web02.fireside.fm Sat, 02 May 2026 05:53:59 -0500 Fireside (https://fireside.fm) The Business of Family - Episodes Tagged with “Sixth Generation” https://www.businessoffamily.net/tags/sixth%20generation Mon, 21 Dec 2020 19:00:00 +1000 Mike Boyd interviews successful families and their advisors to learn how they steward their wealth across generations, managing succession issues to "keep it in the family". Very few family businesses do the work and even fewer make it beyond the third generation. Follow along to learn about family governance structures, family office investing, succession planning and raising happy, healthy and enterprising children of wealth. Learn more and subscribe: https://www.businessoffamily.net/ Follow Mike on Twitter: https://twitter.com/MikeBoyd en-us episodic Multigenerational wealth creation involves so much more than just capital accumulation. The most successful families cultivate and collect values, stories, knowledge and resources to pass on to the next generation. The systems and processes to do this are very intentional. Very few do the work and even fewer make it beyond the 3rd generation. Find out how with The Business of Family. Mike Boyd Mike Boyd interviews successful families and their advisors to learn how they steward their wealth across generations, managing succession issues to "keep it in the family". Very few family businesses do the work and even fewer make it beyond the third generation. Follow along to learn about family governance structures, family office investing, succession planning and raising happy, healthy and enterprising children of wealth. Learn more and subscribe: https://www.businessoffamily.net/ Follow Mike on Twitter: https://twitter.com/MikeBoyd no succession, multi-generational wealth, family office, dynasty, legacy, stewardship, next generation, business, family wealth, investing, FO, wealth, investing, inheritance, legacy, heirs, Mike Boyd podcastrss@mikeboyd.com.au Val & Annie Hollingsworth - 7th Gen Hollingsworth & Vose - Manufacturing Innovation Since 1728 [The Business of Family] http://www.businessoffamily.net/hollingsworth-vose 4ac19b5a-ba1a-4f5a-b0c1-50572662e138 Mon, 21 Dec 2020 19:00:00 +1000 Mike Boyd full 1 Mike Boyd Val Hollingsworth has served as President of Hollingsworth & Vose Companysince January 1997, and added the title of Chief Executive Officer in January 1998. Annie was elected to the H&V Board of Directors in 1997. She currently serves on the Nominating & Governance and the Executive Compensation committees of the Board. 1:02:56 no It's not often we get to hear from a 7th generation American manufacturing family with a company that dates back to 1728 and in their family since 1793. The Hollingsworth & Vose Company (https://www.hollingsworth-vose.com/en/Company/Company-History/) is a technical manufacturer with a rich history of R&D and innovation. Here to share their story with us are Val & Annie Hollingsworth, first cousins and both members of the 6th generation, stewarding this incredible and impactful company to the next generation. Val Hollingsworth has served as President of Hollingsworth & Vose Company (https://www.hollingsworth-vose.com/) since January 1997, and added the title of Chief Executive Officer in January 1998. He began in operations, working as a Shift Supervisor and as a Production Manager, then held a series of manufacturing, sales, and marketing positions. He served as Mill Manager of our West Groton Mill and General Manager of the Battery Separator Business Unit. While the majority of his career has been at H&V, he also spent two years in the Investment Banking Division at Lehman Brothers in New York. Val earned a BA from the University of Pennsylvania, and an MBA from Dartmouth's Tuck School of Business. Annie Hollingsworth was elected to the H&V Board of Directors (https://www.hollingsworth-vose.com/) in 1997. She currently serves on the Nominating & Governance and the Executive Compensation committees of the Board. Prior to joining the Board, Annie worked at H&V starting in 1984. She held several positions in Sales and Marketing including Product Manager, Battery Separator and Marketing Manager, Nonwovens. She was instrumental in getting H&V into the battery separator business. Annie’s father, Mark was the CEO of H&V from 1963 – 1983. Standout Quotes: * "Our company's history has been one of finding new and more technically oriented products in order to replace products that are maturing and obsolescing… Because the family had so much invested in this, we couldn't take the risk of being obsolete" - [Val Hollingsworth] * "If you're trying to optimize profitability, which we all are, how do you start to invest in things that may cannibalize an already existing product?" - [Val Hollingsworth] * "If