Preparing For�A New Normal
OSU Center for Family Enterprise
An Interview Presentation by Mike Williams April 24, 2020
CHALLENGE�
Preparing For A New Normal
Mike Williams
CRITERIA
RESEARCH
INTEGRATION
CONTENT
NIMBLENESS
COMMUNITY
RELEVANCE
PROGRAM �VISION
How is the program preparing stakeholders for A New Normal for family businesses?
Is the program structured to easily pivot as audience needs change?
Preparing For A New Normal
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Does the research complement the education and outreach efforts of the school and center?
Does the program provide unique opportunities to connect with specific stakeholders?
Critical elements considered while examining other programs
COMPARISONS
The Initiative for Family Business & Entrepreneurship
Saint Joseph’s
University
Institute for
Family Entrepreneurship
Babson
College
After my review of the 115 �US programs listed on the Family Firm Institute website, �Saint Joseph’s University and Babson College proved to be the best sources of useful information for creation of my action concept for the OSU Center for Family Enterprise.
Interesting
Programs
Preparing For A New Normal
Initiative for �Family Business and Entrepreneurship�
1
Learning Community
2
Social Networking Community
3
Leadership Community
Institute for Family�Entrepreneurship�
1
Thought Leadership
2
Preparation for the future
3
Expansive Programming
Elements to build upon include:
Goals for the program include:
Strengths
Aspirations
Targets of opportunity include:
What we will accomplish in 2020-21
Opportunities
Results
Preparing For A New Normal
A SIMPLE STRATEGY
Preparing For A New Normal
Make NEXTGEN
Research, Education and Outreach �Hallmarks of the OSU Center for Family Enterprise
NEXTGEN leadership is the academic and educational environment most ready for entrepreneurial expansion
A Discovery
Succession is critical to family business ownership, but each new generation is less inclined to stay the course
The Problem
AUDIENCE
NEXTGEN – Anxious and Accessible
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Source: PwC’s Global NextGen Survey 2019
Preparing For A New Normal
24% Say their business is worse than others at using technology effectively
40% Believe their business is about the same as competitors
90% Stress that being “fit for the digital age” will require significant change in the family business.
How NextGens see their family business
CONCEPT�EXECUTION
Month 9
Month 10
Month 11
Month 12
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
10
Planning – Next content and programming
Additions to workshop calendar and certificate partnerships
Project Part I
Project Part II
Project Part III
Research & Briefing – OSU and COB administration
Design & Development – Research and curriculum
Initial Public Outreach – Online and F2F, one to one and many to many
Design – Courses and programs for Spring 2021
Marketing – Dual audience strategy, NextGen and Legacy target groups and audience specific content
Review – End of Fall 2020
Briefing – OSU and COB Administration, report to COB faculty, staff, students
Develop & Launch – Audience responsive workshops
Development – External Communications and Internal Communication (COB)
Assessment
Publish research
white papers, expand marketing
Preparing For A New Normal
Determination – Potential for paid membership
Aggregate – Survey and interview information
Analyze –Audience reach, traffic, financials, etc.
Review and Revision –
Zoom in – Zoom out planning for 2021 and beyond
EOY Report
A 12-month plan to bring the �Center for Family Enterprise online
and raise community awareness
WORKFLOW
Development
(sequenced as appropriate)
Gather evidence and examples to support plan vision and provide design direction
Design
Research
Launching
Review
Establish research priorities, identify critical stakeholders, initiate certificate planning and build partnerships
Create branding, messaging, schedule-build initial content and online programs, approve budget, orient faculty and staff, share with advisory board, COB administration, extend development of certificate(s) strategy and revise any as needed
New webspace populated and live by fall term, promotion for program registrations, course(s) offered, open house information week, blogs written, full communication plan in place
Assessment criteria applied to generate monthly program progress and budget summary, end of academic term report and annual presentation to stakeholders
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Steps to achieving concept success
Preparing For A New Normal
METRICS
Research
OR1 – Expand Transgenerational Research
KR – Produce monthly NEXTGEN publication�(non-journal) - Spring 2021
KR – Support NEXTGEN focus with annual faculty and student money award
OR2 – Produce Regular Literature Review
KR – Quarterly aggregation of new family enterprise research
KR – Support NEXTGEN focus with annual faculty and student seed money award
OR3 – C NEXTGEN National Symposium
KR – Plan for Spring 2021 research conference live and streamed
KR – Attendance goal of 250 registration
Responding to Succession Change
Building Flexible Continuity
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Preparing For A New Normal
Outreach
Education
Initial Objectives and Key Results for proposal success
Embracing Innovative Pivots
OE1 –NEXTGEN Leadership Certificate
KR – Interdisciplinary team develops program outcomes and curriculum
KR – Move proposal through channels for approval by end of Spring 2021
OE2 – Center for Family Enterprise Website
KR – NEXTGEN education a primary section of site launch by September 2020
KR – Establish bi-monthly topical blog by launch
OE3 – Design NEXTGEN Innovation Course
KR – Build online course to improve innovation and pivot tolerance in family business
KR – Course approval in Fall 2020 offering through Ecampus in Spring 2021
OO1 – Survey Family Business Leaders
KR – Identify information needs, include NEXTGEN intent – Fall 2020
KR – Present analysis to public through streamed online conference – Spring 2021
OO2 – Create Peer Support Channel
KR – Opt-in membership channel available on Center website – 100 by end of Fall 2020
KR – Publish NEXTGEN best practice strategies monthly on FEC website -– Fall 2020
OO3 – Connect, Converse, Collaborate
KR – Continue AFBP effort. Content schedule by Fall 2020
KR – Conduct program each month by Jan. 2021
IMPACT
Preparing For A New Normal
Concept�Metrics | Revenue �$ est. | Expenditure ($) est. | Impact |
Research | |||
OR1 - Expand research | $0 | ($10,000) | ($10,000) |
OR2 – Lit. review publish | $0 | ($3,500) | ($3,500) |
OR3 – NEXTGEN symposium | $25,000 | ($10,000) | $15,000 |
Education | |||
OE1 – NEXTGEN certificate | $0 | $0 | $0 |
OE2 – Web revise/update | $0 | $0 | $0 |
OE3 – NEXTGEN course | $0 | $0 | $0 |
Outreach | |||
OO1 – Stakeholder survey | $0 | $0 | $0 |
OO2 – Peer support channel | $50,000 | ($5,000) | $45,000 |
OO3 – New webinar emphasis | $0 | ($5,000) | ($5,000) |
TOTAL | $75,000 | ($33, 500) | $41,500 |
Projected impact based on revenue generated from participation fees for symposium, and peer support channel.
Expenditures based on OSU 2019 base for research support, graduate assistants, incidentals for symposium, honoraria for peer support and webinar guest presenters.
Concept Estimates
SUMMARY
The goal of this concept and my work is to lead the Center to steady program growth for its stakeholder success
Sustain
Expansion
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Nurture
Alliances
Discover Partners
Begin
Fast
With the launch of the OSU Center for Family Enterprise, the College of Business can offer its students and stakeholders the most forward-looking NEXTGEN programming in support of the rise and innovative success of the youngest leaders of family business
The most important stakeholders are those who come to the table with us, sharing in our future
After finding the coffee, my primary goal
will be building the networks critical to the Center and College goals
From Day One, my vision is to the future and my efforts always aimed toward leading the team forward
Preparing For A New Normal
QUESTIONS?
Thank You��Mike Williams
“Some people dream of success, �while other people get up every morning and make it happen.”
Wayne Huizenga
Preparing For
A New Normal
OSU Center for Family Enterprise