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Full Description
Successful ownership transition requires effective decision making at the top
Engaged Ownership is the definitive owner's guide to the family enterprise. Whether you're taking over a family business, family office, or trust, this book shows you how to work effectively with the management and board to keep the enterprise moving in the right direction. The first guide of its kind written from the owner's perspective, this book is designed to help owners who are truly committed to growing all forms of capital be successful in their role. You'll learn the time-tested process that helps you 'unstick' decision-making, become engaged and effective, and manage the transfer from owner control to shared ownership while minimizing risk. Improve communication and relationships with the board, and ensure that every stakeholder understands your strategies and vision for the future. You'll allay the fears that frequently accompany ownership transfers, and inspire a sense of teamwork that leads to sustainable success generation after generation.
As the Baby Boomers retire, business founders and entrepreneurs worldwide are transferring ownership of privately held enterprises to their children in record numbers. It can be a complex and difficult-to-navigate time for everyone involved. This book helps you smooth the way to a successful transition, and transcend the owner's traditionally passive role.
Learn to work effectively with management and the board
Get everyone on the same page in terms of vision and direction
Build relationships that lead to forward-thinking decision making
Succeed in the ownership role by bringing your expertise to the fore
Ownership transfer often triggers a radical change in family enterprise, and if poorly managed, can turn a business in the wrong direction. Engaged Ownership shows you how to build a dynamic and effective partnership with trustees, board, and management, and become a successful steward of the family's financial, human, social, and operational capital.
Contents
Foreword xi
Preface xiii
Acknowledgments xxiv
Part: I Engaged Ownership: An Introduction
Prologue 3
Chapter 1 More at Stake than Money 9
Chapter 2 Achieving Engaged Ownership 21
Chapter 3 Engaged Ownership: Hallmarks and Impediments 29
Part: II Getting Organized
Chapter 4 Family Business Roles and Relationships 45
Chapter 5 The Legacy of the Past: Natural Governance, Family History, and Culture 55
Chapter 6 Enumerating Core Capital 69
Chapter 7 Shared Purpose 85
Chapter 8 Vision and Mission 93
Chapter 9 Is It "Good Enough"? 103
Chapter 10 Alternatives to Engaged Ownership 107
Part: III Practicing Engaged Ownership
Chapter 11 Forums 117
Chapter 12 Allocating Power among Owners, Board, and Management 125
Chapter 13 Working with Other Forums 135
Chapter 14 Meetings 145
Chapter 15 Policies 153
Part: IV Three Challenges: Hats, Trusts, and Outside Investors
Chapter 16 When an Owner Also Runs the Enterprise 161
Chapter 17 When an Owner Is Also a Trustee 171
Chapter 18 Bringing in Outside Investors 179
Chapter 19 Epilogue 185
Appendix A Sample Decision Grid 189
About the Author 195
Index 197