we could be a good company.... that would attract good people, those good people would do good work" - [Val Hollingsworth] * "Ultimately, you have to trust other people to become the real experts and get in-depth, so it's more a matter of helping find and develop the right people and giving them what they need" - [Val Hollingsworth] * "There has always been an unwritten ethic of having to go the extra mile if you're from the family and you're in the business" - [Val Hollingsworth] * "If the family can contribute in helping set the right tone, and helping nurture the sense of purpose and values that are relevant, both for the family and ultimately for the company… that's invaluable in creating the atmosphere and dynamic that attracts good people" - [Val Hollingsworth] * "Be a good steward, Don't take it for granted" - [Val Hollingsworth] Key Takeaways: * Annie highlights that the company's resilience over the decades comes from a strong focus on customer relationships as well as Research and Development. * Val notes a conscious intent in the company from the beginning to continually reinvest, describing some of the intricate planning involved in the company's production line. * The business tries to keep up with a mantra of having the best product in the market, a better one in customer evaluation, and an even better one in the labs. * Val also describes the role of the workers in building the company's resilience, stressing the importance of having and keeping good people. * Trusting the employees plays a vital role in creating a balance for Annie and Val, between having knowledge of the technical expertise required in the family business and the job of stewardship. * Unlike Annie's Father who had to step up to the needs of the company without having much of a choice, Val and Annie were not under any pressure and joined purely out of interest. * The challenge for the older generation (6th generation) is to be open to change, to understand the important things that can make the company relevant to the next generation, and to know how to communicate with them. * Annie shares that she would encourage her kids to pursue their passion, as there are many ways to be a good family member or stockholder, but to ensure they continue to honor the company. * Val points out that with good stewardship, the family business could give meaningful contribution to the world. Episode Timeline: * [00:49] Meet Val and Annie Hollingsworth, as they share the early origins of their family business dating back to the late 1700s * [07:17] What is it about this company that has allowed it to remain so resilient for so many years? * [14:55] Val points out that the business also has multiple generations of employees * [16:42] Can you share some of the more notable products that the company is known for manufacturing today? * [22:14] Annie and Val each highlight events leading up to their entrance into the company and the journey so far. * [29:35] How do you balance understanding the depth of the technical expertise in the business with your stewardship role as a family member? * [33:33] Some of the strategies employed in keeping all the various stakeholders up to date with happenings in the business * [39:04] The business has an associate development program that exposes workers to the different areas of the business so that they can make a good match. * [43:38] Val describes the role of non-family members in the success of the overall business. * [46:30] How does the governance side of the family business work? * [54:24] Does the family do anything to ensure that the business's history is documented over time? * [55:50] The future of Hollingsworth and Vose. * [59:44] Annie's letter to her children * [01:00:40] Val's letter to his children For more episodes go to BusinessOfFamily.net (https://www.businessoffamily.net/) Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter (https://www.businessoffamily.net/newsletter) Follow Mike on Twitter @MikeBoyd (https://twitter.com/MikeBoyd) If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes (http://getpodcast.reviews/id/1525326745), I receive a notification of each review. Thank you! Special Guests: Annie Hollingsworth and Val Hollingsworth. multi-generational wealth, family office, dynasty, legacy, succession, stewardship, next generation, business, family wealth, investing, FO, global citizen, nomad, taxation, wealth, portfolio manager, trader, real estate investor, multi-family, multifamily office, investor, inheritance, heirs, It's not often we get to hear from a 7th generation American manufacturing family with a company that dates back to 1728 and in their family since 1793. The Hollingsworth & Vose Company is a technical manufacturer with a rich history of R&D and innovation.

