The Successful Family Business: A Proactive Plan for Managing the Family and the Business - Hardcover

Hess, Edward D.

Hardcover

ISBN 10: 0275988872 ISBN 13: 9780275988876

Publisher: Praeger, 2005

Synopsis

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.

About this title

Review:

"Hess argues that the business and the family are overlapping living organisms, and in order for both to thrive, the family business must develop a proactive process for defining and communicating roles and goals. He gives advice on everything from resolving conflicts among siblings to working with the board of directors. Readership for the book includes all those involved in a family business." - Reference & Research Book News

Synopsis:

A guide to managing the dynamic interactions between two powerful institutions - the family and the business. Over 80 per cent of businesses are family-owned and managed. From the corner shop or barbershop to global empires in brewing, media, and cleaning products, family businesses employ over half of the workforce, and are the dominant business model in many countries around the world. 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 per cent will survive a decade. Family business statistics show that fewer than one-third pass successfully to a second generation, often the result of insufficient planning. Edward Hess, who has researched and served as a consultant to family businesses for over 20 years, argues that the business and the family are distinct overlapping living organisms, constantly changing and influencing each other.

In order for both to thrive, each family business must establish a proactive process for defining roles, articulating goals, and communicating them constantly. Drawing from numerous in-depth examples (both positive and negative) and presenting templates and other practical resources, Hess offers a fascinating glimpse into the dynamics of family business management and specific strategies to promote the health of the enterprise. The result is a book that will help anyone involved in a family business to develop successful practices that both maximise the value of the business and enhance family relationships.

About this edition

• Publisher: Praeger
• Publication date: 2005
• ISBN 10: 0275988872
• ISBN 13: 9780275988876
• Binding: Hardcover
• Number of pages: 178