The Marketplace Magazine March/April 2015

March April 2015

Where Christian faith gets down to business

YouLead:

A happier face for Nigerian youth Peter Miller: Young businessman on the go Try your hand at the Faith@Work game The inside story on impact investing Marketplace March April CS6 2015.indd 1

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Roadside stand

A giant has passed MEDA lost one of its most enduring and faithful supporters on Feb. 11 with the passing of Roy G. Snyder of Waterloo, Ont. He was 99.

He was a MEDA stalwart for more than half a century. He was one of the initial board members of MEDA Canada and a signatory on its charter. He oversaw programs in Philippines and Bolivia, the latter country producing many successful MEDA ventures. The long family connection continues with his son-in-law Allan Sauder, who is MEDA’s president.

Snyder’s calling and lifetime passion was the cattle industry, in which he had few equals, and for which his many recognitions include induction into the Canadian Agricultural Hall of Fame.

He was acclaimed as “the father of artificial insemination” and pioneered the use of frozen semen and embryo transplants in cattle. Under his innovative leadership, the Waterloo Cattle Breeders Association was the first organization in the world to use 100% frozen semen, setting an

Roy Snyder faithfully attended MEDA conventions. Here he is at the 2006 gathering in Tampa, Florida.

Cover photo of Nigerian youth courtesy of iStock

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example for the rest of the breeding industry.

Throughout his career he travelled to 80 countries building up Canada’s semen-exporting trade. He rubbed shoulders with dignitaries and prime ministers, including Canada’s John Diefenbaker and Pierre Elliot Trudeau. (Diefenbaker and his wife Olive showed up at the annual “Bull Night” of the Waterloo Cattle Breeders Association and ended up at the Snyders’ home to catch up on some rest.)

Snyder had a hand in MEDA’s maiden undertaking in Paraguay, which aimed to bolster the cattle herds being raised by the Paraguayan Mennonites. Sustained efforts (to which Snyder contributed by sending a shipment of Holstein semen) were so successful that the Mennonite colonies virtually dominate the country’s dairy industry today.

Up to his last week, Snyder remained engaged with MEDA. A few days before he died he was reading the last issue of The Marketplace, and felt enough connection and vigor to offer a few points of critique. We will miss him. A lot.

MEDA has appointed two new regional directors of resource development: Ruth Leaman and Bethany Nussbaum.

Leaman has six years of fundraising experience in Mennonite education, most recently at Hinkletown Mennonite School, where she was director of advancement. Previously, she was an executive advancement associate at Lancaster Mennonite School. Nussbaum has nine years of fundraising experience, most recently as advancement director at Central Christian School in Kidron, Ohio.

Prior to that, she was a development associate and communications coordinator at Mennonite Mission Network. Leaman is based at MEDA’s office in Lancaster, Penn., and Nuss-

Leaman

Nussbaum

baum is based in Orrville, Ohio.

Ooops. A sharp-eyed reader caught an editing oversight in the Nov/ Dec issue. A news article on shortterm mission trips warned that such jaunts can become power trips if westerners start to think they can meet all the needs of the poor. It quoted authors of a book on the subject as saying, “We forget that God created [the poor] with gifts and abilities that they can use to improve their own lives.” That comment raised the eyebrows of Ernest Braun of Niverville, Man. For one thing, it seemed to suggest “that there is something wrong about thinking one who has much can meet the needs of others who ‘lack’ so much — altruism becomes a power trip.” For another, it seemed to suggest “that the poor can simply do it themselves .... if the poor can just simply do it themselves, then why do they lack so much?” Better editing would have conveyed what was really meant — to show a preference for a development model over a charity model.

The approach the authors are known for endorsing, and which more closely reflects the work of MEDA, is to enable and empower the poor to best use the many skills they possess but often lack opportunity to exercise. Strategic assistance can remove obstacles and help coax out their abilities so they are better equipped to move forward. — WK

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In this issue

A Gates “big bet” for cutting poverty by 2030. Page 18.

Departments 2 4 20 22

Roadside stand Soul enterprise Soundbites News

Volume 45, Issue 2 March April 2015 The Marketplace (ISSN 0199-7130) is published bi-monthly by Mennonite Economic Development Associates at 532 North Oliver Road, Newton, KS 67114. Periodicals postage paid at Newton, KS 67114. Lithographed in U.S.A. Copyright 2015 by MEDA. Editor: Wally Kroeker Design: Ray Dirks

Change of address should be sent to Mennonite Economic Development Associates, 1891 Santa Barbara Dr., Ste. 201, Lancaster, PA 17601-4106.

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A happier face for Nigeria

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Young man on the go

Despite terrorism and a dismal unemployment rate, good things are happening in this African country. A new project aims to boost business and job prospects for 7,000 youth.

With strategic business involvements in regions ranging from Ukraine to Ethiopia, it’s easy to see why MEDA selected Peter Miller as one of its “20 under 35” honorees. By Don Dodson

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Enlist your church

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The Faith@Work game

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What is impact investing?

Does your church help you keep a healthy balance between “work as mission” and “work as idol”? Here are ways to encourage your congregation to breathe new life into daily work.

We know our daily work is not a game — perish the thought — but why not try your hand at this lighthearted diversion to help you get a bead on bringing work, values and faith together.

We hear a lot about “impact investing,” but what exactly does that mean? Gerhard Pries and Katie Turner describe frontier investments that do social good without sacrificing profit.

To e-mail an address change, subscription request or anything else relating to delivery of the magazine, please contact subscription@meda.org For editorial matters contact the editor at wkroeker@meda.org or call (204) 956-6436 Subscriptions: $25/year; $45/two years.

Postmaster: Send address changes to The Marketplace 1891 Santa Barbara Dr., Ste. 201 Lancaster, PA 17601-4106

Published by Mennonite Economic Development Associates (MEDA), whose dual thrust is to encourage a Christian witness in business and to operate business-oriented programs of assistance to the poor. For more information about MEDA call 1-800-665-7026.

Web site www.meda.org

Visit our new online home at www.marketplacemagazine.org, where you can download past issues, read articles and discuss topics with others, all from your desktop or mobile device.

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Third-grader aids Malala fund

Building truth muscles Telling the truth may be one of the most persistent bugaboos of business. It’s a habit that can be built up, like a muscle.

It’s not only good Christian behavior, it’s also good business, says Ken Byler of Higher Ground Consulting Group in Souderton, Pa. Some time ago Byler led a MEDA convention seminar on Truth-telling: The Hidden Profit Booster. He suggested ways to make honesty a workplace habit.

