Perfecting family business | David Klett | Negotiator 255

Dr. David Klett reveals well-honed system used by 40+ members of the German Klett family to manage the international book publishing, education and childcare company Klett Gruppe. 00:00 Intro: Secret to family office survival, "death" of publishing, love of Kaurismäki movies in Finland 00:50 Why family businesses are very important and why all ownership cannot be institutional 01:24 Klett Gruppe, 127 years publishing, education, kindergartens from Germany 02:02 Internationalisation and growth. Comparison to Sanoma of Finland 03.28 Four to six generations of family company, 40something members from 3 to 86 year old 04.06 Comparison to "asuntosakeyhtiö" apartment ownership structure in Finland, lack of capital in Finland 05:10 The Klett solution to ownership complexity is carefully layered corporate governance 07:30 Silicon chip industry in Asia. Finnish Harry Potter (WSOY) share the Thai artwork (Nanmeebooks) 08:47 Overcoming challenges, "Families are not built to decide stuff" 09:57 The Family Council of 5 takes care of the family 11:56 Board of Directors / Supervisory Board 13:00 Management Board 13:40 Checks for nepotism vs. family ownership education 16:09 Top level executive qualifications are very strict 19:50 Time limits for positions 21:20 Managing the international subsidiaries under four silos 22:07 Paradox of survival. Managing acquisitions and exits. Studeo. SAP's failed acquisition of Qualtrix of USA 25:30 Selling to Private equity is not for Klett Gruppe which aims for long-term ownership 28:18 Family office does not need to hold financial assets. Living off dividends is not encouraged 30:40 Tackling political risk. Problems of high inheritance tax in Finland 34:00 Finnish pension system replaces private ownership capital 35:05 Good ownership skills are more important than inheriting wealth 36:49 #negotiator insider episode: Chainsaws Kaurismäki and Secrets David Klett #negotiator insider 54🎥https://youtu.be/RV4L9Lzcioo Join the channel: https://www.youtube.com/channel/UCRI34L9OtDJuZpaWicbNXzg/join #neuvottelija Sami Miettinen