Breakout session with Monika Nadova Kroslakova

As a next-technology co-proprietor of her family’s packaging organization Novplasta Ltd, as properly as an associate professor of the School of Commerce at the College of Economics in Bratislava, and the founder of the school’s Household Enterprise Centre, Monika Nadova Kroslakova comes with a specific wealth of study beneath her belt.

A passionate advocate of Slovakian spouse and children firms, she is familiar with the significance of imparting awareness and working experience on people wanting to develop well further than the second and then third era and has manufactured it her mission to increase horizons in her dwelling country and over and above.

Right here, Monika talks to Campden FB about her motives for creating the Spouse and children Organization Centre, location anticipations for the subsequent generation and the guidance she’d give to her youthful self.

Bratislava, Slovakia

In which in the planet are you appropriate now?
I’m in my home city of Bratislava in Slovakia.

The place would you relatively be proper now?
Appropriate, below. I really like Bratislava.

You are the founder and director of the Loved ones Organization Centre at the University of Economics in Bratislava, what are the aims of the centre?
I recognized the Family Company Centre with my colleague Elena last yr mainly because I needed to carry intercontinental family business gurus to Slovakia. There are a whole lot of people here, like my very own, that are undergoing the second-to-3rd-era transfer. Even so, quite a few Slovak loved ones enterprises are presently in the method of changeover only to the second era. Mainly because the wealth is continue to reasonably new, households make a great deal of problems when it will come to concerns of wealth organizing and succession and governance charters. So, I needed to bring in the details and information of international specialists to assistance resolve the condition in Slovakia.

Within just my have family business enterprise, we’re searching at how to transfer to the third generation and I know it is necessary to prepare all family members governance documents as very well as a family members structure and the establishment of a board. So, I understand the value of informing and educating Slovakian family organizations with initially-hand knowledge from sixth, seventh, eighth-era family associates – the information you get from this type of conversation is much better than anything you will discover in a book. This is the cause for the preparation of webinars of our Relatives Business Centre.

The Unversity of Economics in Bratislava

From your analysis, what really should every single second-era relatives looking to put together for the third era be executing?
Escalating up in a relatives enterprise has offered me terrific insight. From my analysis to my bachelor’s degree and PhD, all the things is centered on family members company.

Through my study, I can right solution who are the relatives organization in Slovakia, how numerous staff members they have, their turnover and their gain.

In my feeling, it is most vital to set up household governance tools to produce a board and get ready a family structure. For case in point, numerous relatives enterprises are not eager to have men and women who marry into the family members to be ready to join the board and attend meetings. To assure there’s no conflict if this problem arises, the to start with and next generations will need to have these charters in area in progress.

It really is also very essential to have frequent family conferences. My buddy, an expert for family members enterprise transfer, the moment said to me, ‘You and your a few sisters are relatives for 364 days of the yr – but for just one working day a yr when you have the spouse and children assembly, you are enterprise partners’. I believe this is also a extremely significant rule to guarantee that you can avoid conflict. Open up discussion concerning family members customers in all the things is very critical.

What does a superior working working day appear like for you?
I do a large amount of perform. I am an associate professor at the university, so I have to put together and teach lectures and compose content articles. And then I run the Household Organization Centre, and this can take a lot of time to put together and run. But I also adore exercising, so when I have time, I run, wander, and go to the fitness center. I also want to commit time with and prepare dinner for my young children, so at the close of a superior working day, I’m ordinarily pretty weary!

What guidance would you give to your younger self?
Maybe I feel a little little bit guilty that I left performing for the relatives organization day-to-day. But seriously, I adore university work with learners and what I do for family members company in Slovakia and the understanding they’re now ready to entry. So genuinely, I’m really content with how matters have worked out!

For a lot more data about the Family members Small business Centre at the College of Economics in Bratislava, call Monika Nadova Kroslakova below.