• Write a list of positive things you believe could happen if you tell the truth; write a second list of positive things you believe could happen if you withhold the truth.

• List the possible negative consequences of telling the truth and of withholding the truth.

• Review your lists and rate the likelihood of each thing happening.

• Name who or what is being protected if you don’t tell the truth (you, family, boss, co-worker, project).

• What harm will likely occur to whomever or whatever you are trying to protect if you do not tell the truth?

• If you choose not to tell the truth, what will you need to do to assuage your conscience?

By telling the truth in even the smallest things “you get practice which can pay off when telling the truth is really hard,” he said.

How old do you have to be to assist a global cause?

For Alliana Rempel of Winnipeg, eight years is enough.

Alliana is the granddaughter of MEDA board member Peter Dueck and his wife Trudy, who were involved with MEDA’s recent convention in Winnipeg. Her mother, Carissa Rempel (the Alliana Rempe l: “Together Duecks’ daughter) we can make things beauti attended the keynote ful.” speech by Ziauddin Yousafzai, father of teenage education activist and Nobel Prize winner Malala Yousafzai. Carissa purchased a copy of the memoir, I Am Malala, which tells the story of surviving being shot in the face for protesting the Taliban’s limitation of education for Pakistani girls.

“Alliana saw that I was reading it at home and knew where I had been and was interested so she asked if she could read the book too,” says Carissa.

Alliana, though only eight and in third grade, became so inspired by the book that she devised her own way to support Malala’s campaign for education.

“From reading the book, I realized that lots of girls don’t get to go to school,” says Alliana, who was recently featured on Malala’s website. “I wanted to help, so I drew a picture of a butterfly because it is a symbol of hope and change. I added words like ‘education’ and ‘peace’ to the butterfly’s wings so everyone will be reminded of the changes we need to make so that all children can have these things.”

Alliana began to sell prints of her artwork to raise money for Malala’s fund. She called her project Battle The Bad With Beauty. After being featured on Malala’s site she has sold to five countries around the world and is now half-way to her goal of raising $2,000.

“Across the world many children never get to go to school,” says Alliana. “I want to help change that by raising money for the Malala Fund.

Together we can make things beautiful. And if we work hard enough, we can overcome the bad with beauty.”

To learn more about Alliana’s efforts to help the Malala Fund visit her website at www.battlebadwithbeauty.wix.com/battlebadwithbeauty.

Excerpted from You’re Hired! Looking for work in all the right places, a career guide from MEDA. Available for free download at www.meda.org

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Service with a clean plate Writer Philip Yancey (one-time MEDA keynote speaker) visited an eatery in Lima, Peru, run by an order of Christian women who feel called to serve through a restaurant business. As he relates in his new book, Vanishing Grace: What Ever Happened to the Good News?, he was intrigued by their mission and their name, Agua Viva which means “living water” in English. There he enjoyed “among the best meals I’ve ever eaten” and at “a very modest price.” He was struck, too, by the diligence of the staff who after-hours serve poor mothers from Lima’s slums with classes on hygiene, child-raising and physical and spiritual health.

“Only a few clues betray the restaurant’s spiritual roots,” writes Yancey. “The inside cover of the menu proclaims ‘Jesus lives! For this we are happy.’ And at a certain time each evening the waitresses appear together to sing a vespers hymn for their patrons. Besides these clues, said the manager, the work itself should stand as a witness. ‘Don’t ask us how our prayer life is going; look at our food. Is your plate clean and artfully arranged? Does your server treat you with kindness and love? Do you experience serenity here? If so, then we are serving God.’”

Joy of time management Greg was whistling as he headed into the end-of-day traffic gridlock, normally his least enjoyable part of the day. When someone cut him off rudely, he just smiled. A few blocks later cars were lined up to get into his lane. He slowed to let them in.

He wasn’t always that polite. Why, he wondered, was today different?

A few lights later it dawned on him. He was in a good mood because he had finally finished a thorny project that had nagged him for weeks. And his fellow drivers on the trek “Lifting people out of poverty was never the conhome were benefitting from his buoyant spirits. scious intention of business; it was the by-prodHow had he triumphed over his procrastination? Greg reuct of a business well-enacted. Now business is alized it had taken a determined effort to apply some lessons awakening to itself and becoming conscious. It is from a recent time management seminar he had attended. He recognizing that it is a force with enorhad resisted using them at first, but mous power and responsibility. By bewhen his usual tricks-to-get-started coming conscious, it can do what it does didn’t work, he turned in desperation even better. It can create more commuto his seminar syllabus. nity, more mutuality, and paradoxically, Interesting, he thought. Simple more profit, by engaging everyone in the workplace principles had raised his system.” — Marc Gafni, cofounder and spirits for the whole day... and had director of the Center for World Spirituality even benefitted his fellow drivers in rush hour.

From now on he would look at time management as a lever for social betterment, maybe even as a peacemaking ploy, not to mention as “I don’t pay good wages because I a boost for his career.

Overheard: have a lot of money; I have a lot of

Business by-product

money because I pay good wages.”

— Robert Bosch 5

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A happier face of Nigeria New project aims to boost business and job prospects for 7,000 youth

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hile Nigeria has been getting its share of terror-related headlines, positive activity is underway elsewhere in the African country. MEDA recently inked a deal to improve financial access and services to Nigerian youth in a collaborative venture with Cuso International, a Canadian service agency.

MEDA has not shied away from global hotspots, having worked recently in Afghanistan, Yemen, Libya, Pakistan and Egypt. In this case, says Jennifer Denomy, MEDA’s Director of Youth Economic Opportunities, the project “is — and we hope remains — a safe distance away” from the ongoing violence. It is located in Cross River State in the southern part of the country, while the infamous Boko Haram is active in the northeast.

The project, funded by the Canadian government, aims to promote youth employment and entrepreneurship in natural resources sectors in Nigeria. The full name of the venture, which began in late 2014 and runs to 2018, is Youth Leadership, Entrepreneurship, Access and Development Project (YouLead).

YouLead will promote economic prosperity for 7,000 young women and men (ages 18-35) by supporting growth in the small business sector, and providing skills training, tools and access to finance for young workers and young adult entrepreneurs. It will increase the participation of young people in entrepre-

neurship and economic activities in targeted natural resources, such as agriculture, aquaculture, forestry and eco-tourism in Cross River State.

Specifically, the project calls for 5,000 youth to establish and/ or strengthen micro and small-scale businesses, and an additional 2,000 youth to gain employment in natural resource sectors.