Here to share their story with us are Val & Annie Hollingsworth, first cousins and both members of the 6th generation, stewarding this incredible and impactful company to the next generation.

Val Hollingsworth has served as President of Hollingsworth & Vose Company since January 1997, and added the title of Chief Executive Officer in January 1998. He began in operations, working as a Shift Supervisor and as a Production Manager, then held a series of manufacturing, sales, and marketing positions. He served as Mill Manager of our West Groton Mill and General Manager of the Battery Separator Business Unit. While the majority of his career has been at H&V, he also spent two years in the Investment Banking Division at Lehman Brothers in New York. Val earned a BA from the University of Pennsylvania, and an MBA from Dartmouth's Tuck School of Business.

Annie Hollingsworth was elected to the H&V Board of Directors in 1997. She currently serves on the Nominating & Governance and the Executive Compensation committees of the Board. Prior to joining the Board, Annie worked at H&V starting in 1984. She held several positions in Sales and Marketing including Product Manager, Battery Separator and Marketing Manager, Nonwovens. She was instrumental in getting H&V into the battery separator business. Annie’s father, Mark was the CEO of H&V from 1963 – 1983.

Standout Quotes:

  • "Our company's history has been one of finding new and more technically oriented products in order to replace products that are maturing and obsolescing… Because the family had so much invested in this, we couldn't take the risk of being obsolete" - [Val Hollingsworth]
  • "If you're trying to optimize profitability, which we all are, how do you start to invest in things that may cannibalize an already existing product?" - [Val Hollingsworth]
  • "If we could be a good company.... that would attract good people, those good people would do good work" - [Val Hollingsworth]
  • "Ultimately, you have to trust other people to become the real experts and get in-depth, so it's more a matter of helping find and develop the right people and giving them what they need" - [Val Hollingsworth]
  • "There has always been an unwritten ethic of having to go the extra mile if you're from the family and you're in the business" - [Val Hollingsworth]
  • "If the family can contribute in helping set the right tone, and helping nurture the sense of purpose and values that are relevant, both for the family and ultimately for the company… that's invaluable in creating the atmosphere and dynamic that attracts good people" - [Val Hollingsworth]
  • "Be a good steward, Don't take it for granted" - [Val Hollingsworth]

Key Takeaways:

  • Annie highlights that the company's resilience over the decades comes from a strong focus on customer relationships as well as Research and Development.
  • Val notes a conscious intent in the company from the beginning to continually reinvest, describing some of the intricate planning involved in the company's production line.
  • The business tries to keep up with a mantra of having the best product in the market, a better one in customer evaluation, and an even better one in the labs.
  • Val also describes the role of the workers in building the company's resilience, stressing the importance of having and keeping good people.
  • Trusting the employees plays a vital role in creating a balance for Annie and Val, between having knowledge of the technical expertise required in the family business and the job of stewardship.
  • Unlike Annie's Father who had to step up to the needs of the company without having much of a choice, Val and Annie were not under any pressure and joined purely out of interest.
  • The challenge for the older generation (6th generation) is to be open to change, to understand the important things that can make the company relevant to the next generation, and to know how to communicate with them.
  • Annie shares that she would encourage her kids to pursue their passion, as there are many ways to be a good family member or stockholder, but to ensure they continue to honor the company.
  • Val points out that with good stewardship, the family business could give meaningful contribution to the world.

Episode Timeline:

  • [00:49] Meet Val and Annie Hollingsworth, as they share the early origins of their family business dating back to the late 1700s
  • [07:17] What is it about this company that has allowed it to remain so resilient for so many years?
  • [14:55] Val points out that the business also has multiple generations of employees
  • [16:42] Can you share some of the more notable products that the company is known for manufacturing today?
  • [22:14] Annie and Val each highlight events leading up to their entrance into the company and the journey so far.
  • [29:35] How do you balance understanding the depth of the technical expertise in the business with your stewardship role as a family member?
  • [33:33] Some of the strategies employed in keeping all the various stakeholders up to date with happenings in the business
  • [39:04] The business has an associate development program that exposes workers to the different areas of the business so that they can make a good match.
  • [43:38] Val describes the role of non-family members in the success of the overall business.
  • [46:30] How does the governance side of the family business work?
  • [54:24] Does the family do anything to ensure that the business's history is documented over time?
  • [55:50] The future of Hollingsworth and Vose.
  • [59:44] Annie's letter to her children
  • [01:00:40] Val's letter to his children

For more episodes go to
BusinessOfFamily.net

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

Follow Mike on Twitter @MikeBoyd

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guests: Annie Hollingsworth and Val Hollingsworth.

