Thumbs up for owner-founder oversight: and a skeptical thumbs down for private equity.
Author | Dahlvig, Anders |
Position | ENDNOTE |
What kind of ownership or governance is needed to be a successful business contributing to a better society? There are a number of principles and behaviors that I think are important and need to be established and promoted by the owner or owners: long-term thinking, a willingness to take risks, balanced remuneration of managers, establishing a history and a heritage, strong sound values, and a vision that speaks to all stakeholders.
Are there any potential downsides to being private or public with a committed founder or owner in control as opposed to being public with a differentiated and anonymous owner structure? I cannot think of very many.
I see many advantages of strong owner control. In such companies, it's more likely that the business will have a longer-term perspective and be willing to take more risks. Both these factors are likely to bring more fundamental change or provide greater opportunities to move ahead of the competition.
The existence of a present, dedicated, and knowledgeable founder and owner is also a considerable advantage. The founder is crucial to establishing the strong heritage and values that give the company a soul by which loyalty and motivation among the employees can more easily be created. No employed CEO will stay long enough to be able to take on that role.
With their competence and knowledge, owners can both challenge management and restrain the company from excesses in perks and compensation. I also think the likelihood of being a "good company" is greater with a strong owner in charge. Profits can be deployed to good causes without much debate. In my opinion, private companies or publicly owned companies with one committed controlling shareholder have better prerequisites in place to create competitiveness, a dedicated workforce, and...
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