Cuso International will be responsible for overall implementation including skills and entrepreneurship

A third of young people are jobless; a scant two percent manage to get loans training for youth. The MEDA component, worth almost $900,000, will handle financial services and better financial inclusion for youth. It is expected that by the time the project reaches completion five financial service providers in the region will be offering youth-oriented products and services.

Denomy says the problem of economic opportunity for young people is acute throughout the developing world, with millions struggling to break into the labor force and build a life for themselves. In 2013, an 7

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estimated 74.5 million young people were unemployed, three times the number of unemployed adults. Nigeria, Africa’s most populous country, has an adult unemployment rate of some 20 percent, with youth unemployment (defined by the Nigerian government as 18 to 35 years) almost double at 35 percent.

Some 21 percent of youth in Nigeria have an account at a formal financial institution, slightly more than the sub-Saharan average of 17 percent. However, this trend is reversed when it comes to access to credit: only 2.1 percent of all adults in Nigeria, compared to 4.7 percent in sub-Saharan Africa, have taken a loan from a financial institution.

Cross River State has a rich ecosystem that is under increasing pressure as growing populations derive their livelihoods from its natural resources. Youth constitute 1.1 million of its 3.45 million residents, of which 40-50 percent are unemployed or under-employed YouLead sees the need for youth to have a safe place to save and to have access to appropriately structured loans. These can serve as stepping stones on their path to entrepreneurship, career development, and/ or financial independence. MEDA’s work will improve the capacity of financial service providers to respond to the financial needs of youth by developing gender-responsive and environmentally-responsible financial services and products for young women and men. ◆ The Marketplace March April 2015

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Young man on the go With business interests around the world, it’s easy to see why Peter Miller was chosen as a “20 under 35” honoree

by Don Dodson

P

eter Miller is only 29, but already he has had business dealings in Ukraine, Romania and Ethiopia and held two jobs in Jerusalem.

Miller, who is working on a master’s degree in business administration at the University of Illinois, is executive vice president of Equipment Direct West, an agricultural equipment export company based in Arcola, Ill., and founded by Wilmer Otto.

But that’s not his only business involvement.

In the past year, Miller and a business partner have started a small residential subdivision in Romania.

Miller is also a co-owner of Agro Capital Management (formerly owned by MEDA), a business that leases equipment such as rotary tillers and greenhouses to small farmers in Ukraine.

Plus, he will serve as chairman of the board this year for the Ten Thousand Villages shop in Champaign, Ill., which sells fair-trade items from artisans from 35 countries around the world.

In November, Miller was honored

by Mennonite Economic Development Associates as one of 20 people under age 35 for making a difference in the world — and exemplifying faith, service and an entrepreneurial spirit.

As his resume suggests,

he’s very much on the go.

“In 2014, I visited maybe nine different countries.... For business-related things, I probably spend a week a month traveling,” Miller said.

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Most of the ventures he’s involved in are designed to help people in other countries better themselves.

“Something that underpins most of our business is interest in seeing sustainable economies built from the ground up,” Miller said.

“With the real estate development in Romania, we’re trying to get starter homes going, and we’re trying to employ Roma laborers as much as we can in construction work,” he said.

“In Ukraine, our target market is really small farmers,” he said.

“With small farmers in Ukraine, we have more flexibility than banks do in how we structure the equipment leasing. Banks and other financial in-

An underpinning goal — seeing sustainable economies built from the ground up stitutions have to structure the leases with regular same-sized payments every month. We can tailor them to the individual.”

That way, farmers can make smaller payments during the growing season and larger payments after harvest.

Miller, who lives in Champaign, grew up near Hutchinson, Kan., a member of a Mennonite family. His grandfather was a full-time farmer, and Miller’s father continues to operate the farm part time, growing corn,

wheat and soybeans.

After high school, Miller took a “gap year” before college, to work on a farm in Germany that grew sugar beets, potatoes and onions.

“I knew I wanted to learn another language and travel the world,” he said.

Miller then returned to the U.S. to attend Bethel College in North Newton, Kan., with thoughts of becoming a lawyer.

But an opportunity in Jerusalem gave him a burgeoning interest in economic development and international business.

That opportunity was a twoyear job with the Mennonite Central Committee, in which he worked with a partner organization to introduce tourists to the Palestinian Christian community in and around Jerusalem.

Miller then took a job with the Lutheran World Federation in Jerusalem, heading up the annual olive harvest on the Mount of Olives.

The 800 trees there are harvested by hand, and the olives are pressed to make oil sold around the world as a fundraiser for the federation’s Augusta Victoria Hospital.

“Each year, they bring someone on to spend three months coordinating the harvest, pruning the trees and coordinating volunteer groups,” he said. “Often tour groups want to take part in the olive harvest.”

Prior to taking the Lutheran World Federation job, Miller met Wilmer Otto through a mutual friend who thought they would be a good fit.

As a result of that, Miller flew from Tel Aviv to Ethiopia on his first

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Photo by John Dixon/The News-Gazette

starter homes,” he said.

Peter Miller at the Ten Thousand Villages store in Champaign, Ill., where he will serve as chair of the board this year.

business trip for Otto. In Ethiopia, he met with cotton growers interested in improving mechanization of their farms.

“To this day, they still harvest most of their cotton by hand, so someone with a 2,000-acre cotton farm is bringing in seasonal workers, 4,000 to 5,000 at a time,” he said.

But without mechanization, they weren’t growing as much cotton as they would like, he said.

Later, Otto hired Miller at Equipment Direct West. That company had been actively conducting business in Ukraine and other parts of the world.

“We had been selling used Illinois farm equipment to Ukraine for the last 10 years,” Miller said. “That market has dried up since 2009. We have changed the business model since that time.”

In July 2014, they acquired majority ownership of an equipment leasing company in Ukraine — Agro Capital Management, which sells equipment to small-scale farmers growing fruits and vegetables for sale in Ukrainian cities and also for exporters.

“A large number of clients are women, and for most of them, it is a primary source of income,” he said.

The enterprise had been located in Crimea and southern Ukraine, but with Russia’s takeover of Crimea, the

A recent acquisition — an equipment-leasing company started by MEDA in Ukraine company moved to central Ukraine.

In Romania, Otto operates a fourstar hotel in Sighisoara, a city in the Transylvanian area of Romania and also has a construction company and other real estate projects there.

Miller said he too has a real estate project there, having developed with a business partner a six-home subdivision close to the center of town.

