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Strategies for family firms, unlike those of other businesses, can and should incorporate family factors. Responsible and disciplined strategic integration of family and business goals, strengths and values produces powerful results.
Family businesses that expect to endure over a long period of time must learn to respond and adapt to a rapidly changing environment. The authors provide a new appreciation for the importance of change and the tools necessary to incorporate change as a company tradition.
The family agreement is becoming a prime objective to a successful family business. Designed for families planning to draft such an agreement, families deciding whether or not to begin the process, and those that have already established a family agreement, this book illustrates the fundamental components and their importance to the success of the family business. A family agreement or constitution is the expression of purpose for the continuity of the business and the process of creating one is just as important.
The founders of the family business must impart their vision and leadership to succeeding generations. Preparing those generations for leadership is challenging and encompasses a lifetime. Aronoff and Ward's strategy for a smooth transition prepares successors for their role in the future of the firm.
The family business becomes much more complex as it goes from the founder to next generations. As more family members work together several challenges become apparent and can threaten the business if not addressed. This book shows the family members how to confront the problems and how to create solutions.
Developing policies to guide decision making can help the family business avoid serious problems. The authors provide a step-by-step process for engaging family members in developing policies which cover issues such as: dealing with conflicts of interest; retirement timing; distribution of profits; loan programs; compensation and succession.
Through pages filled with wisdom, tips, guidelines and experiences, the authors seek to navigate brothers and sisters who work in the family business or who are active owners through the challenges and opportunities and to retain the integrity of the family while serving the business.
Schmieder shares a broad range of tools and pathways that family businesses across sectors use to stimulate, execute, measure, and reward innovation. The 50-plus family stories cited in this book will inspire any family enterprise to create a strategy and environment that can stimulate success for many generations to come.
Eckrich and McClure provide a greater understanding of what a family business really is and how they differ from other companies and work environments. Designed to provide insight into the family and its behavior and to integrate the non-family employee into its unique structure.
Identifying and developing leaders in a family business can be more difficult than traditional business. Here Aronoff and Baskin discuss the different styles of leadership and what style might work with what family member including the Directing Leader, the Coaching Leader, the Counseling Leader and the Delegating Leader.