 Welcome to the fifth annual UVM Global Family Enterprise Case Conference. I request silence from the observers. Please drop yourself on now. At this time, I would like to ask the judges to introduce themselves as they remain in affiliation. Can I please request the lead judge to start the introduction? Thank you. I'm Judy Green. I'm the president of the Family Perm Institute. We're located in Boston with 1,800 members in 80 countries. Hi, I'm Robin Tauk. I'm an owner and former co-president and CEO of Tauk Inc. We're a 92-year family business in high-end travel. We operate in about 85 countries. Hi, I'm Tom Wehring, CEO of Family and Business Directions from Buffalo, New York. My name is Matthias Nordquist. I'm a professor and director of a research center on family business at Jönköping University in Sweden. And I'm also an advisor to family businesses. Adam Eftchen, I'm the CEO of DLC Management in Tarrytown, New York. Hi, these are stages. CEO of C-Fix 5 Services Limited, India. I would like to introduce the team from Syracuse University. We're in school of management. The team will have 20 minutes to present. A 20-minute timer is located in the front of the room on my left. At 20 minutes, I will stand indicating the end time of this presentation. You may take up the 30 seconds to complete your last sentence. And I'll show up 30 seconds by your speaker. I'm just going to have 10 minutes to ask questions of the presenting team. I will signal with a sign of one minute is left. The team from Syracuse University, Whitton School of Management may begin the presentation. Good afternoon. Good afternoon. We quickly united to share the mission of promoting silk because of our passion for it. We offer and we thank you all for inviting the Whitman Consulting Agency here today. Chen, Tu, Li and the rest of the owners, thank you so much. Now we are under the assumption that it is 2015. We've prepared our recommendations, solutions and some ideas in that. So let's begin. So before we get into our analysis, we'd just like to walk you through the proposal that we're going to be presenting today. So we have two opportunities for this business today. Wensley, we have an opportunity with the alignment of the family. So we have the alignment of the family. What are the family goals moving forward and how can we continue to move those together for continued success? And we also have an opportunity with internationalization. How can we take Wensley into the whole entire world to benefit a lot of different people and raise them with the beautiful silk that you make? So with the solution for the alignment opportunity, we have today a family operational manual. We call this the THOM. This will include a bunch of different things that we'll get to in a bit. And this will achieve the goal of maintaining long-term governance. I'm going to structure around this. How do we maintain governance? How do we do with conflict? Things like that that we'll get into. To handle the solution for the internationalization, we're going to present a plan for international collaboration to work with different partners around the world to bring silk to a lot of different people. And this will create a luxury legacy. And that's the goal here is to create a luxury legacy of Wensley in the world. So moving on to the time period just to give us a bit of a direction of where we've come from the Wensley. So from 1975 to 2000, we have this period. And Shen, you've been great at doing massive growth and innovation with tech advancements, moving the business forward, innovating, growing the market, growing the business and creating into a luxury brand. And in 2002-15, this is when Lee and two have entered the business, which is what we call the professionalization stage, where we had awards, patents, branding. And then an important event is in 2013, when we took on 95% of Marc Rosier for 5 million euros. And this was a perfect time to position us to take on the international market by having these shares. What this does is it takes the silk legend of Shen and creates it into a luxury international legacy for Wensley going into the future. So now as we look at the family analysis, we like to talk about the values first of the family. And this is something that Shen talked about when she was inviting two into the business. She said that too, you said you were intelligent, selfless, courageous and diligent. We like to take these family values and we think they inform a lot of what else you do in the business. So looking at the three-circle model of family business, it's something that explains the intersection of family ownership and management. We have six people at the intersection of family ownership and management. Three of them, Shen, two, Lee and Jun, are in the silk business, a part of that family portfolio. And we have Hongxi and Wang, who are in the mall and biotech business. So they are also in other parts of that family portfolio, but they're all stockholders. And then we have Bonifant, who is the single manager, the CEO of the company, who's been very integral in the development and is going to be in a great position to move us into the international market. So looking into the global silk industry, we have conducted the Porter's Five Forces in order to evaluate the attractiveness of the industry. So starting off with the competitive rivalry, we believe that the competition is high. This is because China is dominating about 90% of the global silk market. But with the company being the leaders and being very innovative and having advanced technologies, this would really help them to create an advantage in terms of the efficiency of the production process. And moving on, for the threats of the substitutes, this is high as well because of the high availability of the products and having different grades from low, medium, and high. But with the company repositioning itself into the high end, this would help to reduce the number of substitutes significantly. And next for the threats of new entrants, this is low as well because of the high competition and also for the need for the skills and the laborers within the production process. Moving on, the power of buyers is high as well because of the fashion trends that's constantly changing. So this means that the industry really relies on the emotional aspect of