The subdivision is composed of “small efficient homes for first-time homebuyers — two-bedroom and 9

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Equipment Direct West also exports equipment to the east African countries of Tanzania, Mozambique and Ethiopia.

“Most of our work we do in collaboration with local partners, so I never feel too uncomfortable,” Miller said. “I can’t think of any country where we work where we don’t have a local partner we trust completely.”

In addition to speaking English, Miller speaks “conversational German and can be polite in Arabic.”

Despite recent violence in the Middle East, Miller said he would “absolutely” like to visit the region again.

“I love the Middle East and would love to find a way to somehow do business there,” he said.

“It’s such a vibrant place. The mix of cultures is fascinating to me.”

He works from Champaign one day a week, but otherwise commutes to Arcola. To communicate with business partners overseas, “we rely on Skype quite a bit,” he said.

Miller entered the University of Illinois’ MBA program in January 2013 on the recommendation of a friend and hopes to finish up the degree in May. “I’ve developed some nice relationships with professors, and a couple have provided great advice on specific business deals I’ve been evaluating,” Miller said.

He accompanied the class to India during spring break last year, where students got exposure to agriculture there.

Miller said his brother, John, took a financial planning job in Champaign, so they are roommates for now. Miller also gave his family a glimpse of his overseas experience.

“I hosted my siblings and their spouses and our parents for a trip to Romania in August. They traveled around, checked out Transylvania and the northern part of the country and had a great time,” he said. ◆ Reproduced by permission of The News-Gazette, Inc. Permission does not imply endorsement.

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Enlist your church Does your congregation need help to breathe new life into daily work?

B

eing faithful at work can be a challenge. Don’t go it alone. Fellowship helps — with friends, co-workers and your church.

“The difference between doing God’s will in the workplace and turning work into an idol is so small that you have to check yourself almost every day,” says Dennis Bakke, former CEO of AES Corporation. “We need to be in the Scriptures regularly and to have people to whom we are accountable. We need to be part of a church fellowship that calls us back to a focus on Jesus Christ.”

How do you do this?

Look for a mentor, a seasoned person you look up to. Ask this person if you could meet at a coffee shop every few months to touch base. Chances are they’ll be honored to serve as your external encourager and reality check.

Search out a peer or affinity group, or start one yourself.

How about your church? Many churches need a little help on this score, especially if they can’t see beyond the “church gathered,” in which most spiritual activity is confined to the boundaries of the congregation or denomination. Few have a wide vision for the “church dispersed” — the church in daily action through the work of its members.

Yours may be an exception, but if not, maybe you can be an instrument of change.

Most churches welcome

You may have to do the grunt work yourself, at least until others catch the vision that churches expand their reach when they validate, affirm and

One church invited members to show up in work garb — electricians, nurses, auto mechanics, janitors and a chef.

new ideas (even if their staff is too overworked to implement them).

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celebrate the Monday-to-Friday activities of their members. The church can breathe new life into daily work — even into whole careers — by helping members reclaim the work week for God. Some pastors are a bit apprehensive about promoting “workplace ministry” because they fear it will distract members from congregational participation. There’s evidence to suggest that the opposite is true. William Diehl, author of The Monday Connection, conducted an extensive survey of his denomination and found that members who saw their daily work as Christian service tended also to be stronger financial contributors and participants in other congregational activities.

Here are some suggestions.

• Invite your pastor to join you at work for lunch or coffee. Share your challenges. He/she might use this in preaching or elsewhere, and you’ll find your circle of support widen.

That sends a signal that this part of life is important to the church leadership. Pastors who do this gain tremendous insights (and great sermon illustrations) into the habitat where members spend so much time.

• Suggest a series of short “workplace testimonies” at church where selected members explain “What I do for a living. What are the issues I face as I try to connect Sunday and Monday. What difference does my faith make in how I deal with these issues.” It will be illuminating for the congregation, as well as a wonderful opportunity for the speakers themselves to clarify in their own minds

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how their faith impacts their work.

• Suggest sermons on biblical workers (Lydia in the clothing trade, Joseph in civil service, Nehemiah in construction, Jacob in agribusiness, Matthew in finance, etc.).

• Many churches commission people for mission work or voluntary service. Why not suggest to your leadership that you have a commissioning or affirmation service for Fred the firefighter, Theresa the teacher, Sally the social worker, or any certified public accountants in your congregation around tax time.

• Volunteer to lead a Sunday school class on the theme of work.

Use resources like Faith Dilemmas for Marketplace Christians, [available on MEDA’s web site: www.meda. org] which is designed for a 13-week quarter. People will be delighted by the chance to talk about their work in the context of the church.

• Church newsletters can feature members’ jobs. A photographer in the church can take shots of members at work (or of where retired members used to work) and mount them on a display titled “Our dispersed church.” Or how about a map of your community with colored pushpins showing where members work and spend their days. It could be a dramatic reminder of the reach of your congregation from Monday to Friday.

• Communicate news about members’ promotions, awards and job changes.

• Work strikes a responsive chord in worship planning (and not just for Labor Day weekend). One

church invited members to show up one Sunday in work garb. The array of uniforms was quite a sight — electricians, nurses, auto mechanics,

How weird is this — bring-your-coworkerto-church Sunday?

Excerpted from You’re Hired! Looking for work in all the right places, a career guide from MEDA. Available for free download at www. meda.org 11

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medical technicians, a chef, even a Home Hardware clerk with a loud red jacket. When everyone stood together it was a dramatic illustration of the diverse cultures which the congregation’s influence penetrated every week.

• Use “tools of the trade” for a worship display, or a showcase of goods and services put forth by members during the week.

• Equip the church library with literature on faith and work connections.

• Suggest special events about work and faith (bring-your-boss or co-worker to church).

• Even the benediction can send an important signal. One church does it this way: “Sisters and brothers in Christ, we are NOT dismissed; we are NOT just free to go — Christ sends us. Go forth into the world in the power of the Spirit; go to help and heal in all that you do.”

• Another church has a sign posted over the main exit door that says “Service Entrance.” But it’s posted on the inside, not the outside.

That way it’s the last thing worshippers see as they leave the auditorium, reminding them that as they leave worship they are heading out into the world where they will spend the next week as ministers.

These are a few things you can try to help your church become an ally in breathing spiritual life into your daily work — and its own. ◆

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The Faith@Work game A new way to put fun into being faithful on the job rning

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Marketplace You read The cover-to-cover SPACE D1 MOVE AHEA You a MED ttended A TAK conven this yea r’s E AN t OTH ion ER T URN

DIRECTIONS

Each player should find a small playing token (such as a button or an uncooked bean) and place it at START. Players advance by flipping a coin — “heads” means move forward two, “tails” one.

