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Full Description
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.
Contents
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
