Christina Wing’s Post

By the third generation of ownership, family businesses are often subjected to potentially critical conflicts resulting from complicated family dynamics and power struggles. While the topic of succession can be a sensitive one, proper planning and open conversations can minimize disagreements and maintain harmony among a founder’s descendants. Writing for Bloomberg, Brad Stone reveals what happens when meritocracy clashes with nepotism and how Bernard Arnault, founder of LVMH, worked to create a succession plan that will mitigate conflict while still leaving room for his five children to leave their mark on the company. In How to Do Succession the Right Way, Brad highlights some key takeaways from LVMH’s succession plan: 1. Arnault’s five children all have important roles at LVMH and equal ownership of the holding company, Agache Commandité SAS. 2. For 30 years, no family branch can sell shares or make a major strategy change without unanimous approval. 3. Votes on key decisions must be unanimous. By giving all his children a say in the future of the company while also implementing checks on each child’s decision-making power, Arnault is setting LVMH and its future leaders up for success. https://lnkd.in/dJTyZMuy #FamilyLegacy #FamilyWealth #RisingGen #SuccessionPlanning 

I was brutally reminded this morning that the corporate terrorists at HUGO BOSS will never let me and Bossy Cosmetics Inc. enjoy a modicum of our success. The idea that a German clothing and perfumery brand that trades in the *billions* of euros will use the legal systems in the US, UK, and Europe to harass/hound/bully a small Black woman owned color cosmetics brand in the US is completely insane and unfair. We have *zero* overlap in product offering. It’s nothing short of abusive corporate terrorism. In the backdrop of watching the courts tie up, Black women-led Fearless Fund from providing *meager* $20K grants to Black women like me, it continues to feel like an attack everywhere we turn. Less than 1% of VC dollars go to Black people and less than 15% of retail shelf space is allocated to Black-owned businesses and even if you’re fortunate enough to be in the minority of both, corporate giants like HUGO BOSS will fund 4 year silly legal battles to destroy you. We’re not dead and we will fight. I would like everyone who reads this to think critically about how you spend your money. Are you funding the business model of corporate terrorists who will use their scale to crush small business just because they can?

Bevel, the popular Black men’s grooming company founded by tristan walker celebrated its 10th anniversary this year. But according to the 39-year-old entrepreneur, the past decade is only one step of a generational vision for Black men — and Black people altogether — that actually puts faith, family and work at the forefront. And that legacy begins with one of the most discussed subjects in the Black community: hair. Walker was only 4 years old when he lost his father to gun violence. “My being introverted is partly a function of my upbringing,” the Jamaica, NY native once told Fast Company. “You couldn’t go outside as much, out of fear of what might happen.” But he thanks his mother for always insisting on the power of learning and education. After earning his MBA degree from the Stanford University Graduate School of Business, he would go on to acquire numerous accolades for his acumen, such as being recognized by USA TODAY for his initiatives around #diversity in tech as well as landing on Ebony’s list of “100 Most Powerful People.” And he visited his alma mater earlier this year to discuss the “The Problem With Sameness.” Read about how faith, family and the needs of Black people around the world continues to drive the enterprising businessman to go beyond hair and skin and towards a much deeper theme for Walker & Company Brands, Inc.: the authenticity in telling our story. #blackhair #blackintech #authenticity #blackentrepreneurship #bevel

Black businesses are rich in history. From newspapers to banks to restaurants and more, Black-owned businesses are an integral part of American life. Today, Black men and women own 2.6 million businesses across the United States, and these are some of the oldest Black-owned businesses in America: #blackhistorymonth #blackhistory #blackbusiness #business