Each square describes an action the player supposedly has done (at least for the purpose of this game) and includes a consequence of that action (positive or negative). When a player lands on a square, he/she should read the “action” aloud, then obey the consequential directive. When the player has obeyed that command, the turn is completed.

The player is not responsible for the action or consequence of the new square.

Players may discover that the game never really ends. Entering the final circle is an ongoing process.

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arketplac of The M y p o c a y You displa e reception area ffic o r u o y in SPACE HEAD 1 MOVE A

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If this makes you pop a Ro laids then MISS A TURN

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Congratulations on making strides to integrate your faith and your work!

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Our thanks to the original designer of the game concept, Don Ratzlaff, then associate editor of The Christian Leader.

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What is impact investing?

The goal is to deliver strong ethical, social and environmental outcomes without sacrificing profit.

MEDA and its affiliate, Sarona Asset Management, is often identified as a global leader in “impact investing.” What does that mean?

JP Morgan defines it as investments that generate a positive impact alongside a financial return. The Global Impact Investing Network (GIIN) defines it as investments that aim to generate measurable social and environmental impact alongside a financial return. Gerhard Pries (CEO of Sarona Asset Management) and Katie Turner (MEDA senior project manager) fleshed out those definitions at the recent MEDA Convention in Winnipeg. They described MEDA-related “frontier” investments in several small and medium-sized companies that earn a profit while performing an important social function. Here is an abridged version of their comments:

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n Paraguay, 60 years ago, MEDA invested in a company called the Sarona Dairy. The dairy supplied milk to many families but wanted to improve production. It needed better breeding stock, better feed and better processing facilities.

Other development agencies at the time provided advice, technology and seeds to poor farmers. But Sarona Dairy was a business, and development agencies didn’t work with businesses.

MEDA came into being as a private investment company to help The Marketplace March April 2015

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Where it started: The gate to the first MEDA investment in Paraguay.

struggling companies like Sarona.

It wanted to help this small dairy company grow, create jobs and deliver more milk to more people at better prices. But it did not think it had to forgo profit to do this. The investment it made turned out to be highly successful on both fronts. Not only was it profitable, it also helped spawn a dairy industry in Paraguay that eventually supplied more than 70% of the country’s milk.

And because MEDA did that, and

continued to do so over the next 60 years, JP Morgan recently named MEDA and its child, Sarona Asset Management, as the oldest impact investment firm in the world.

In Nicaragua, MiCrédito

is a microfinance institution that provides improved financial services to urban and rural markets. Many of you will be familiar with MiCrédito as an investment of MEDA’s Sarona Risk Capital Fund. Since 2004, when

See full presentation To watch the full video of this and other presentations go to http://www.meda.org/past-conventions/convention-2014-videos

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the institution started, MEDA has supported them through board presence, as well as technical assistance to improve the types of products and services they offer their clients.

MiCrédito now serves approximately 4,500 clients, with an average loan size of $918 and a portfolio of $4 million. One of its clients is Roberto, a 34-year-old farmer in the town of Estelí. Roberto is married and has three children. He has a fourth grade education. He began learning to farm at an early age from his father. Over time, he used his earnings from selling vegetables to buy his own land. Roberto currently grows vegetables and raises cattle.

Roberto received a loan of $800 from MiCrédito to buy two heifers which has allowed him to improve his milk sales. With this extra income, Roberto is saving for his children’s education so that they can become professionals and move forward.

In 2012, one of our Sarona

Funds invested in Khyati Foods Ltd. in India. Khyati Foods is a private company that processes organic soybeans and cotton. We were keenly interested in the company because it was both profitable and had high social and environmental value.

Khyati Foods buys all of its produce — the soybeans and cotton — from 10,000 smallholder farmers, each of which have only a few acres of land. The company has worked with each of these 10,000 farmers for a minimum of three years to help them become internationally certified as organic. By purchasing from these smallholder farmers, Khyati is boosting their family income and getting their products into international markets. Khyati processes the products and then sells 90% to export markets in Europe and USA. • We like the company because it is profitable.

• We like the company because it supports a lot of poor farm families.

• And we like the company because, by working only with organic produce, it enhances the environmental footprint of farming in India.

financial performance, strong social and environmental policies, and a concern for the health and safety of employees.

ODG’s core values are integrity, accountability, excellence and teamwork. The company has 281 full-time permanent employees, 415 contract staff and 20 expatriate staff. They provide strong career opportunities, which has resulted in an annual turnover of only 3% since 2011. Their CFO concedes that they are more

A few years ago, one of Sarona’s local partners invested in ODG, a company in Indonesia that provides mechanical, electrical and fire safety services to its clients, many of whom are large mining companies.

This type of company may not be the first thing that comes to mind when you think of an impact investment, but ODG has carved out an impressive reputation based on solid

portfolio handily out-

Potential buyers are looking for clean, progressively-run companies.... Our performs the S&P 500. expensive than other companies but their clients value the high quality of their work and are very loyal to them. ODG provides extensive training on health and safety to employees, and as a result has not had an accident in 27 years. They have won numerous awards for safety and are recognized in the industry for their commitment to this.

In Brazil, one of Sarona’s lo-

India’s Khyati Foods helps 10,000 smallholder soybean and cotton producers to achieve organic certification.

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cal partners invested in Digipix, an electronic photography service.

You’ve heard of Snapfish and Shutterfly, two American companies that invite you to e-mail them the photos of your daughter’s birthday party last week. Digipix is Brazil’s version of the same concept. Imagine you took some nice I-Phone photos at a wedding or family gathering. Now what?

Well, if you’re in Brazil, you would e-mail them to Digipix, which will, within a few days, courier a nicely bound photo album to your door.

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ner made its initial investment in Digipix, it set out to improve the company’s success. In most cases, this means ensuring clean and transparent finances by installing a new CFO. In Digipix, it also meant reworking the way chemicals are used and recycled in the photo processing business. We wanted to improve not harm the environment. And it also meant transforming the way employees are managed.

In Brazil, social security taxes are fairly high. This can be very expensive, so some employers try to avoid that by hiring people as contract workers. The government soon became wise to that practice and ruled that when a contract worker has worked there for 12 months, he/ she is automatically deemed to be an employee. Not to be outdone, businesses have figured out that they can fire contract workers after 11 months and rehire them a few weeks later without paying social security taxes.

An investment in Brazil’s Digipix led to friendlier environmental processes and better treatment of employees.

