The Successful Family Business

Auteur

Edward D. Hess is a professor of business administration and Batten Executive-in-Residence at the University of Virginia Darden School of Business. His professional experience includes twenty years as a business executive and fifteen years in academia. His research and twelve books have a common theme: how organizations and individuals can be consistent high performers. His work has been featured in over 350 global media outlets. Katherine Ludwig is a research, editing, and publishing associate at the University of Virginia Darden School of Business. Previously she was a corporate finance and securities lawyer and associate general counsel for a public technology company.

Texte du rabat

Over 80% of the businesses in the United States are family-owned and managed. From the corner deli or barbershop to global empires in brewing, media, and cleaning products, family businesses embody the entrepreneurial spirit that drives innovation and economic growth and that represents the hopes and dreams of millions for independence, self-sufficiency, and wealth. And yet the track record for entrepreneurial businesses is poor: over three-quarters will fail during the first five years and only 10% will survive a decade. Family business statistics show that fewer than one-third pass succesfully to a second generation, often the result of insufficient planning. Drawing from numerous in-depth examples (both positive and negative), Edward Hess offers a fascinating glimpse into the dynamics of family business management and specific strategies to promote the health of the enteprise. A comprehensive guide, The Successful Family Business covers the spectrum of topics from creating a family values statement and code of conduct to resolving conflicts among siblings to managing transitions in leadership and the potential sale of the business. Other issues include: defining perks and benefits (for family and non-family members), working with the board of directors, and going public. Hess concludes with a series of operating rules that apply to every family business and a listing of practical references and resources.

Résumé
A comprehensive guide, The Successful Family Business covers the spectrum of topics from creating a family values statement and code of conduct to resolving conflicts among siblings to managing transitions in leadership and the potential sale of the business.

Contenu

Introduction 1. Dynamic and Different Perspectives 2. A Proactive Family Business Management Process 3. A Family Values Statement 4. A Family Code of Conduct 5. Annual Family Meetings 6. Employing, Compensating, and Managing Family Employees 7. Corporate Perks, Benefits, and Dividends 8. Sibling and Cousin Rivalries 9. Stock Ownership and Liquidity 10. Board of Directors 11. Succession 12. Case Study: The Beach Company 13. Choosing a Non-Family Successor CEO 14. Case Study: Edens & Avant 15. Sale of the Business 16. Going Public or Recapitalizing Your Family Business 17. Family Business Operating Rules Resources Index