Sponsored By:

Links:

  • H&V - Hollingsworth & Vose — Hollingsworth & Vose Company (H&V) is a global manufacturer of nonwoven materials and engineered papers used in filtration, energy, and industrial applications. The firm is a privately held business founded in 1843; its headquarters are in East Walpole, Massachusetts, USA.
]]> It's not often we get to hear from a 7th generation American manufacturing family with a company that dates back to 1728 and in their family since 1793. The Hollingsworth & Vose Company is a technical manufacturer with a rich history of R&D and innovation.

Here to share their story with us are Val & Annie Hollingsworth, first cousins and both members of the 6th generation, stewarding this incredible and impactful company to the next generation.

Val Hollingsworth has served as President of Hollingsworth & Vose Company since January 1997, and added the title of Chief Executive Officer in January 1998. He began in operations, working as a Shift Supervisor and as a Production Manager, then held a series of manufacturing, sales, and marketing positions. He served as Mill Manager of our West Groton Mill and General Manager of the Battery Separator Business Unit. While the majority of his career has been at H&V, he also spent two years in the Investment Banking Division at Lehman Brothers in New York. Val earned a BA from the University of Pennsylvania, and an MBA from Dartmouth's Tuck School of Business.

Annie Hollingsworth was elected to the H&V Board of Directors in 1997. She currently serves on the Nominating & Governance and the Executive Compensation committees of the Board. Prior to joining the Board, Annie worked at H&V starting in 1984. She held several positions in Sales and Marketing including Product Manager, Battery Separator and Marketing Manager, Nonwovens. She was instrumental in getting H&V into the battery separator business. Annie’s father, Mark was the CEO of H&V from 1963 – 1983.

Standout Quotes:

  • "Our company's history has been one of finding new and more technically oriented products in order to replace products that are maturing and obsolescing… Because the family had so much invested in this, we couldn't take the risk of being obsolete" - [Val Hollingsworth]
  • "If you're trying to optimize profitability, which we all are, how do you start to invest in things that may cannibalize an already existing product?" - [Val Hollingsworth]
  • "If we could be a good company.... that would attract good people, those good people would do good work" - [Val Hollingsworth]
  • "Ultimately, you have to trust other people to become the real experts and get in-depth, so it's more a matter of helping find and develop the right people and giving them what they need" - [Val Hollingsworth]
  • "There has always been an unwritten ethic of having to go the extra mile if you're from the family and you're in the business" - [Val Hollingsworth]
  • "If the family can contribute in helping set the right tone, and helping nurture the sense of purpose and values that are relevant, both for the family and ultimately for the company… that's invaluable in creating the atmosphere and dynamic that attracts good people" - [Val Hollingsworth]
  • "Be a good steward, Don't take it for granted" - [Val Hollingsworth]

Key Takeaways:

  • Annie highlights that the company's resilience over the decades comes from a strong focus on customer relationships as well as Research and Development.
  • Val notes a conscious intent in the company from the beginning to continually reinvest, describing some of the intricate planning involved in the company's production line.
  • The business tries to keep up with a mantra of having the best product in the market, a better one in customer evaluation, and an even better one in the labs.
  • Val also describes the role of the workers in building the company's resilience, stressing the importance of having and keeping good people.
  • Trusting the employees plays a vital role in creating a balance for Annie and Val, between having knowledge of the technical expertise required in the family business and the job of stewardship.
  • Unlike Annie's Father who had to step up to the needs of the company without having much of a choice, Val and Annie were not under any pressure and joined purely out of interest.
  • The challenge for the older generation (6th generation) is to be open to change, to understand the important things that can make the company relevant to the next generation, and to know how to communicate with them.
  • Annie shares that she would encourage her kids to pursue their passion, as there are many ways to be a good family member or stockholder, but to ensure they continue to honor the company.
  • Val points out that with good stewardship, the family business could give meaningful contribution to the world.

