Lawrence Nicholson | Family-owned businesses must tell their stories

Jamaica has a rich tradition of storytelling, and it is not an exaggeration to say that Jamaicans’ appetite for talking far exceeds their appetite for reading. The latter might help to explain the dearth of reading material on the stories of Jamaican FOBs, or family-owned businesses.

Outside of the summary version found on the websites of Jamaican FOBs, there is little in the form of books, monograms, or other forms of documentations on the stories of outstanding entrepreneurs and their FOBs.

While there are few who have taken the time to document their stories of the family and the business, the call is to have more stories. Both members of the family and the wider society can benefit from the sharing of more of these stories.

In the search for a better understanding of individual family businesses and families which have been linked to successful entrepreneurship in Jamaica, I came across two insightful stories: Mayer Matalon: Business, Politics and the Jewish-Jamaican Elite, by Diana Thornburn; and Firstborn: The Life of Luis Fred Kennedy 1908-1982, by Fred Kennedy. While these are not the only documented stories, a reading of both underlined the need to have more of them in the public space, including having copies in our public libraries.

Jamaica has a rich history of outstanding entrepreneurs, and continues to raise the bar by others joining the line of this rich legacy. However, if we refuse to document, we run the risk of losing out on the lessons that can be gained from the stories of those who have gone ahead and those who continue to set the pace.

Oral tradition

While one can understand the dearth of reading material on many of our outstanding entrepreneurs, especially given our seemingly allergic reaction to reading, it is difficult to understand the silencing of the oral tradition.

Discussions with a few of the children and grandchildren of some of Jamaican FOBs suggest that the tradition of oral storytelling, focusing on family and business, is not as widespread as one would expect. Children and grandchildren of outstanding FOBs seem to be starving and missing out on the stories that should have been passed down to them.

This is unfortunate, because in the absence of many of these stories, orally and written, mistakes made by the founding generation are often repeated by succeeding generations, and templates that could be used to continue the success of the past are not transferred to the next generation.

If Mary Catherine Bateson’s declaration that “the human species thinks in metaphors and learns through stories” holds true, then it is time for more storytelling among Jamaican FOBs. Every family business has a story, and this story should form part of the wealth and legacy of the family and the business.

While oral storytelling should be encouraged, it is the consensus among family business advisers that the documentation of these stories is important. In the current digital age, some of these stories can be recorded in different forms.

The message is that there is the need for more than the undocumented oral transmission. Documented stories will serve the purpose of preserving the family and business legacy, reinforcing family values, and preparing future generations for succession, which forms part of the wealth of the business.

It has been found that the impact of these stories is greater when the founder or a member of the founding generation is the storyteller. The late Steve Jobs concurred when he stated that “the most powerful person in the world is the storyteller. The storyteller sets the vision, values, and agenda of an entire generation that is to come”.

The reality is that the founder or members of the founding generation will not always be the storyteller. This reality must not stop the story from being told.

In the absence of the founder or members of the founding generation, effort and the requisite resources must be expended to ensure that the true story is presented to maximise the wealth and legacy that can be accrued.

Invisible wealth

It is important for owners to understand that stories and lessons communicated represent part of the wealth of the business. That is, the wealth of FOBs is measured by more than the monetary value of the business; it can also be measured by their non-monetary assets, sometimes providing a wealth of information that is difficult to duplicate.

The intellectual and human wealth gained from these stories of the valley and mountain top experiences of the founders, the relationships forged and should be avoided, and the goodwill gained and lost are incalculable.

These stories help to connect the past, present, and future, thus providing a wealth of information that would not be readily available in other forms. This wealth of knowledge is like an invisible hand to guide the succeeding generation.

Preserving the family’s wealth involves helping the next generation of children, grandchildren-and great-grandchildren to develop loyalty, understanding and commitment to the values of the family and the business. Because children and grandchildren will not always be involved during the life of the founder, processes and systems must be put in place to capture and document the stories on an ongoing basis. This can be achieved by being strategic and deliberate in facilitating the effective documenting of stories. Having a designated scribe in the business is one way to capture these stories.

Telling the stories of the founder and the family business is one way to preserve the legacy of both the family and the business. Stories can be effective in communicating and preserving family values, ways of doing things, a sense of familiness – that is, the unique set of values brought to the business from family involvement in the business – and ‘family secrets’.

Hearing the voice or reading the direct quotes of the mother, father, grandmother, or grandfather will have a greater resonance than these being communicated through other mediums. These family stories will therefore help in the building of a strong sense of identity across generations.

There are documented cases of children and grandchildren developing a sense of purpose, and commitment to the family business, from reading the stories of the parents and grandparents. These stories motivated many of them to become part of the family business.

Stories of the family and the business provide intellectual and human capital to the wealth of the family and the business. These stories help to preserve the legacy of both the family and the business. It is time to get moving.

To be clear, there are FOBs that have been documenting their stories. The call is for more of them to join the line. By sharing your stories, family members and others will rise and call you blessed.

More anon!

Lawrence Nicholson, PhD, is a senior lecturer at the Mona School of Business & Management, University of the West Indies, and author of Understanding the Caribbean Enterprise: Insights from MSMEs and Family-Owned Businesses. lawrence.n.08@gmail.com