Family Business Governance: Maximizing Family and Business Potential (A Family Business Publication)

Strong family governance can create an environment of smooth decision making, cohesiveness, effective conflict resolution and a directive that moves the business forward. Authors Aronoff and Ward show leaders why a strong governance is critical to taking families from one generation of success to the next. Excellence at your vocation, from homemaking to investment banking : excellence at any vocation requires hard work, high standards, expertise, and education : excellence earns respect Flexibility in your views of difficult issues : that means you have the ability and desire to listen to other points of view, an ability to empathize, and an understanding that you aren't always right : open-mindedness reduces defensiveness Literacy in business language and the characteristics of your industry : family members who are willing to hold themselves accountable to the business will learn how to interpret financial statements, judge competitors, and keep up with business trends : literacy eases communication Preparedness to understand business concerns : this means a willingness to do your homework and to study and understand the information you are given by management Trust in management : family members' trust in experienced, talented managers makes it easier for management to institute constructive changes, innovate and take the risks necessary to running a successful business : the more trusting family shareholders are, the greater is their capacity to strengthen the business : trust makes teamwork possible. Front Matter....Pages i-viii Introduction....Pages 1-3 The Importance of Thoughtful and Effective Governance....Pages 5-13 The Differing Roles of the Family and the Board....Pages 15-27 Organizing the Family....Pages 29-47 Organizing the Board....Pages 49-64 Managing Overlapping Concerns....Pages 65-68 Managing Communication between Family and Board....Pages 69-73 How Governance Changes as the Family Business Evolves....Pages 75-84 Summary....Pages 85-87 Back Matter....Pages 89-95 With 'Family Business Governance' you'll learn: how effective governance can have a positive impact on your family and your business, how to set up productive governance structures, and how to overcome objections to establishing governance processes. You will also learn how to determine primary responsibilities of the board