“Keys to success: Using core values to unlock your competitive advantage” will detail how family businesses can identify and utilize their core values to create measureable, sustainable competitive advantages that non-family firms cannot duplicate.
“It’s the essential discussion every family business must have,” says Craig Aronoff, our keynote speaker. “If you don’t capture and put into practice the essence of what the family believes, you’re wasting an incredible asset. Core values do more than guide your strategic planning—they get you through leadership transitions, bad economic times and new competitive threats.”
The author or editor of more than 30 books on family business leadership challenges, Aronoff has worked with hundreds of companies worldwide and speaks regularly to trade associations, professional groups and universities. He is the creator of the Family Business Forum, a family business center model for more than 150 institutions around the globe.
Joining him at the Summit will be Eric Allyn, a fifth generation owner of Welch Allyn, Inc., a 95-year-old, values-based company with $700 million in revenues and 2,800 employees worldwide (www.welchallyn.com). Focusing on family values, the company has become a world leader in medical devices and a high-equity brand in the marketplace. The company was recently named one of the “50 best companies to work for in Ireland.”
“Every family business has values—the challenge is translating them into action and communicating them throughout the organization,” said Allyn.
UofL College of Business Professor and futurist Nat Irvin will challenge Summit guests to imagine how their values help them navigate the future of the family business, which will be affected by such trends as the rise of social media, population migration to urban centers, the ‘flat world’ global economy and dramatic shifts in demographics.
Irvin is the force behind “Thrivals” and its groundbreaking edition developed for the 2011 Louisville Idea Festival ( www.ideafestival.com ). “Thrivals 4.0: The Future of Learning” assembles technology, trends and personalities that have overcome geographic, socio-economic and age barriers to expand global learning.
“Looking at what’s ahead, we all have to become students again,” said Irvin. “The changes we’ll see in the next decade alone will challenge everything you know.”
The Summit includes a special luncheon on family business philanthropy sponsored and presented by The Norton Heathcare Foundation.
"The solution lies in the principle of shared value, which involves creating economic value in a way that also creates value for society by addressing its needs and challenges. Businesses must reconnect company success with social progress. Shared value is not social responsibility, philanthropy, or even sustainability, but a new way to achieve economic success. It is not on the margin of what companies do but at the center. We believe that it can give rise to the next major transformation of business thinking." -Michael Porter, Harvard Business Review, January 2011
"Let your values be positive for they will become your destiny." -Mahatma Gandhi
“The problem with the Internet startup craze isn’t that too many people are starting companies; it’s that too many people aren’t sticking with it. That’s somewhat understandable, because there are many moments that are filled with despair and agony, when you have to fire people and cancel things and deal with very difficult situations. That’s when you find out who you are and what your values are." -Steve Jobs
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