In 2019, Madia Willis, Jasmine H., and J'Aaron Merchant met while working at the Walmart’s headquarters in Arkansas. After garnering a friendship, they realized they all loved Christmas decor. They also noticed something was missing from many holiday furnishing stores and departments, characters that looked like them. One day, a lunch conversation turned into a business meeting when they began brainstorming how to combine their talents to create an inclusive business that makes the Black community feel seen. This discussion led to them initially selling one-of-a-kind Christmas gift wrapping paper and tree ornaments with Black figures on them through Zazzle, an online marketplace. After receiving positive feedback and requests for new releases from customers who purchased their product, they knew it was just the beginning of their entrepreneurship journey. When racial tension in America hit an all-time following the death of George Floyd in 2020, companies were looking to support Black Lives Matter by investing in small and large black-owned businesses. The partners knew this was the perfect time for their business to shine and flourish since their target audience is Black Americans and they provided quality goods that embody “the spirit of inclusivity and authenticity.” The team established the Black Paper Party to design and manufacture products that showcase Black families. Their award-winning illustrations offer customer items like ornaments, wrapping paper, stockings, gift bags, cards and T-shirts. The characters reflect cultural aspects and physical attributes like distinct facial features curly hair textures and hairstyles. “These characters have the nuanced features of the Black diaspora, and they are culturally representative,” Hudson told CNN. Willis, Hudson, and Merchant’s business became a hot commodity, which allowed them to forge great partnerships for expansion as their merchandise is now available at retail heavy hitters like Walmart, Target, Macy’s, Dollar General and CVS. They agreed to accept an investment from their new stakeholder and well-known TV shark Barbara Corcoran, who offered $250,000 for a 10% stake in the company, on ABC’s Shark Tank. Hudson shared with CNN that the large lumpsome of funds will help the ladies keep up with the evolution of Black Paper Party as they will be used to hire more employees, increase inventory, and design a high-quality website for online shoppers. “We definitely want to make sure we are bringing the message of representation during seasonal celebrations to the masses.” After creating a small collection of Valentine’s Day and Easter materials in collaboration with Walmart in 2022, they will kickstart 2024 with more inclusive merch to commemorate Black History Month that will be available at Kohl’s and Dollar General in February, which aligns with their goal to celebrate the beauty of Black culture 365 days a year. Bravo 👏🏾

It’ll do your reputation good. Among those who proudly employ people with convictions, 92% said it positively affected their reputation and helped them win new contracts. Brands like Timpson, Greggs, Marston’s, Murphys and so on are all great examples of this. Are you ready to give someone a #FairChance? To find out more about the Fair Chance Business Alliance, and how to get your business involved, visit ➡️ fairchancealliance.co.uk. #ChangeLives #MakeADifference

Scott Galloway's insights on elitism demand the attention of corporate America and Ivy League institutions. With the rollback of affirmative action, opportunities for average students are dwindling, and the erosion of DEI initiatives will further limit job prospects for Black candidates. These changes are not just policy shifts; they represent a broader retreat from equity and inclusivity that can have long-lasting impacts on our workforce and society. It's crucial for leaders in both academia and business to recognize and address these issues, ensuring that meritocracy and diversity are preserved and promoted. #equalnotequal #fairnessdorall #scottgalloway #elitenot #opportunityforall https://lnkd.in/gV6cz_H2

What can we learn from Pablo Escobar? or from the greatest - Mr. Dhirubai Ambani? That they knew their business sooooooo well; they knew everything from operations, to enterprise to peoples names to who did what and when and why and how. Why should I care about the watchman who guards my office building? or the office boy who brings tea for my customers? If doing business is only supplying for the delta of demand, would knowing so much about everything else really matter? And does going the extra mile really count? Why do corporate offices send gifts to their well wishers? Both vendors and customers alike? Why do offices design merchandise? Why do companies have employee on boarding systems wherein a big part of that process is merchandise. ⭐How you make people feel on your journey is going to be a tell on where you end up. ⭐Masslows pyramid, status games, if you realize that everything is in the mind. Your mind, or peoples minds. ⭐And the way you show that you care about them and their progress, their journey, is going to massively affect how they feel about you, their perception of you and how much they would want to help you. ⭐First impression matters a great deal, but it does not stop there. It only starts there. ⭐This means that you have to take into account that your products are going to be used by people with #mixedemotions, and designing for humans means understanding #human #behavior. ⭐Everything that you do would be first to interact with people - either physically or digitally, and second the value that you will add. We're here for the long game. We believe in continued and shared progress. We want to create an ecosystem where people see for themselves that it is mutually beneficial to align with us, in whatever context that maybe. PS: The intent of putting this out here is to show how attention to detail can look. It may be a bad example given that #Pablo Escobar was a drug lord, and did abominable things. But there's always something to #learn from everything, as long as you want to learn. #business #emotions #people