrepreneurial journey.Learn more at: https://www.gsb.stanford.edu/seedSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.