When we invested in Digipix we insisted the practice must stop, and all employees must become full-time employees not only for reasons of integrity but also so that in retirement they could enjoy the benefits of social security. This turned out to be a positive. The reality was that every time companies fired and then rehired staff some employees found other jobs, meaning the company needed to hire and retrain replacements. Now this was no longer necessary. At first the company’s financials took a nose-dive as costs The Marketplace March April 2015

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Solar power enabled Kelvin Cold Chain to pilot a more environmentally friendly business model.

shot up, but it turned around nicely and now is doing very well.

In India, one of Sarona’s local

partners invested in Kelvin Cold Chain, one of the top five temperature controlled cold chain logistics companies in the country. Kelvin fills a critical role in the food services industry based on the rising demand for frozen and processed food. Because of the nature of the business, the company relies heavily on having high quality drivers to deliver its products around the country. It provides them with training on safe driving and proper truck maintenance to prevent accidents. Most recently, Kelvin Cold Chain has established a solar powered cold room to provide better services, particularly in rural areas where electricity is in short supply. This will allow the company to pilot a new approach which provides cold chain services using an environmentally friendly business model and reduced electricity costs. It simultaneously will provide their clients with access to cold storage facilities where none existed previously.

Sarona holds investments in

over 200 private companies around the world. Our goal is to deliver attractive financial returns to our investors but also to build up companies and communities where we invest. Our goal is to deliver strong ethical, social and environmental outcomes and while doing that our portfolio has handily outperformed

the S&P 500.

How do we do that? Imagine running a company in India where most employees do not get vacations.

If your company, however, provides employees with two weeks vacation, decent wages and workplace training, you are likely to move them from a 20-day loyalty mentality to a 20-year loyalty mentality. In our experience, progressive business

The goal is to improve companies’ ethics, social actions and environmental footprint. leaders, those who care for employees, suppliers, clients, customers, the community and the environment, consistently outperform the competition.

Even moreso, when we decide to sell these companies after having worked with them, we are able to sell at higher multiples because the larger players are looking for clean, progressively-run companies. So we set out to improve companies — to improve their ethical standards, their social actions and their environmental footprint. And by doing that, we improve not only companies, but also communities. We do that across Africa, Asia and Latin America. ◆

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Peace work

“I

am a peacemaker,” said the corporate leader. “I know how to bring people together and work out their differences.”

His listeners, surprised at first, realized he had a point. He was, after all, known for “the art of the deal” and often brokered agreements between opposing parties.

Jesus famously said, “Blessed are the peacemakers.” Could he have meant people in ordinary jobs? Could he have meant people in business?

Making peace doesn’t always mean stopping bullets from flying.

“Slings and arrows” can take many forms. Workplace violence costs North American business $4 billion a year and produces several homicides each month. Could that be fertile ground for peacemakers?

Here are peacemaking examples (some identities protected) from the annals of workplace literature: Manager. A company administrator creates a climate for peace by organizing work routines to ensure each person’s work is integrated with the work of others — not only to create synergy (which is profitable) but also to reduce strife by ensuring mutual respect. He keeps an eye on “triggers” of violence, like job loss or demotion; problems at home; romantic obsession with a coworker; substance abuse.

Receptionist. Answering the phone can sound routine, but what do you do with an angry caller?

Sheila, who works in an electronics firm, gets at least one angry phone call a day. Relying on Proverbs 15:1 — “A soft answer turns away wrath” — she has learned how to defuse seething callers, like hearing them out, not leaving them on hold, not being defensive, not passing the buck, and making sure someone follows up.

Steel executive. Wayne Alderson faced a tense labor situation. He decided what he needed to do was

not “correct” labor but to correct himself, to modify his own management style. He tried new tactics, like “walking with labor” and showing how he valued every employee. He managed to overcome a “contra” mentality. In the rough world of rustbelt steelworkers, he took the first steps to make peace.

Contractor. Conscious of the social impact of housing styles, a building contractor avoids taking on “sardine-can” projects because he knows that high apartment density can cause psychic trauma to local dwellers and lead to antisocial behavior.

Sometimes peace can break out in the oddest places — like on the job.

Teacher. A woman who teaches new immigrants encouraged her students, who represented Christian, Muslim and Hindu faiths, to share with each other their religious customs and traditions at the same time that some of their people back home were killing each other. She didn’t manage to stop the killing, but she kept a good part of the hostility from taking new root in her community.

The resulting bonds of friendship showed peacemaking in action.

TV host. Many grown-ups will remember their childhood devotion to the TV show Mister Rogers’ Neighborhood. Host Fred Rogers, the man in the cardigan sweater, was specially ordained for his role by the Presbyterian Church, which saw his television work as a form of ministry.

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cepts us exactly as we are,” said Rogers. One can only imagine how many young viewers turned their faces in a new way through his influence.

Inspector. Marlin was employed as a provincial government inspector whose job was to mediate disputes between farmers and implement dealers. As a former farmer and dealer, he saw the issues from both sides. His goal was to get both parties talking to each other, and he did so with great success.

Attorney. Lawyers sometimes get a bum rap for being overly litigious, but one of our acquaintance helped develop, with his state bar association, a pledge that was signed by several hundred company owners who committed themselves to explore less litigious alternatives to resolving business disputes. The goal was to reduce battles between companies, consumers, contractors and competitors.

Negotiator. Walter works for a regulatory agency that most people have never heard of. He spends his days ironing out trade disputes between the United States and Canada.

He thinks the work he does is paving the way for greater neighborliness.

He sees himself as a grassroots peacemaker, but it’s at a level too remote for most people to understand.

Development workers can be effective peacemakers. While others resort to armed means of settling disputes, they seek a better way. Conflict transformation expert John Paul Lederach says better than retaliatory bombing is to “invest financially in development, education and a broad social agenda” in countries surrounding global hotspots. The greatest single pressure that can be put on terrorists is to remove the source of their hatred, he says. By strengthening relationships with whole regions, peoples and world views, “we weaken and eventually eliminate the soil where terror is born.” ◆ The Marketplace March April 2015

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A bold big bet on the poor Annual Gates letter sees breakthroughs in fight against poverty

T

have unprecedented opportunities to get an education, eat nutritious food, and benefit from mobile banking.

These breakthroughs will be driven by innovation in technology — ranging from new vaccines and hardier crops to much cheaper smartphones and tablets — and by innovations that help deliver those things to more people.”

The bottom line is that “more parents in poor countries will know their children aren’t going to die,” they write.

