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Most family business owners and wealth creators share an important vision: perpetuating family and wealth for many generations to come. To ensure wealth continuity, many families put into place various structures, plans, and processes, including estate plans (which may include multiple trusts), ownership succession plans, governance structures/strategies, and others. These sometimes-elaborate plans are aimed at preserving family wealth. In reality, for many families, they don’t. In fact, it has been estimated that a majority of estate plans in place fail, largely as a result of family conflict or communication problems. Author David Lansky reveals here that too many one-size-fits-all and elaborate continuity plans fail to take into account the idiosyncratic family factors that can interfere with continuity planning. Lansky details further how building the right foundation will help families implement the best continuity plans.
How similar are problems faced by families who work in business together? More often than not, family businesses throughout the world share common problems as they work to create a successful business without destroying the family. In Love, Power & Money: Family Business Between Generations authors Dean Fowler and Peg Masterson Edquist share the stories of countless businesses run by generations of families. Through the use of family business stories, the authors explore the powerful emotional forces unleashed in the running of a family-owned business. The chapters cover topics ranging from family dynamics, to employment strategies, business plans, and management and estate succession methods. By sharing the unique solutions that these families implemented, the book helps other families in business find the balance among love, power and money in order to master the complexities of family business transitions. The solutions show that healthy family relationships coupled with a strong business produce an enduring and successful family business, generation to generation.
This article is an edited transcription of a seminar titled "Successful Habits of Family Business Successors" that was delivered to the Family Business Center of the University of Wisconsin-Madison at the Fluno Center for Executive Education. Seventy percent of all family businesses fail to make the transition of ownership and management from the first generation to the second generation. In this article I focus on the success rate. Through my research I have identified the common characteristics of successful successors. I call these common characteristics the Seven Habits of Highly Successful Successors.
This book is written for anyone who works for, manages, or owns a private company. It is also directed toward those who aspire to be on a board of directors, whether a privately owned company, public enterprise, or a nonprofit organization.
When you have completed reading this book, you will have a comprehensive real-life understanding of what a board of directors does, how it does it, how to start one, build, and run a board, and most importantly, an insight into the incredible value that a good board can deliver to any organization. In addition, also included is a wealth of detailed information about all aspects of corporate governance and its practical application. All of this is accompanied by personal anecdotes. While I focus on best-of-class private company governance, the material is directly applicable to public companies and nonprofits.
In the first book on family business by a family therapist, Dr. Dennis Jaffe shows you how to manage the complex work and personal relationships that are intertwined in family business.