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