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This practical and important book offers ideas, examples, and suggestions that address the challenges inherent to developing and sustaining a successful family business. It explores the complex dynamics involved in working with loved ones and how to pass a business on to a new generation. Structured around the story of a family that has built a successful enterprise, now facing the issues of succession, the book utilizes the solution-focused model to provide step-by-step instructions to creating good working relationships and orienting toward common goals while building trust, respect, and love. Complete with summaries, toolkits, and case studies, this book is an essential read for any member of a family business, as well as those who provide services to family businesses, including coaches, consultants, and non-family employees.
Navigate the complex decisions and critical relationships necessary to create and sustain a healthy family business—and business family. Though "family business" may sound like it refers only to mom-and-pop shops, businesses owned by families are among the most significant and numerous in the world. But surprisingly few resources exist to help navigate the unique challenges you face when you share the executive suite, financial statements, and holidays. How do you make the right decisions, critical to the long-term survival of any business, with the added challenge of having to do so within the context of a family? The HBR Family Business Handbook brings you sophisticated guidance and practical advice from family business experts Josh Baron and Rob Lachenauer. Drawing on their decades-long experience working closely with a wide range of family businesses of all sizes around the world, the authors present proven methods and approaches for communicating effectively, managing conflict, building the right governance structures, and more. In the HBR Family Business Handbook you'll find: A new perspective on what makes family businesses succeed and fail A framework to help you make good decisions together Step-by-step guidance on managing change within your business family Key questions about wealth, unique to family businesses, that you can't afford to ignore Assessments to help you determine where you are—and where you want to go Stories of real companies, from Marchesi Antinori to Radio Flyer Chapter summaries you can use to reinforce what you've learned Keep this comprehensive guide with you to help you build, grow, and position your family business to thrive across generations. HBR Handbooks provide ambitious professionals with the frameworks, advice, and tools they need to excel in their careers. With step-by-step guidance, time-honed best practices, and real-life stories, each comprehensive volume helps you to stand out from the pack—whatever your role.
This practical and important book offers ideas, examples, and suggestions that address the challenges inherent to developing and sustaining a successful family business. It explores the complex dynamics involved in working with loved ones and how to pass a business on to a new generation. Structured around the story of a family that has built a successful enterprise, now facing the issues of succession, the book utilizes the solution-focused model to provide step-by-step instructions to creating good working relationships and orienting toward common goals while building trust, respect, and love. Complete with summaries, toolkits, and case studies, this book is an essential read for any member of a family business, as well as those who provide services to family businesses, including coaches, consultants, and non-family employees.
Family-owned businesses account for many of the small and medium-sized enterprises that exist around the world in various industries. Due to their unique make up, these firms are often heavily influenced by family dynamics that must be reconciled by family and non-family workers alike in order to ensure the sustainability of the business. As smaller businesses competing against an increasingly globalized economy and more directly impacted by economic instability, especially in the wake of the COVID-19 pandemic, these businesses must continue to improve their practices and processes in order to not only survive but thrive. The Research Anthology on Strategies for Maintaining Successful Family Firms discusses the strategies, sustainability, and human aspects of family firms in order to understand what sets them apart from other businesses and how they can survive and compete in a globalized economy. This book discusses the unique dynamic brought by family firms that offers both opportunities and challenges for a growing business. Covering topics such as corporate venturing, the family unit, and business ethics, this text is an essential resource for family firms, entrepreneurs, managers, business students, business professors, researchers, and academicians.
Wise Family Business aims to help families in business to identify new and better ways of achieving longevity, sustainability and performance. The book presents ground-breaking new insights and practical examples from a range of growing family businesses in which the owning families are visible and, in most cases, have branded the business with their family name. This comprehensive and important study explores how family identity has the power to tie together families in business and leverage their values when developing and sharing the owner’s vision with their stakeholder communities. Developing a family business identity is key when building and managing an authentic, recognizable and trusted brand. It argues that family businesses that have successfully translated strong identities into strong brands are not only perceived as attractive employers but also add meaningful value to the business over generations.
