Relinquishing control of the family business is an emotionally difficult experience. Letting Go helps family business owners and CEOs make the decision to begin succession planning. It provides new ways of thinking about giving up control of the family business and explores practical strategies for preparing, managing, and carrying out the decision to do so.
Preparing to pass the family business on to the next generation is perhaps the roughest and most critical challenge facing business owners. Yet most businesses don't realize that succession is a lifelong process of planning and management. Leaders will learn how to create a succession plan; how to develop opportunities for succession candidates; how to build consensus with the family and leaders on succession plans; and when and how to let go of their own role in the business.
Family Business publications are the combined efforts of The Family Business Consulting Group, and Palgrave Macmillan. These books provide useful information on a broad range of topics that concern the family business enterprise, including succession planning, communication, strategy and growth, family leadership and more. The books are written by experts with combined experiences of over a century in the field of family enterprise and having consulted with thousands of enterprising families the world over, giving the reader practical, effective and time tested insights to everyone involved in a family business. This series of books is comprised of concise guides and thoughtful compendiums to the most pressing issues that anyone involved in a family firm may face. Each volume covers a different topic area and provides the answers to some of the most common and challenging questions. All of the books were written by members of The Family Business Consulting Group and are based on both our experiences with thousands of client families as well as our empirical research at leading research universities the world over.
Here Aronoff and Ward show siblings and cousins how to work together on key issues that are critical to the future success of the business including how to attract the most capable family members into leadership roles, how to develop agreement among many owners and how to create a "cousin collaboration".
The family business becomes much more complex as it goes from the founder to next generations. As more family members work together several challenges become apparent and can threaten the business if not addressed. This book shows the family members how to confront the problems and how to create solutions.
In How to Choose and Use Advisors , authors Aronoff and Ward establish benchmarks for excellent advisory services and they show business owners how to benefit from advice ranging from legal and financial to executive search and organizational development.
Identifying and developing leaders in a family business can be more difficult than traditional business. How do you develop each child differently, how do you lead your sibling-- who in fact may be older than you? Balancing the diverse demands of your business, your family, and your shareholders means taking extra effort. Here authors Aronoff and Baskin discuss the different styles of leadership and what style might work with what family member—including the Directing Leader; the Coaching Leader; the Counseling Leader; and the Delegating Leader.
Family Meetings demonstrates the value of family meetings and how to effectively use family meetings to achieve family and business milestones. In its information-packed pages you'll learn ten benefits of effective family meetings; how to use family meetings to plan for future ownership and participation in the family business; how to use family meetings to preserve family traditions and history and to recognize and resolve conflicts; the key questions to be dealt with at family meetings; how to organize and run effective family meetings; how family meetings change as the business evolves; how to separate family issues from business issues; how to use rituals and ceremonies for bonding and recognition.
Family businesses that expect to endure over a long period of time must learn to respond and adapt to a rapidly changing environment. The authors provide a new appreciation for the importance of change and the tools necessary to incorporate change as a company tradition.
Strategies for family firms, unlike those of other businesses, can and should incorporate family factors. Responsible and disciplined strategic integration of family and business goals, strengths and values produces powerful results.
Developing policies to guide decision making can help the family business avoid serious problems. The authors provide a step-by-step process for engaging family members in developing policies which cover issues such as: dealing with conflicts of interest; retirement timing; distribution of profits; loan programs; compensation and succession.
Hiring and working with non-family managers can present challenges to the family business. Developing trusting relationships with people from outside the family and sharing secretive information are some of the difficulties expanding companies can face. However, it is essential to create an environment in which non-family managers can succeed for the good of the business and the good of the family. This book explores the processes of hiring, managing, and retaining talented outside executives.
The founders of the family business must impart their vision and leadership to succeeding generations. Preparing those generations for leadership is challenging and encompasses a lifetime. Aronoff and Ward's strategy for a smooth transition prepares successors for their role in the future of the firm.
This text aims to provide an understanding of public relations and a basis for successful practice using experiences of practitioners and theoretical perspectives of scholars. It includes coverage of technological change, diversity and expanding global markets, and their impact on the profession.