the buyers. And next, the power of suppliers is low as well because of the availability of the resources. But with the company having the advantage, but the company has an advantage of having the whole supply chain of the product. So this would really help to give them the competitive advantage. So we're going to talk about some alternatives. First off, the criteria that we use when we're creating the alternatives. First one would be business growth. Where is well going in the future? Second, the care for the business, making sure that the business is still at the heart of all of the ideas. And we have the care for the employees that have been here for a while. They have that knowledge. They've gone to the higher education lessons at different classes. And of course, care for the values. So the values that Ben mentioned earlier, and of course as I think back now, just introducing ourselves, my name is Jenny May. So I just mentioned the Porter's Five Forces. Ben is over there mentioning the family business in that analysis. And so back to the alternatives. First option would be expanding in the Chinese core market. So something that would mean staying in specifically in China, being able to take advantage of your core competencies, however, not going abroad. Next would be remaining private. So we did sort of go through the understanding that there would be a potential IPO in the future. So an alternative would be not going there, making sure that 100% of the business, the company, the ideas, the directing, the shareholders stays within the family, which you have been able to be able to develop over the past couple of decades. Now finally, the next one would be luxury branding. Going over to the international, that global scale on that level, being able to position Wensley as in luxury brand and that luxury legacy. So let's talk about some pros and cons. Crazy table, but I'll talk you guys through it. Up top, we have the various alternatives. So expanding in China, remaining private, and then the luxury branding. And then on the left-hand side, I have the four criteria that I explained earlier. So in the green means that the alternative does satisfy. Red meaning no. So expanding, if we were to stay in China, we would continue the business growth, caring for the business and the employees. However, we do not see the value of preserving the culture and the history of the Chinese silk making, the producing, being able to share that. That would be remaining in China in the future. So then remaining private, we see a lack of the business growth and the care of the business. Remaining private means that you won't have that external, the advice, the experts, the knowledge that could potentially come from that. However, you will continue to care for the employees. They'll still have jobs, as well as the values of being able to share that wealth and knowledge of the history and the culture with more people. Finally, the luxury branding. We see satisfying all of it, meaning that you'll continue the business growth international. You'll care for the original business that Shanyu created. We'll continue caring for the employees, having that gratitude, the humbleness. And finally, the values of integrity and making sure that we really show that being able to, on that global level, have that Chinese silk going in the future. So we see no for China, no for private, and we're going to continue with the luxury branding. So as we get into our recommendations, we broke them down into three separate parts. We have a short-term recommendations, which are within one to six months. We have a medium-term recommendations, which are within two years. And then long-term outcomes, which are five years. So beginning with short, within the first one to six months, we recommend a public relations campaign. So this is adding a little bit of creativity. So this is going to encompass the history and the culture, whether it's video, social media, post, having everyone talk about it. Ultimately, being able to position and have a consumer awareness of having Wensley be a luxury legacy and a luxury brand to go to for silk products. Now, who are the target audiences? That would be the family, the employees, as well as the consumers. So for the family, we would, of course, make sure that you all are on the same page. We would want to share, Shen, when you started, having new people come in, what you've learned the most from it, where you guys see it going, along with the employees. Having the employees share how long they've been working with the company and being able to see, you know, this is where the heart of the product is and that there's a story behind the product in the 5,000 years of the Chinese silk making behind it. And ultimately, the consumers, increasing the education and the awareness of, you know, this is where we want silk to be known for. If you want a quality silk luxury product or a gift or so, you want to go to China and you specifically want to go to Wensley. So why do we need this? First off, you guys, there was a creation and Lee, you guys, or you presented this in 2015 is a superior natural Chinese silk element product line. So something to, that we can highlight in that PR campaign video. It would position Wensley as a luxury brand and ultimately promote it for the IPO in the future years. So adding on to this, we propose the company to look into having collaborations with Hermes. This would be led by Bonn Fawn because he had, you know, relationships and work experience with the company before. And in addition to this, he would be looking into developing other networks with high-end companies, high-end fashion brands as well. So we really like the idea of this because we have conducted some research into other fashion companies. And we like the idea of H&M and how they, you know, they're a medium a medium tier company and, you know, having collaborations with the high-end companies such as Kenzo and Versace that really help to elevate the company's reputation and also increase the awareness in a global level. So moving on to another, the medium term here. This is all about the FOM, the Family Operations Manual. So I'd just like to go through this a little bit here. The Family Operations Manual, it really goes towards that family alignment goal, as you can see in the right-hand