The biggest breakthroughs they envision are in global health, farming, banking and education.

he annual “letter” from the Bill & Melinda Gates Foundation has become an anticipated highlight for people committed to battling poverty. For 15 years this couple, among the wealthiest in the world and with philanthropic reputations to match, has invested heavily in reducing inequity in Low Income Countries.

This year’s letter makes some bold claims for the future of that effort. Using language like “our big bet,” the Gateses predict that “the lives of people in poor countries will improve faster in the next 15 years than at any other time in history.”

While a handful of the worst-off countries will continue to struggle, “we think the next 15 years will see major breakthroughs for most people in poor countries. They will be living longer and in better health. They will Photo by Steve Sugrim

In Zambia, MEDA has worked with a mobile money provider to enable the poor to participate in the financial system through savings, loans, money transfers and insurance.

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1. Child deaths will drop The next 15 years will see “unprecedented progress in global health,” write Bill and Melinda Gates, citing various scourges being wiped out or drastically reduced. In 1990, they say, one in 10 children in the world died before the age of five. Today it is one in 20, and by 2030 they predict it will be one in 40.

This will be achieved as more countries gear up to immunize against diarrhea and pneumonia, two major killers of children, and as sanitation improves (such as better toilets for poor areas).

More mothers will give birth in proper health facilities instead of in village huts. Since 2005, for example, the proportion of mothers delivering at facilities in Rwanda has gone from 31 percent to 72 percent. “By continuing to make sure that the caregivers at those facilities are well-supplied

and well-trained, we can take advantage of this global trend and make childbirth much safer for women around the world,” say the Gateses.

Polio can be eradicated from Africa along with diseases like guinea worm, elephantiasis, river blindness and blinding trachoma, as drugs to stop them become more widely available and are used more strategically thanks to digital maps that show where diseases are most prevalent.

The Gateses anticipate a vaccine that prevents people with malaria from spreading it to the mosquitoes that bite them and then infect others.

“In 15 years, we’ll be poised to send malaria the way of smallpox and polio,” they say.

2. Africa will feed itself Seven out of 10 people living in sub-Saharan Africa are farmers (in the U.S. the ratio is two out of a hundred) and yet Africa has to rely on imports and food aid to feed itself, say Bill and Melinda Gates.

Moreover, African farmers get just a fraction of the yields of American farmers. Maize averages 30 bushels an acre in Africa, one fifth of the yield in the U.S. With improved fertilizers and crops that yield better and resist drought and disease, African farmers are theoretically within reach of doubling their present yields. Greater productivity can make it possible to grow a greater variety of food and sell surpluses to supplement family diets with vegetables, eggs, milk and

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Photo by Jessica Adach

Women farmers in Ghana show off their new soybean crops in MEDA’s GROW project. Thousands of women farmers are bolstering family health by growing the nutritious crop, which also improves the soil.

meat. “We can deliver innovation and information to enough farmers in Africa to increase productivity there by 50 percent,” say the Gateses.

Other improvements are available through agricultural extension on what to plant, how to rotate crops to protect soil and how to get optimum prices. Right now this kind of information is aimed mostly at male farmers and their crops, even though women do at least half of the farm labor in Africa. This is beginning to change.

Population growth remains a challenge, but this also is changing as women become more empowered and have fewer children. Bigger weather variations (floods and droughts) will mean both more bumper crops and more poor harvests.

Raising productivity and improving food storage are crucial to riding out the lean years. Another challenge is lack of infrastructure (like paved roads) which makes it difficult to move food to where it needs to go.

The Gateses are convinced that “by growing more varied and nutritious food and getting it to the people who need it at the right time, Africa can achieve food security by 2030.”

3. Mobile banking will transform lives “Poor people face agonizing choices because they don’t have access to a bank to help them use their assets effectively,” say Bill and Melinda Gates. “If their savings are in the form of jewelry or livestock, for

example, they can’t very well chip off tiny pieces to cover routine daily expenses.

“Instead, the poor use financial services that are extremely inefficient. They save by hiding cash around the house or buying commodities that lose value over time.

When they send money to friends and relatives to help them through tough times, they either take a day off and deliver the cash themselves or trust someone else to do it for them.

“In the next 15 years, digital banking will give the poor more control over their assets and help them transform their lives.

“The key to this will be mobile phones. Already, in the developing countries with the right regulatory framework, people are storing money digitally on their phones and using their phones to make purchases, as if they were debit cards. By 2030, 2 billion people who don’t have a bank account today will be storing money and making payment with their phones. And by then, mobile money providers will be offering the full range of financial services, from interest-bearing savings accounts to credit to insurance.”

4. Software will revolutionize learning Not surprisingly, coming from the man behind Microsoft, the annual Gates letter sees new software as a vital key to global education.

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giving children a chance to make the most of their lives,” say Bill and Melinda Gates. “Online courses will be a global asset, available to anyone with a smartphone or tablet.

“As high-speed cell networks grow and smartphones become as cheap as today’s voice-only phones, online education will flourish.

“The technology has already come a long way and will advance even more in the next 15 years.

Before a child even starts primary school, she will be able to use her mom’s smartphone to learn her numbers and letters, giving her a big head start. Software will be able to see when she’s having trouble with the material and adjust for her pace.

She will collaborate with teachers and other students in a much richer way.

“To make the most of these innovations, we need to close the gender gap. In Africa, women are 24 percent less likely than men to own a cell phone; in South Asia, it’s 37 percent. This is especially important because when a young woman gets an education, it has a powerful ripple effect. As an adult, she’ll earn more money. If she has children, they will be twice as likely to live past the age of five. Her daughters will be twice as likely to go to school themselves.

Online education will open up new opportunities for girls.” ◆ To see how MEDA is embracing these opportunities, go to www.meda.org and follow the links for agriculture, health and women. Also, type “mobile banking” into the Search box.

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Soundbites

Unstuff your mailbox?

How many charitable organizations have you in their sights?

“Every school, missionary, relief organization, crisis pregnancy center, wildlife preserve, legal defense group, and youth camp has your name in its computer file,” writes Joel Belz, founder of World magazine. How do you choose which ones to support?

Belz recommends limiting charitable giving to 15 or 20 entities that you can get to know well. If you jettison some, you can increase what you give to the ones you really want to support. “You’ll be surprised how much of your money will be redirected to actual ministry and away from receipting, bookkeeping, processing, and overhead,” he says.

Belz suggests dividing your list of charities into three categories: One, those you really know and are committed to; Two, those you sort of

know; and Three, those you don’t really know and who just clutter your mailbox.