Episode Timeline:

  • [00:49] Meet Val and Annie Hollingsworth, as they share the early origins of their family business dating back to the late 1700s
  • [07:17] What is it about this company that has allowed it to remain so resilient for so many years?
  • [14:55] Val points out that the business also has multiple generations of employees
  • [16:42] Can you share some of the more notable products that the company is known for manufacturing today?
  • [22:14] Annie and Val each highlight events leading up to their entrance into the company and the journey so far.
  • [29:35] How do you balance understanding the depth of the technical expertise in the business with your stewardship role as a family member?
  • [33:33] Some of the strategies employed in keeping all the various stakeholders up to date with happenings in the business
  • [39:04] The business has an associate development program that exposes workers to the different areas of the business so that they can make a good match.
  • [43:38] Val describes the role of non-family members in the success of the overall business.
  • [46:30] How does the governance side of the family business work?
  • [54:24] Does the family do anything to ensure that the business's history is documented over time?
  • [55:50] The future of Hollingsworth and Vose.
  • [59:44] Annie's letter to her children
  • [01:00:40] Val's letter to his children

For more episodes go to
BusinessOfFamily.net

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

Follow Mike on Twitter @MikeBoyd

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guests: Annie Hollingsworth and Val Hollingsworth.

Sponsored By:

Links:

  • H&V - Hollingsworth & Vose — Hollingsworth & Vose Company (H&V) is a global manufacturer of nonwoven materials and engineered papers used in filtration, energy, and industrial applications. The firm is a privately held business founded in 1843; its headquarters are in East Walpole, Massachusetts, USA.
]]> Tim Cosulich – 6th Generation CEO of Italian Family Business [The Business of Family] http://www.businessoffamily.net/tim-cosulich e16afea3-b77b-424d-bce7-c258453eefe8 Sat, 01 Aug 2020 10:15:00 +1000 Mike Boyd full 1 Mike Boyd Tim is the sixth generation CEO of Fratelli Cosulich an Italian shipping group established in 1857. Across more than 160 years, the Cosulich family have utilised a unique system of family governance to ensure the business survives and prospers from generation to generation. 46:19 no Fratelli Cosulich utilises a unique system of family governance to ensure the business survives and prospers from generation to generation. It’s not often we get to hear from a 6th generation family business so I am so excited to share this conversation with the audience today. Implementing family governance rules that “protect the business from the family” has worked out well for Fratelli Cosulich who have successfully transitioned and prospered for six generations. In this episode, we welcome Tim Cosulich, Tim is the sixth generation CEO of Fratelli Cosulich (https://www.cosulich.com/), an Italian shipping group established in 1857. Across more than 160 years, the Cosulich family has seen numerous changes and weathered many challenges. The Group is involved in most aspects of the shipping industry, has a global footprint across 18 countries, more than 1,000 employees and an annual turnover of 1.8bn USD. Tim explains why the performance of his family business during World War I and World War II cannot be compared with the current pandemic due to the differences in management and time. He talks about the importance of having family values that are translated into the leadership of the family business while still protecting it. Listen in to learn the process of hiring family members to be part of a generational family business without promoting conflicts of interest. You will also learn the non-meritocratic governance strategy that is good for the overall success of a family business even with its shortcomings. Key Takeaways: * Factors that contribute to the success of a family business * How to keep a valuable relationship between a family business and the founding family * How to remove the conflict of interest when hiring family members to become part of the business * The advantage of building an effective leadership style that ensures all family leaders operate as a team * How to come up with a structure that helps “protect the business from the family” Standout Quotes: * “When we select the next generations, it is important that we focus on those who are motivated by similar things and not necessarily by money.”- Tim Cosulich [14:43] * “I don’t think the business must be run by family members; I think the business must be run by the best people.”- Tim Cosulich [29:13] * “If you invest in the wrong businesses, you can destroy your business.”- Tim Cosulich [38:22] * “If I think about my own life and when and where did I really grow and learn things, it’s mostly in my failures, not my successes.”- Tim Cosulich [44:11] Episode Timeline: * [0:04] Intro * [2:10] Tim narrates the resilient history of his family company that has overcome many challenges. * [5:38] The impact of the Coronavirus on the shipping business and how they’re handling it. * [7:24] Why leading by example in a family company is a powerful message as opposed to written values. * [9:11] He explains why his company’s style of governance ensures the company is protected. * [11:47] How Fratelli Cosulich keeps its principles and relationship with the family. * [15:59] He explains the process they use in hiring family members and how they were able to eliminate unnecessary rules. * [19:13] The unique leadership structure that helps the business run smoothly. * [25:30] The strengths and weaknesses of a non-meritocratic system of leadership that is exercised at Fratelli Cosulich. * [28:37] Tim paints a possible scenario that would occur if future generations don’t want any involvement with the family business. * [30:44] Why Fratelli Cosulich has two sets of founders- the ones who founded the physical business and the ones who founded a structure to protect the company. * [36:16] He explains the advantages and disadvantages of the company’s culture of reinvesting with caution. * [38:40] Why they do not talk about business at home. * [43:52] Why Tim wishes minor failures and the spirit of learning for his children in the future. Relevant Links: * Fratelli Cosulich (https://www.cosulich.com/) For more episodes go to BusinessOfFamily.net (https://www.businessoffamily.net/) Sign up for The Business of Family Newsletter at newsletter.mikeboyd.com.au (http://newsletter.mikeboyd.com.au/) Follow Mike on Twitter @MikeBoyd (https://twitter.com/MikeBoyd) If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes (http://getpodcast.reviews/id/1525326745), I receive a notification of each review. Thank you! Special Guest: Tim Cosulich. multi-generational wealth, family office, dynasty, legacy, succession, stewardship, next generation, business, family wealth, investing, FO, global citizen, nomad, taxation, wealth, portfolio manager, trader, real estate investor, multi-family, multifamily office, investor, inheritance, heirs, Fratelli Cosulich utilises a unique system of family governance to ensure the business survives and prospers from generation to generation. It’s not often we get to hear from a 6th generation family business so I am so excited to share this conversation with the audience today.

