Family Business: Key Issues (A Family Business Publication)

The family business has been the most prevalent and pervasive form of business in many countries and raises particular questions concerning succession and governance and in particular the relationships between management, board members and family members. This book is a collection of articles by leading thinkers and practitioners on the family business which covers such issues as assuring a healthy family business, family strategy, governance and succession. Cover 1 Contents 8 List of illustrations 10 Authors’ note 12 Acknowledgments 13 Forewords 14 1 Introduction and models 20 The fundamental dilemma 23 Three circles 25 Stages of ownership 29 Family genogram 32 Family business vision 32 Conclusion 35 2 Assuring a healthy business 36 Business strategy 38 Employment 42 Compensation 44 Shareholder liquidity 47 Conclusion 49 3 Family 50 Family strategy 50 Communication and conflict management strategies 59 Integrated planning: family protocols/constitutions 61 4 The importance of family and business governance 64 Business governance 68 Family governance 72 The relationship between business governance and family governance 75 Conclusion 76 5 Succession 77 Succession is a process 78 Preparing for succession 79 The “hot phase” of succession 82 Post succession 83 Ownership succession alternatives 86 Leadership choice 88 Summary 89 6 Conclusion 91 Postface 94 Appendix 1 Practical tools 96 Appendix 2 A few useful contacts 97 Recommended books, articles, and Publications 99 Index 100 The family business has been the most prevalent and pervasive form of business in many countries, raising questions concerning succession and governance and in particular the relationships among management, board members and family members. This book is a fantastic collection of articles by leading thinkers and practitioners on the family business which covers such issues as ensuring a healthy family business, family strategy, governance and succession. Front Matter....Pages i-xviii Introduction and Models....Pages 1-16 Assuring a Healthy Business....Pages 17-30 Family....Pages 31-44 The Importance of Family and Business Governance....Pages 45-57 Succession....Pages 59-72 Conclusion....Pages 73-75 Postface by Karl-Friedrich Scheufele....Pages 77-78 Back Matter....Pages 79-90 Presenting a collection of articles from leading thinkers, this volume covers issues such as ensuring a healthy family business, family strategy, governance and succession