Then ask all those in the third category to remove you from their mailing list.

As abrupt as that sounds, it is really doing them a favor, Belz says.

Since you are unlikely to become one of their active donors, you are costing them money to keep sending you their appeal literature. “By specifically reducing their costs, you’re actually making a modest gift to that organization or cause!”

You trim their costs, and reduce your own annoyance over a jammed mailbox. Then you are left with a lean list of prime organizations (the number ones, and maybe some of the number twos) that you can really get behind.

That, he says, is wise stewardship.

What the world needs The kind of work God calls you to is usually the kind of work that (a) you most need to do, and (b) the world most needs to have done. The place God calls you to is the place where your deep gladness and the world’s deep hunger meet. — Frederick Buechner Costly stress Stress brings high health care and turnover costs. In a study of employees from various organizations, health care expenditures for employees with high levels of stress were 46 percent greater than at similar organizations without high levels of stress. In particular, workplace stress has been linked to coronary heart disease in both retrospective (observing past patterns)

Global undernourishment shouldn’t exist. Each day the world’s farmers produce the equivalent of 2,868 calories per person on the planet — enough to surpass the World Food Programme’s recommended intake of 2,100 daily calories and enough to support a population inching toward nine billion. The world as a whole does not have a food deficit, but individual countries do.

Why do 805 million people still have too little to eat? Access is the main problem. Incomes and commodity prices establish where food goes. The quality of roads and airports determines how easily it gets there....

Things are slowly getting better. Since the early 1990s world hunger has dropped by 40 percent — that means 209 million fewer undernourished people, according to the Food and Agriculture Organization of the United Nations. Future progress may prove difficult. “It is critical to first improve overall food production and availability in places like sub-Saharan Africa,” says FAO economist Josef Schmidhuber. “Then one can focus on access.” — Daniel Stone in National Geographic

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Photo by Ray Dirks

Enough calories for all

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and prospective (predicting future patterns) studies. Then there’s the impact on turnover: research shows that workplace stress can lead them to look for a new job, decline a promotion, or leave a job. — Emma Seppala in Harvard Business Review Next Awakening I believe that the next Great Awakening in America will take place when laymen and laywomen wake up and realize that ministry is everywhere — not just within the walls of the church, not just “full-time Christian

Ministry.” — Randy Singer, pastor, lawyer and author of legal thrillers, in World magazine Ulcers & bifocals What can it profit a man to gain the whole world and to come to his property with a gastric ulcer, a blown prostate, and bifocals? — John Steinbeck in Cannery Row Myth of profit The myth that profit maximization is the sole purpose of business has done enormous damage to the repu-

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tation of capitalism and the legitimacy of business in society. We need to recapture the narrative and restore it to its true essence: that the purpose of business is to improve our lives and to create value for stakeholders.

— John Mackey and Raj Sisodia in Conscious Capitalism: Liberating the Heroic Spirit of Business Sure thing?

I’ve often told my kids: If you want to have a million dollars one day, start with $10 million then invest in a hot tip. — Financial columnist Tim Cestnick in The Globe & Mail

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News

MEDA and MWC to host faith/business consultation Businesspeople from around the to the bottom line? on “Fresh expressions of Anabaptist globe are being invited to a faith/ • Dealing with violence as values that inspire new approaches business consultation planned jointly business entities: How can business to leadership.”

by Mennonite Economic Developdevelopment promote peace?

Presenters will be business leadment Associates (MEDA) and the Also planned is a special feature ers from North America, Europe Mennonite World Conand the Global South ference (MWC). who are affiliated Theme of the with MWC member event, to be held at the churches. Attendance Best Western Premiere, will be limited to 90.

Harrisburg, Pa., will be Cost to attend will be “Frontiers of Leader$119. ship: New Models for This will be the Leading in Chaotic second such global Times.” dialogue, says MEDA’s It will run from 9 Howard Good, who is a.m. Monday, July 20 coordinating the conto noon on Tuesday, sultation. The first, July 21 (immediately based on the theme of before the Mennonite “Connecting business World Conference and faith in the marGlobal Assembly, July ketplace,” was held in 21 to 26).

2009 prior to MWC’s Subthemes will Assembly 15 in Asuninclude: cion, Paraguay.

• Family busi“That was an nesses: Their unique exciting attempt to strengths while facing bring Mennonite real challenges in the businesspeople tocurrent environment. gether from around • Self-care as the globe,” says Good. business owners and “We want to build managers: How to deal on that success by with failures? How do exploring how global congregations and pasMennonite businesstors help the process? people are modeling • Cooperatives: vibrant business and faith leadership at a Do they have a unique time when society attraction for Christians is being pulled in so in business? Are they many chaotic direcviable in the current tions.” global economic enviTo register your ronment? interest in being • Creating commuinvited to this event nities of faith within and for MWC’s Global a business: How do Officials hope to build on the success of the 2009 global business Assembly go to www. congregations/pastors dialogue held just prior to MWC Assembly 15 in Asuncion, Paramwc-cmm.org or call relate to such opportuguay. Shown here, Indonesian businessman Yohanes Sutanto addresses businesspeople from 11 countries.

(717) 826-0909. ◆ nities? Are there risks The Marketplace March April 2015

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Don’t write off family businesses Anyone who reads the abundant literature on family business enterprises knows that the ranks get slimmer as a company passes through the generations. Only a small minority of these businesses make it to the fourth generation.

But that doesn’t mean anyone should give up on family firms.

A recent article (“Business in the blood”) in The Economist says family firms are holding their ground and “in recent years have increased their presence among global businesses.”

The article says family-controlled firms (including biggies like Walmart and the Buffet clan) now compose 19% of the enterprises in the Fortune Global 500, which tracks the world’s

biggest companies by sales. This is up from 15% in 2005. Since 2008, these companies have seen their sales grow 7% a year, while nonfamily firms grew by 6.2%. These trends are expected to continue.

A bigger presence on the global scene Why have family firms done so well? Among the reasons: • They are less likely to load up on debt.

• They often have done better in labor relations (workers tend to trust founding families more than import-

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ed bosses).

• The presence of a founding family seems to be good for the company’s image.

There’s a negative side, too. The magazine says one of the “rocks on which family businesses have a unique propensity to founder” is “the risk of squabbles among relatives.” It goes on to observe, “No issue is potentially more toxic than the transition from one generation of a family to the next,” especially since children don’t always want to join the family company, or did not inherit the founder’s entrepreneurial genes. One study found that less than a fifth of family firms have solid succession plans in place. ◆

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