corner here. So the Family Operations Manual, what will it have in it? It's got four key things. Number one, family values, which we've discussed a little bit. And in future meetings with the family, we can develop that family value section a bit more. The Succession Plan, this will all be written down what's going to be happening with succession. And this is something that we can work with the family continually on in the future. But let's dig a little bit more into the Succession Plan a bit. So we have family-non-family relationships section in this FOM. And this will really deal with conflict management. What happens when there's a family member who might be in conflict with a non-family member and how is that handled? Is there a third-party mediator? Will they resolve it? How will that work? And then finally, shareholder agreements with who can own the company, how much of the company can they own, the transfer agreement? Look, the key point here is that these are predetermined agreements to standardize and clarify business-family relationships, tensions, and interactions that will be signed by the family and some of the other non-family managers so that everybody knows and agrees to these things before something goes wrong. Because unfortunately, something will eventually go wrong in the business. And we want to be able to have this operations manual that we can pull out, flip to the right section and say, this is what we agreed upon to do in this situation. So looking at the succession plan a little bit more, we believe that operators make effective owners. And that can go across a lot of different family businesses. So with this, we think that operators should be working into the business in a unified system. And one way for that is to develop a plan for iterative testing. Iterative testing is four parts. First is qualifying tests. Does a candidate would like to work into the business a younger generation working into the business maybe going towards management? Do they have the education, work experience for the family members? And these are qualifications that we will set together as a family. Self-imposed tests are the next one. Self-imposed are things that the candidate, the person working into the business, will set for themselves that they think other people will be measuring them against. So an example of this is a personal benchmark by interested ones, the group members on themselves or what do they expect from themselves as far as management, as far as communication. The next part is circumstantial tests. This is how they deal with unexpected situations. Circumstantial tests will be in there. It's not something that we can plan, but that will be observed when this person might go into a circumstantial test. And then finally, political tests because interpersonal relationships are never easy and they have to be addressed. So if somebody goes into the business, how do they handle relationships, for example, with a silk supplier? What this can do is it offers a 360-degree review of the candidate. So we would conduct interviews with people all around this person who's working into the business or the family would conduct interviews with people around so they can say, is this person who's working in the business going to be great material for ownership and that can work into the success and process? In addition to this, we recommend the company to look into establishing flagstores around the world. So looking into Shanghai, Dubai, Tokyo. So for example, Dubai having lots of majority of the population are expats. So this would mean people from around the world coming in one place and this would allow the product to spread internationally. As well as this pushing into the Asian market, so the Asian gift culture of people giving gifts during the special occasions. So this would really help to allow the product to travel around the world as well. So at first, when we were thinking about long-term, that would be about five years. However, we actually instead of just saying recommendation, see outcomes. And we're thinking about four Cs. First off, connection. Long-term relationship and collaboration with external stakeholders. So potentially external, we would say outside international luxury brands, create relationships and raise awareness especially for the future IPO. The next C is continuity. Continuing what Chen you created for the business purpose and the family purpose. Making sure that we continue what you all are continuing now and make sure we have this in the next 40, 50 years advanced technology, luxury brands, et cetera. Next C is command. The initiatives for the internationalization. Making sure we take command of the opportunities that we see in front of us and continuing. And of course, the Whitman Consulting Agency is willing to work with you all through all of this. Finally, community. Creating a nurturing environment to make sure that we create a synergy for the Wednesday Group. So as we have the generation one, generation two, future generations coming down, making sure we create the community that can continue in the future. Now, why do we need this? The main goal would be to preserve and promote the Chinese history and culture especially for the silk making. So we know that any business plan has some risks involved in that. So let's go through three risks that we've identified. So the first is the unfortunate situation where a family member is passing on. And this could be somebody that's in current ownership but we believe that this risk is mitigated by having the family operations manual. So if something does go wrong in the business, somebody unfortunately passes away, we can pull out that family operations manual, go right to the succession plan who's going to be moving around what happens when that happens. Another risk that we find is kind of severe, moderately likely is the Made in China mindset. This is something that we see in a lot of different businesses from China that if something is labeled Made in China, there's sometimes in certain markets there's a position in that mind that that product is not as quality. And that's something we do not want to have in this business. So we've mitigated that with global collaboration about being able to use other companies or other countries' names as we create partners to say, possibly