Implementing family governance rules that “protect the business from the family” has worked out well for Fratelli Cosulich who have successfully transitioned and prospered for six generations.

In this episode, we welcome Tim Cosulich, Tim is the sixth generation CEO of Fratelli Cosulich, an Italian shipping group established in 1857. Across more than 160 years, the Cosulich family has seen numerous changes and weathered many challenges. The Group is involved in most aspects of the shipping industry, has a global footprint across 18 countries, more than 1,000 employees and an annual turnover of 1.8bn USD.

Tim explains why the performance of his family business during World War I and World War II cannot be compared with the current pandemic due to the differences in management and time. He talks about the importance of having family values that are translated into the leadership of the family business while still protecting it.

Listen in to learn the process of hiring family members to be part of a generational family business without promoting conflicts of interest. You will also learn the non-meritocratic governance strategy that is good for the overall success of a family business even with its shortcomings.

Key Takeaways:

  • Factors that contribute to the success of a family business
  • How to keep a valuable relationship between a family business and the founding family
  • How to remove the conflict of interest when hiring family members to become part of the business
  • The advantage of building an effective leadership style that ensures all family leaders operate as a team
  • How to come up with a structure that helps “protect the business from the family”

Standout Quotes:

  • “When we select the next generations, it is important that we focus on those who are motivated by similar things and not necessarily by money.”- Tim Cosulich [14:43]
  • “I don’t think the business must be run by family members; I think the business must be run by the best people.”- Tim Cosulich [29:13]
  • “If you invest in the wrong businesses, you can destroy your business.”- Tim Cosulich [38:22]
  • “If I think about my own life and when and where did I really grow and learn things, it’s mostly in my failures, not my successes.”- Tim Cosulich [44:11]

Episode Timeline:

