Survey on Family Business Dynamics and Governance Insights

Below is a summary of your responses Download PDF We thank you for your time spent taking this survey. Your response has been recorded. Q1. Preamble Questions Please enter your student ID Q2. Do you have the signed consent form? Q4. Please look at the signed consent form: Did the interviewee consent to their information being used in a research report? Q5. Would the interviewee like to participate in future studies? Q6. Would the interviewee like to receive a copy of a future research 501110514 Yes - Please upload the form down below Not yet - Do not submit the survey until you have uploaded the consent form. Do this now with your interviewee. If the interviewee did not consent to the interview, you should not proceed. Yes No Yes No

Q6. Would the interviewee like to receive a copy of a future research report? Q7. Qualifying Questions Are you the principal decision-maker* of the family business? (Please select one only) * Principal decision-maker means that you are privy to information related to, and have authority over, both the operations of the business (e.g., competitive dynamics and key challenges) AND the intentions of the owning family (e.g., succession plans and family governance). Q8. Please indicate which category of the Three Circle Model you primarily belong (Please select only one) Yes No Yes No 1. I am a member of the family, with no ownership or managerial position 2. I am strictly an owner, but not a member of the family or a manager 3. I am a manager, but not a member of the family or an owner 4. I am a family owner, but not a manager 5. I am a managing owner, but not a member of the family 6. I am a family manager, but not an owner 7. I am a member of the family, an owner, and a

Q9. Demographic Questions Is the business... Q10. The business' ownership is distributed as follows: (Must add up to 100%) Note: If you are unsure about the specific distribution, please provide your best estimate. Q13. What is your age? (Please select one only) Q14. What is your gender? 7. I am a member of the family, an owner, and a manager Partially family owned Fully family owned First/Founding Generation 10 % Second Generation 40 % Third Generation 30 % Fourth Generation 20 % Fifth+ Generation 0 % Total % 18 - 24 25 - 34 35 - 44 45 - 54 55 - 64 65.- 74 75+ Male Female

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Q15. Is the business inside Canada? Q16. What is the postal code of the business? Note: Correct formatting for Canadian postal codes is "A1A 1A1", i.e., capital letters and a space (not a dash). Q19. Approximately, how many people are employed in the business? (The equivalent of full-time employees)? (Please select one only) Q20. Which principal industry does the business operate in? (Select one only) Note: For the purposes of this survey, the firm's principal industry refers to the industry that accounts for the largest percentage of the sales revenue. Use this website to help determine the business' principal industry: https://www.ic.gc.ca/app/scr/app/cis/search-recherche?lang=eng Other Prefer not to say Yes No L2V 0C4 1 - 4 5 - 10 11 - 20 21 - 40 41 - 80 81 - 150 151 - 300 300 + Agriculture, forestry, fishing and hunting Mining, quarrying, and oil and gas extraction Utilities Construction

Q21. Family Involvement and Governance Is the President/CEO (most senior executive) a family member? Q22. Do you employ any other senior managers? Q24. For the following two questions, please identify which of the following business structures and/or practices you have in place (Provide a response to each item but ensure you read the definitions of each item Construction Manufacturing Wholesale trade Retail trade Transportation and warehousing Information and cultural industries Finance and insurance Real estate and rentals and leasing Professional, scientific and technical services Management of companies and enterprises Administrative and support, waste management and remediation services Educational services Health care and social assistance Arts, entertainment and recreation Accommodation and food services Public administration Other Services Yes No Other (explain) Yes No

response to each item but ensure you read the definitions of each item first) Governance and management structures - Do you have: Q25. Governance documents/agreements - Do you have: *Family constitution - A family constitution (or charter) involves pre-agreed rules as to how the family will participate and be recognized in the management, control and ownership of the business. Note: Please ensure there is one tick mark per row. Yes No I don't know a. A Formal Board of Directors - with formally appointed Directors (either family members and/or non-family members), holding regular meetings with a formal agenda and minutes taken. b. A Formal Advisory Board - including family members and external advisor(s), holding regular meetings with an agenda and minutes taken c. Shareholders meetings/forums - to formally communicate business matters d. Family Council - family members who represent the family, beyond the shareholders, meeting regularly to discuss the family's engagement with the business

