Family Businesses The Essentials

ISBN-10: 1861978618
ISBN-13: 9781861978615
Edition: 2007
List price: $28.95
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Description: Family firms are to be found in every sector of commercial activity, and their special strengths mean that they flourish best where their advantages can be fully exploited. This comprehensive guide covers every aspect of managing a family-owned  More...

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Book details

List price: $28.95
Copyright year: 2007
Publisher: Profile Books Limited
Publication date: 3/1/2009
Binding: Paperback
Pages: 256
Size: 6.00" wide x 9.25" long x 1.00" tall
Weight: 0.374
Language: English

Family firms are to be found in every sector of commercial activity, and their special strengths mean that they flourish best where their advantages can be fully exploited. This comprehensive guide covers every aspect of managing a family-owned firm, from day-to-day issues to long-term planning for future generations.

Foreword
Preface
Acknowledgements
Why family businesses are special
Definitions
Economic impact
Special strengths
Family business culture and values
Predictable problem resolution
Commitment
Knowledge
Flexibility in work, time and money
Long-range thinking
A stable culture
Speedy decisions
Reliability and pride
Dilemmas and challenges for family businesses
Resistance to change
Business challenges
Succession
Emotional issues
Leadership
A competitive edge and outperformance?
Successful sectors for family businesses
Family business dynamics: people, systems and growing complexity
Family business people
Founders
Women in family businesses
Husband and wife teams
In-laws
Multifamily ownership
Non-family employees
Managing conflict in family firms
Family business systems
Seeking a balanced approach
Introducing the ownership dimension
Family business life cycles: a story of growing complexity
Life-cycle stages
Ownership transitions
The family's relationship with the business: developing a strategic vision and building teamwork
Articulating values and a shared vision
Effective business families
Ingredients of successful planning
Establishing open communication
Creative versus destructive conflict
Building family teamwork
Unifying plans, processes and structures
Designing family governance
Family council
Family retreats
Family constitution
Conclusions
The next generation: human resource management and leadership perspectives
To join or not to join?
The importance of outside experience
Self-esteem and confidence
Wider business experience
Credibility with non-family employees
Systems overlap and human resource management issues
Recruitment
Training and development
Remuneration
Performance appraisal and promotion
Working in the business
Seek out a mentor
Gain the respect of employees
Tread carefully
Beware sibling rivalry
Work at establishing personal identity
Relationship with the senior generation
Getting help: making the most of outside resources
Non-family managers
Relationships with the family
Introducing external executives
Motivation and rewards
Incentive design and delivery
Non-executive directors
Selecting the right candidate
Board practices
Professional advisers and consultants
Are your advisers keeping pace with your needs?
Consultants
Family business consultants
Beware conflicts of interest
Relationships underpinning an advisory role
Professionalising the boardroom: the role of a balanced board of directors
The rubber-stamp board
Making the transition
Establishing a well-balanced board
Board composition
Organising the board
Effective, working boards
Relationship with the family
Two-tier boards
Cousin companies: family governance in multigenerational family firms
Introduction
Evolution of family business ownership
Culture shock
Complexity in cousin companies
Family complexity
Ownership complexity
Responding to growing complexity
Ownership policies
Business policies
Family policies
Setting up a family governance process
Recording decisions - the family constitution
Structuring family governance
Family council
Other governance entities
Roles and membership
Getting the structure working
Conclusions
Managing succession: the leadership challenge
The succession paradox
Resistance to succession planning
The founder
The family
Employee and environmental factors
Leading the transition
Start planning early
Encourage intergenerational teamwork
Develop a written plan
Involve everyone and obtain outside help
Establish a training process
Plan for retirement
Decide when to retire and stick to it
Selecting the right successor
Who to choose?
What if no one fits the bill?
Some conclusions on selecting a successor
Preparing next-generation managers and leaders
In-house training and development
The next generation's perspective
Succession in older family businesses
Second to third generation
Third to fourth generation and beyond
New generation, new system, new culture
Building financial security and relinquishing control
Building financial security
Money into or out of the business?
Selling the business
A hard decision
Sale mechanics
Principal exit options
Passing down the business
Capturing values for later generations
Estate-planning principles
Treating heirs fairly
Ownership and control considerations
Life insurance
Splitting the company
Conditions attaching to ownership
Isolating voting control
Implementing the estate plan
Trusts and their uses
The benefits of life insurance
Conclusions on estate planning
Wealth management: family offices and philanthropy
The family office
Roles
Structures
Evaluating MFOs
Family business philanthropy
Organising giving
Summary
Notes
Index

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