  • [0:04] Intro
  • [2:10] Tim narrates the resilient history of his family company that has overcome many challenges.
  • [5:38] The impact of the Coronavirus on the shipping business and how they’re handling it.
  • [7:24] Why leading by example in a family company is a powerful message as opposed to written values.
  • [9:11] He explains why his company’s style of governance ensures the company is protected.
  • [11:47] How Fratelli Cosulich keeps its principles and relationship with the family.
  • [15:59] He explains the process they use in hiring family members and how they were able to eliminate unnecessary rules.
  • [19:13] The unique leadership structure that helps the business run smoothly.
  • [25:30] The strengths and weaknesses of a non-meritocratic system of leadership that is exercised at Fratelli Cosulich.
  • [28:37] Tim paints a possible scenario that would occur if future generations don’t want any involvement with the family business.
  • [30:44] Why Fratelli Cosulich has two sets of founders- the ones who founded the physical business and the ones who founded a structure to protect the company.
  • [36:16] He explains the advantages and disadvantages of the company’s culture of reinvesting with caution.
  • [38:40] Why they do not talk about business at home.
  • [43:52] Why Tim wishes minor failures and the spirit of learning for his children in the future.

Relevant Links:

For more episodes go to
BusinessOfFamily.net

Sign up for The Business of Family Newsletter at newsletter.mikeboyd.com.au

Follow Mike on Twitter @MikeBoyd

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Tim Cosulich.

Sponsored By:

]]> Fratelli Cosulich utilises a unique system of family governance to ensure the business survives and prospers from generation to generation. It’s not often we get to hear from a 6th generation family business so I am so excited to share this conversation with the audience today.

Implementing family governance rules that “protect the business from the family” has worked out well for Fratelli Cosulich who have successfully transitioned and prospered for six generations.

In this episode, we welcome Tim Cosulich, Tim is the sixth generation CEO of Fratelli Cosulich, an Italian shipping group established in 1857. Across more than 160 years, the Cosulich family has seen numerous changes and weathered many challenges. The Group is involved in most aspects of the shipping industry, has a global footprint across 18 countries, more than 1,000 employees and an annual turnover of 1.8bn USD.

Tim explains why the performance of his family business during World War I and World War II cannot be compared with the current pandemic due to the differences in management and time. He talks about the importance of having family values that are translated into the leadership of the family business while still protecting it.

Listen in to learn the process of hiring family members to be part of a generational family business without promoting conflicts of interest. You will also learn the non-meritocratic governance strategy that is good for the overall success of a family business even with its shortcomings.

Key Takeaways:

  • Factors that contribute to the success of a family business
  • How to keep a valuable relationship between a family business and the founding family
  • How to remove the conflict of interest when hiring family members to become part of the business
  • The advantage of building an effective leadership style that ensures all family leaders operate as a team
  • How to come up with a structure that helps “protect the business from the family”

Standout Quotes:

  • “When we select the next generations, it is important that we focus on those who are motivated by similar things and not necessarily by money.”- Tim Cosulich [14:43]
  • “I don’t think the business must be run by family members; I think the business must be run by the best people.”- Tim Cosulich [29:13]
  • “If you invest in the wrong businesses, you can destroy your business.”- Tim Cosulich [38:22]
  • “If I think about my own life and when and where did I really grow and learn things, it’s mostly in my failures, not my successes.”- Tim Cosulich [44:11]

Episode Timeline:

  • [0:04] Intro
  • [2:10] Tim narrates the resilient history of his family company that has overcome many challenges.
  • [5:38] The impact of the Coronavirus on the shipping business and how they’re handling it.
  • [7:24] Why leading by example in a family company is a powerful message as opposed to written values.
  • [9:11] He explains why his company’s style of governance ensures the company is protected.
  • [11:47] How Fratelli Cosulich keeps its principles and relationship with the family.
  • [15:59] He explains the process they use in hiring family members and how they were able to eliminate unnecessary rules.
  • [19:13] The unique leadership structure that helps the business run smoothly.
  • [25:30] The strengths and weaknesses of a non-meritocratic system of leadership that is exercised at Fratelli Cosulich.
  • [28:37] Tim paints a possible scenario that would occur if future generations don’t want any involvement with the family business.
  • [30:44] Why Fratelli Cosulich has two sets of founders- the ones who founded the physical business and the ones who founded a structure to protect the company.
  • [36:16] He explains the advantages and disadvantages of the company’s culture of reinvesting with caution.
  • [38:40] Why they do not talk about business at home.
  • [43:52] Why Tim wishes minor failures and the spirit of learning for his children in the future.

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Special Guest: Tim Cosulich.

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