Made in France, which has a little bit more of a connotation of high quality luxury brand. So that will be through global collaboration. And then finally a final risk would be economic instability which is likely in a global economy where as we move around globally there's going to be different global economies. And as this is a luxury item, it depends heavily on the power of buyers. So people are not making as much money they're not going to be able to do that. And we mitigate this with a diverse portfolio of businesses within the family and then as well it's on our luxury items. So moving on to the implementation timeline, as every good plan must have, timing and who's going to be doing it. By the end of 2015 within six months we'd like to begin the PR campaign and that will be led by Bonifon. And also in 2015 we'd like to begin collaboration networking with some global partners by Bonifon. In 2016 the family operations manual will be worked on by Shen and two. In 2017 we'll begin to look at some, operating some flagship stores around the world to start selling these luxury goods. Lee will lead that. And then finally in 2019 we'd like to look at actually acquiring some international brands as part of those collaborations. So we're shooting high in that recommendation to have two lead that. So that's a great plan, picture perfect. But we know that not everything works well in business. So we've created a contingency plan. We would continue having Lee and Bonifon with the PR campaign and the family and our farm. Finally the main contingency plan relates to the fact that we would not be going international at this moment. We'd be focused on that Chinese, the Chinese alternative that I presented earlier because that was the second place next best alternative focusing on the Chinese luxury gift market. So as someone mentioned the Asian culture of gift giving, focusing and taking advantage of that. And we will continue looking into the acquiring the international brands. Now we overall look at this and we see that Wensley really has focused on the silk culture, the Chinese 5,000 years of the culture and the making and preserving this. So as Ben mentioned earlier, we want to focus on the silk legend that you helped create, you helped invest in the company years before. We want to continue this going forward with a international luxury legacy. Thank you very much for your presentation. It's very interesting and very well done. I have a question on the alternatives. You set out a set of criteria there based on which we should evaluate the different alternatives. And for us as a family, the family is very important. The care for the family, that's really what keeps us going, so to speak. And I didn't see that in the list of criteria. So I would like to ask you, I mean we want to stay in harmonious and cohesive family. And how do you think, what do you think are our main challenges in doing that as we grow and as we pursue your ideas? So absolutely. And we were going at today that we would never present a plan that would not lead to beginning and having this family harmony. So that's why we didn't include that as a criteria because it was a given across all plans that we want to, we recognize that your family is so strong and very important. So with the family values, something that we would include in that form, that family organization manual, is a list of family values. And you can get together, discuss these with each other, write these down on a list and say this is what we hold dear to ourselves. And then if something happens to get to a point where there's some tension, because as we get to these growing markets, these international markets, there will be some tensions. But if we can go back to that organization or that family operation manual and say that hey, we were grounded in these values, can we get back to these? And how do we get back to these? And that will also include a section with is there a family to family conflict? And then how do we resolve that? Early in your presentation, you mentioned the family's recent purchase for five million euro of a luxury brand in France. But later in your presentation, you expressed that we should be pursuing a collaboration with that company's longest held competitor. Can you explain that please? We think that doing it with Hermes first would be an advantage also because of the CEO who's taking care of doing the branding. He has work experience and deep relationship with Hermes. Considering if this doesn't work out then we would move away to other partnerships. But as using that as one of the luxury brands that is in France, how can we leverage our existing relationship with Boniford in that company? Even though it was a competitor, how can we position ourselves? Another thing that Hermes has is they have 90%, I believe, of their silk is purchased from a silk. So how can we work with them from a different angle, from a supplier angle and a relationship with suppliers to say hey, we have this Chinese silk, also very high quality. Can we work this into your business? Can we work with them on that? And also with the reasoning of why they focus on having supplier from Brazil was because of the efficiency of the production process. But with the company, they're having innovative, advanced process. So this would really solve that problem. I'm wondering if you can say a little bit more about Shen's succession plan as we see it. One, do you think it's a good plan? And two, do you think she'll stick to it? Sure. I think that Shen really appreciates where the business has been and where the business is going. And Shen will, as far as an exit strategy goes, we think that she will be in the business for quite a long time and will not just cleanly cut and leave. So we think that there's a role for Shen, absolutely moving forward. And this is something that we'll work with the family in this family operation manual to discuss Shen, taking on an advisory role to her daughter and to her son-in-law, moving forward, and her taking on a different role as advisory, possibly with other relationships around the world and continuing what she enjoys. And then I think she will stick to that as long as we lay out the criteria. To add a little bit more, I was also going to add that, you're not going to, or hopefully Shen, you would not just decide