John L. Ward, a leading world expert on family business, offers the best practices of the most successful and long-lasting families in business, including Ford Motors, Marriott Hotels, Levi-Strauss, and the New York Times. He provides a framework of five insights and four principles in which to position his fifty "lessons learned" for family business longevity. This is a comprehensive book on sustaining family businesses that contains international examples, cases, essential tools, and checklists of best practices; a how-to every entrepreneur should have.
It's so important that the generations to come understand and share in the founder's vision and philosophy. Authors Aronoff and Ward help leaders discover their own values and then they provide ways to infuse these values into the fabric of their business for generations to come.
From small start-ups to giant multinationals, from the Mom-and-Pop owned barber shop to Ford, family owned businesses continue to dominate the world economy. Regardless of size, running a successful family firm presents unique challenges, and many fail to survive the transition to the next generation. Here is a practical, comprehensive guide to ensuring success through effective strategic planning. The authors provide a wealth of tested, easy-to-follow tools and techniques for mastering strategic planning for family-owned firms. Filled with real world examples, case studies, checklists, and planning worksheets, the book shows how to deal with a host of emerging challenges--from new technologies and globalizing marketings--by integrating family values and dynamics into sound planning and management.
Ownership in a family business can be a rewarding and important role. It means stewardship, protection and nurturing the family business. As a guide for shareholders, this book will develop understanding and insight into the role of becoming more valuable as an owner, not just financially, but intellectually and emotionally as well.
Compensation is one of the most discussed items in business. And in a family business it gets personal. Authors Aronoff, McLure and Ward answer the some of the most important questions when it comes to the family what is fair pay among family members? How do I determine appropriate pay for my child? What should I pay my shareholders?
Preparing to pass the family business on to the next generation is perhaps the roughest and most critical challenge facing business owners. Yet most businesses don't realize that succession is a lifelong process of planning and management. Leaders will learn how to create a succession plan; how to develop opportunities for succession candidates; how to build consensus with the family and leaders on succession plans; and when and how to let go of their own role in the business.
The founders of the family business must impart their vision and leadership to succeeding generations. Preparing those generations for leadership is challenging and encompasses a lifetime, but it is critical to the continuity and revitalization of the business. Aronoff and Ward's strategy for a smooth transition prepares successors for their role in the future of the firm.
Identifying and developing leaders in a family business can be more difficult than traditional business. How do you develop each child differently, how do you lead your sibling-- who in fact may be older than you? Balancing the diverse demands of your business, your family, and your shareholders means taking extra effort. Here authors Aronoff and Baskin discuss the different styles of leadership and what style might work with what family member—including the Directing Leader; the Coaching Leader; the Counseling Leader; and the Delegating Leader.
While every family business is unique, embracing systematic governance processes can help any family business achieve goals shared by virtually all: orderly decision-making, peaceful continuity, and the freedom to make decisions based on the highest and best purposes of both the business and the family.
Family Meetings demonstrates the value of family meetings and how to effectively use family meetings to achieve family and business milestones. In its information-packed pages you'll learn ten benefits of effective family meetings; how to use family meetings to plan for future ownership and participation in the family business; how to use family meetings to preserve family traditions and history and to recognize and resolve conflicts; the key questions to be dealt with at family meetings; how to organize and run effective family meetings; how family meetings change as the business evolves; how to separate family issues from business issues; how to use rituals and ceremonies for bonding and recognition.
Hiring and working with non-family managers can present challenges to the family business. Developing trusting relationships with people from outside the family and sharing secretive information are some of the difficulties expanding companies can face. However, it is essential to create an environment in which non-family managers can succeed for the good of the business and the good of the family. This book explores the processes of hiring, managing, and retaining talented outside executives.
The family business becomes much more complex as it goes from the founder/entrepreneur to next generations. As more family members work together several challenges become apparent and can threaten the business if not addressed. This book, written by experts in the field of family business, shows the family members how to confront the problems and how to create solutions. Including: -Acknowledging that change needs to happen class -Building a formal structure around the business… including decision making processes -Strengthening both personal and professional relationships -Determining who has a role in the family business (spouses, children) -Creating a process to address conflict And more. The authors have over 50 year work experience in family business - from their business research at top universities, to their global consulting practice.
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