This book presents a new approach to solving the many problems and failures that we encounter at work, many of which are people-related. Based on techniques and methods from the world of psychotherapy, the author shows you how to get things done through people. In order to get closer to our goals, we need to act as a leader and as a coach. Leaders define the direction and guide others on the way. Coaches are enablers who help others make the best of themselves. This book offers new insights and tools that will sharpen both your leadership and coaching skills. As a result, you will start looking at and dealing with everyday challenges and problems from a new perspective.
The family business has a far reaching influence on economies throughout the world. No other type of business has driven economic development in the same way and today, in almost all countries, family businesses including such giants as Ford, Levi Strauss, L'Oréal and Ferrero are the source of more than half of the Gross National Product (GNP) and employment. As a result of their prominence the question of how they are governed, controlled and accounted for is crucial not only for the owning families, but also for the societies in which these companies operate. The Family Business considers: · How to define a family-controlled business and the significance of this form of privately-held enterprise. · Governance systems in the context of the family business. · How a board of outsiders can add value to the typical family business. · How to handle the classical tensions between family and board and between family and management on the other. · How to gain effective and efficient control at the highest level. The answer to these questions and others is given by providing a large number of examples of internationally active family businesses and from the authors teaching and research into this area. Sustainability is the key concern to the family business and this book breaks new ground in showing how they can successfully live on to the next generation.
Just as a Board of Directors is a governance structure for shareholders, a Family Council oversees a family on everything from educating the family for their future responsibilities as owners to settling disputes within the family. Using the common term family council to refer to family governance, the book will be a practical manual for all business families seeking structure to manage how their family governs itself and relates to their business. The book will answer several basic questions: 1. What are the forms of structured family governance? 2. What purpose is served, and disasters avoided, by using structure like a family council? 3. How does one select the form of family council that is appropriate for the size, age and complexity of the business family? 4. How are family councils established and maintained, and how do they evolve?
The one book you need to navigate the complex decisions and critical relationships necessary to create and sustain a healthy family business--and business family. Though "family business" may sound like it refers only to mom-and-pop shops, businesses owned by families are among the most significant and numerous in the world. But surprisingly few resources exist to help navigate the unique challenges you face when you share the executive suite, tax returns, and holidays. How do you make the right decisions, critical to the long-term survival of any business, with the added challenge of having to do so within the context of a family? This comprehensive handbook brings you sophisticated guidance and practical advice from family business experts Josh Baron and Rob Lachenauer. Based on their decades-long experience working closely with a wide range of family businesses around the world, the authors present proven methods and approaches. In the HBR Family Business Handbook you'll find: A new perspective on what makes family businesses succeed and fail A framework to help you address the myriad decisions facing your family business--including how to make good decisions together Step-by-step guidance to help you understand what type of family business you own, define success on your own terms, communicate effectively, manage conflict, prepare for changes within your business family, and transition to the next generation Key questions about wealth, unique to family businesses, that you can't afford not to ask yourself--and your family Exercises and assessments to help you determine where you are--and where you want to go Stories of real families and real companies, from Radio Flyer to Sierra Nevada Brewing Company The HBR Family Business Handbook addresses these issues and more. Keep this guide with you to help you build, grow, and sustain your family business--and your business family--for years, and generations, to come.
Boards of directors can help businesses succeed—yet many family businesses do not have functioning boards of directors that play a valuable role in providing oversight to their businesses. In Building a Successful Family Business Board, the authors show why private firms need the in-depth expertise and objective feedback that a well-chosen board, including qualified independent directors, can provide, and demonstrates how owners and directors can work together to ensure a long and profitable life for the firm. The book provides best practices for owners and directors with step-by-step guidelines for developing and managing a board—from writing the initial prospectus, through conducting lively meetings, to maintaining open, honest communication between owners, directors, family members, and other stakeholders in the firm.