to stand up and leave. This is something that, this would be the legacy that we would want to create. So a letter of intent, making sure that going through the legal process, creating what we would call the FOM, making sure that this is all set in stone. However, the letter intent would say, there's going to be a month, a two-month, three-month process to make sure that, two, you would understand where to go, the shoes to fill, because not only does Wensley have the silk production company, but you also have the biotech and the financial investments and the assets. So this diverse portfolio, today we're focusing on the silk. However, there is much more to understand. So instead of making sure there's education, training, management, and not only does to understand the roles and the responsibilities, but the surrounding family members, the older sister, along with the other employees, the consumers to make sure and instill a level of understanding and trust. Jenny, I think under alternatives where you've talked of remaining private and business growth, I believe you mentioned getting access to knowledge and expertise that it was important to go to consider giving up privacy going public. Can't you access that without giving up ownership? We might be more reluctant to go public. Absolutely. We've received Boniford without going public. Absolutely. There's so many different facets nowadays, especially in the 21st century of knowledge and consultants, and so to be able to expand your, to expand the horizon of knowledge, we are just thinking specifically for that idea there may be a lack of, not commitment, however understanding and full participation and consensus from the family. And so I mentioned it there, but it's something that we definitely understand, especially at women consulting, that having the outside perspective, even if it's not ownership, you would be able to voice the perspective and be able to voice the ideas of, let me say, industry threats, opportunities, weaknesses and so. Excellent presentation. I really like the focus also on outcomes. My question is related to your very first short-term recommendation in a PR campaign, obviously brand building over operationalizing your luxury branding internationally. A six month campaign to position Wednesday as a luxury brand and for an IPO, we're an unknown name with a Made in China perspective around the world. Tell us more about this PR campaign. We'll be focused in France and why is this your first recommendation? So first off, I usually like to talk about the short-term recommendations and so we're thinking of for the public relations campaign, you would help be able to create it in those first one to six months. However, I know from my understanding in my education that there's no way that you would be able to accomplish all of that in just six months. So that would be something that would continue over the first one to six months. You would complete it, or implement it and so that would be the development phase moving on to the implementation phase. So by the time that you're looking at flagship stores potentially and other countries looking at international collaboration companies or so, they will have heard of Wensley. And going back to the idea of the Made in China, we want to say, you know, it's made by Wensley. When you think of Wensley, you're thinking of high quality luxury silk that has the 5,000 years of experience. And so with that public relations campaign, the videos, the working collaboration, making sure there's placements, media placements in that realm to continue that. I'll be Lee, too, husband for a moment. Two, very much is focused on the core and you're recommending diversifying the portfolio. So I'm wondering how you're going to sell that to her, given that our buyers, given the high end and luxury are less impacted by economic changes than others that we would be marketing to for mass marketing. So speak to me on how you'd sell that to her. So let me just walk through my thought process on diversifying the portfolio. So we talk about that. Let's be clear on diversifying the portfolio within the silk market. So let's talk about that instead of the family portfolio. So within the silk market, we have based on some information given that the silk gift market can be the most profitable, but there's also different high-end pieces of art that can be made with silk, a different, obviously, clothing that can be made with silk. So we think that the argument can be made here that as we expand into different products, we'll appeal to a wider range of people within that high market so that when there might be some market storms a little bit up and down here, that there can be different sectors of people who can interact with those different products and have different touch points based on different people who might be in different market standpoint. So it's all about appealing to a broad array of customers. So if you could give us just one or two things that you think are most important in us successfully integrating Mr. Boniford into our organization, please. So I would say the first one is that he's already well-established and he's doing a great job. So the first thing is making sure that we have a meeting with him very soon in the future to discuss with him this family operations manual, what the relationship is going to look like with Mr. Boniford, having him continue on his role as a CEO and continue to be in those family discussions about how is the business moving forward and how can we take his connections and leverage him, really give him purpose and having him recognize that we view him as a very key player in this business as somebody who has so much international experience and being able to leverage his existing connections so that the business can keep moving forward. Thank you very much. Thank you. Congratulations. Thank you very much. Congratulations. Thank you. Thank you. I will die. Thank you very much. It's one. Good job. Thank you. This is my image. Excuse me. Can you ask them to switch on your mic? Just a minute. Let me go. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry, I'm sorry. I'm sorry. I'm sorry. Thank you very much. Thank you very much. Thank you. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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