2010 Nov/Dec Marina World by Loud & Clear Publishing

Marina

COMMENT

World

HEAD OFFICE MAILING ADDRESS & SUBSCRIPTION ENQUIRIES Loud & Clear Publishing Ltd, 3 Brownlow Rd, Redhill, Surrey RH1 6AW, United Kingdom

Editorial Director

Carol Fulford Tel: +44 (0) 1737 769175 Fax: +44 (0) 1737 773241 Email: carolfulford@marinaworld.co.uk

Family fortune

Advertisement/Publishing Director Julia Hallam Tel: +44 (0) 1621 855 890 Fax: +44 (0) 1621 855 867 Email: juliahallam@marinaworld.co.uk

Accounts Manager

Magdalena Charman Tel: +44 (0) 1403 733678 Email: accounts@marinaworld.co.uk

Advertisement Production Nick Hing Tel: +44 (0) 1323 490384 Fax: +44 (0) 1737 773241 Email: ads@marinaworld.co.uk

NORTH AMERICAN OFFICE Publisher’s Representative

Philippe Critot PO Box 29759, Los Angeles, CA 90029-0759 Tel: +1 323 660 5459 Fax: +1 323 660 6030 Email: pcritot@marinaworld.com

FRENCH OFFICE Publisher’s Representative

Catherine Métais PARIS RAI, 79 avenue Edouard Vaillant, 92100 Boulogne, France Tel: +33 1 46 10 47 50 Fax: +33 1 46 10 47 51 Email: c.metais@parisrai.com

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‘Marina World’ (ISSN 1471-5856) is published six times a year in January, March, May, July, September and November by Loud & Clear Publishing Ltd, 3 Brownlow Road, Redhill, Surrey RH1 6AW, United Kingdom. The 2010 US annual subscription price is $100 per annum. Airfreight and mailing in the USA by Air Business, c/o Worldnet Shipping USA, Inc., 149-35 177th Street, Jamaica, New York, NY 11434. Periodicals postage paid at Jamaica NY 11431. US Postmaster: Please send address changes to Marina World, Air Business Ltd, c/o WorldNet Shipping USA, Inc., 155-11 146th Avenue, Jamaica, New York, NY11434 Subscription records are maintained at Loud & Clear Publishing Ltd, 3 Brownlow Road, Redhill, Surrey RH1 6AW, United Kingdom. Air Business Ltd acts as Loud & Clear Publishing’s mailing agent. Marina World is available on subscription at the following cost: 1 year (6 issues) - £50.00 Sterling ($100) 2 years (12 issues) - £80.00 Sterling ($160) No part of this publication may be reproduced without the prior permission of Loud & Clear Publishing Ltd, the copyright owners. Upon application, permission may be freely granted to copy abstracts of articles on condition that a full reference to the source is given.

Printed in the UK by Newman Thompson

Views expressed by individual contributors in this issue are not necessarily those of Loud & Clear Publishing Ltd. Equally, the inclusion of advertisements in this magazine does not constitute endorsement of the companies, products and services concerned by Loud & Clear Publishing Ltd. The publisher reserves the right to refuse advertising.

We treasure the concept of family, likening “one happy family” to successful business teams and industry gatherings. Idealistic though this is (we forget the sibling rivalry and the all too common feuding), we think of ‘family’ as a tight-knit unit in which we are trusted, treated fairly and have good security. And, despite the special stresses of living together and working together, the family is a good umbrella under which to create a successful workplace. Family businesses are the backbone of worldwide enterprise, much as the ‘mom and pop’ marina has been at the centre of American boating since boats tied up at docks. Although private companies and municipal authorities now own the lion’s share of US marinas, as you can read in our special article on p. 43, there are not only excellent examples of successful family-run marinas thriving in the United States but there is every chance that owners will continue to run such facilities – if they wish – for generations to come. They may not be as plentiful in the marina market but in worldwide terms their business model predominates. According to the US-based Family Firm Institute (FFI), family businesses create an estimated 70-90% of global Gross Domestic Product (GDP) annually. In the USA, up to 90% of all business enterprises are family owned and employ over 60% of the total workforce. In Canada, around half the workforce is employed by a family business and such companies create nearly 45% of Canadian GDP. In Chile, we’re looking at an estimated 75-90% and in Brazil, home to around 20 century-old family firms, 70%. The Middle East, as a region, unsurprisingly comes in at around 90% with dynastic family businesses ruling the scene. European countries paint a similar picture, with Finland at over 90%, Sweden at nearly 80%, France at 83% and Spain at 85%. The UK, at 68%, at first glance is more modest but still family-dominated but most companies are in fact first generation and tend to be very small. The UK actually has the lowest proportion of family-controlled ‘listed’ companies in Western Europe at 8% versus Germany (36%) and France (30%). Most of the biggest family firms are located in the USA and in Japan, where the oldest family-run enterprise in the world is to be found – Houshi Onsen, the oldest inn in the world (1,300 years – 46 generations of owners). If you’re part of a family firm you’re in big company – think Ford, Hilton, Marriott, Mars, De Beers, Lego, Porsche, Ferrero, Ikea, Sainsbury, Toyota. And think, too, about your whole family. The FFI reports that businesses with the most innovative approach are those that include family members of several generations. So, look after the seniors - and get your sons and daughters involved!

Carol Fulford Editor

Sources: www.ffi.org Dubai International Financial Centre seminar ‘Creating Sustainable Family Businesses in the Middle East’, April 2010 The PricewaterhouseCoopers Family Business Survey 2007-08 Life Cycles of the UK Family Business, Credit Suisse July 2008