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Yes No Yes but informal (Not written) I don't know a. A Family Constitution*/Family Charter/Family Rules b. Shareholders' Agreement c. Board charter (e.g. policies re: conduct of the Board of Directors) d. An independent assessment of the formal board of directors / formal advisory board of effectiveness e. Document strategic/business plan - that is periodically reviewed f. A policy for the selection and promotion of non- family employees g. A policy for the selection and promotion of family employees h. A formal process for incorporating the values, vision and objectives of the family that owns/controls the family business in the business's planning processes i. A formal mechanism in place to handle family conflict j. Formal feedback to

Q26. Succession Plans: Do the current owners plan on doing any of the following? If so, when? (If you are not sure if the activity is being planned, you may tick off "I don't know". If it has been decided that the particular activity is not intended, then tick off "Not intended", otherwise please tick off the anticipated timing for the activity to occur.) j. Formal feedback to family members about business matters Yes No Yes but informal (Not written) I don't know Next 1-3 years Next 4-5 years In 5+ years In the plans, but not sure of the timing Not intended I don't know a. Pass on the OWNERSHIP of the business to the next generation b. Pass on the OWNERSHIP of the family business to other family members (not the next generation) c. Pass on the MANAGEMENT of the business to the next generation d. Pass on the MANAGEMENT of the business to other family members (not the next generation) e. Sell business to other owners or employees f. Sell business on the open market g. Publicly list the business h. Bring in a partner

Q27. Given you ticked off that you intend to pass ownership or management to a child or other family member, is there a succession plan which has been discussed? Q29. Diversity What is your birth country? Q31. What is the birth country of your mother? Q32. What is the birth country of your father? Q37. Does your family business operate in or near Toronto? i. Close the business j. Other (explain) Next 1-3 years Next 4-5 years In 5+ years In the plans, but not sure of the timing Not intended I don't know Yes No Other (explain) Canada Other Canada Other Canada Other Yes No

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Q41. Family Business Education / Knowledge How would you describe your awareness of family business issues and concepts? Select any and all that apply. Q42. Are there topics related to family business which you would like to learn about? (Students - please do not put this in your own words - quote the respondent directly.) Q43. If there was a training program for potential successors, would you be interested in enrolling someone from the owning family? Q44. Is there any other course related to family business which you personally would be interested in enrolling? No a. I don't focus on what it means to be a family business b. I speak with other friends and family to discuss family business challenges c. I read articles about family business dynamics and concepts d. I have taken some courses about family business / family dynamics e. I have a consultant or advisor who specializes in family business f. My accountant / lawyer / investment professional provides advice on family business issues (beyond their regular services) Not that I'm aware of Yes No Maybe - please explain Yes - What type of course(s)?

Q45. Open Ended Questions In a few words, how would you describe the key benefits of being a family business? (Students - please write down exactly what the respondent says and do not put in your own words.) Q46. In a few words, how would you describe the key challenges of being a family business? (Students - please write down exactly what the respondent says and do not put in your own words.) Q47. What would you say is the biggest challenge? (Students - please write down exactly what the respondent says and do not put in your own words.) Q48. By ticking this box, I affirm that the responses provided are accurate to the best of my knowledge Q49. In conclusion, thank you for participating in the survey. Your responses will help students to better understand the challenges of family business. No Possibly the good part is that you get to have the authority in your own hands and gets to keep the business in the family The key challenges would be that you know the business runs, its ins and outs, making sure the customer is always happy and satisfied with the services, the customer leaves a positive feedback as that increases our client base. The biggest challenge is that you have to more effort than you think is initially required, from cleaning to being the person always present and making sure the business is running smooth. I affirm that the responses provided are accurate to the best of my knowledge

Powered by Qualtrics A IMPORTANT: If there are questions which are still incomplete which you want to fill in later (e.g. uploading the consent form) then you can save without submitting. You must include the consent form before you submit. Please note, you cannot start a new interview until the first is submitted. AFTER YOU PRESS SUBMIT: You must request to download a copy of the report as this should be included in the appendix of the class assignment.

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