58: Sustainability and ESG in Family Enterprises

Let's Talk Family Enterprise

Host Steve Legler speaks with Professor Pramodita Sharma about sustainability and how family enterprises are uniquely placed to take advantage of business trends in this area. Pramodita shares inspiring stories based on her research, and points family businesses and their advisors into some promising directions.

Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts, and models that best serve Family Enterprise Advisors in supporting their clients.

All views, information, and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.

Guest bio

Pramodita Sharma is the Schlesinger-Grossman Chair of Family Business at the Grossman School of Business, University of Vermont. She is a Research Fellow at the Thomas Schmidheiny Center for Family Enterprise at the Indian School of Business, and an advisory board member of the Jönköping International Business School (JIBS), Sweden. Among the highest-cited scholars in family business studies, her research on succession, governance, innovation, next-generation commitment, entrepreneurial leadership, and sustainability in/by family enterprises has appeared in journals like the Academy of Management Learning & Education, Entrepreneurship Theory and Practice, Family Business Review, Journal of Business Ethics, and Journal of Business Venturing, among others. Experiences and close interactions with her own family’s enterprises help keep her professional work grounded in the realities and complex dynamics of these fascinating enterprises that dominate the economic and societal landscape around the world.

You can learn more about Pramodita Sharma on the Grossman School of Business at the University of Vermont’s website and LinkedIn.

Key Takeaways

[:26] Steve Legler welcomes Pramodita Sharma and asks her to share an overview of her upcoming lecture at the Family Business Symposium focusing on the meaning of sustainability and the paths we can take to action.

[4:11] Sustainability is a journey that begins with awareness; Pramodita shares what phases come after.

[6:10] Family enterprises have a unique advantage regarding sustainability; the key is in the upcoming generations.

[9:09] Pramodita talks about the pioneering companies already taking advantage of their unique position.

[12:43] Sustainability as an antidote to the pressures of succession.

[15:04] The journey to a purpose-driven life through sustainability business practices.

[16:45] Case studies have proven to be a formidable multi-tool; Pramodita explains how she uses them and where the experience has been richest.

[19:35] Pramodita shares her hope for case studies in Canada and takes a moment to share a personal story.

[23:21] Is there an age or gender to the sustainability charge?

[27:39] The case competitions Pramodita organizes.

[32:20] Pramodita’s reading recommendation and advice for advisors.

[34:33] Steve thanks Pramodita Sharma for sharing her research and knowledge and closes this episode by reminding listeners to rate and subscribe.

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Mentioned in this episode

The Circular Economy Handbook: Realizing the Circular Advantage, by Peter Lacy, Jessica Long, and Wesley Spindler

Ellen MacArthur Foundation

Museum of Science + Industry Chicago: Extreme Ice Exhibit

The Family Business Symposium will take place on May 27‒29, 2024 in Calgary.

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