The Family Business Policies & Procedures Handbook

Family Business Policies & Procedures Handbook
Practical, Step-by-Step Advice on Sustaining Your Company for Future Generations

The Family Business Policies & Procedures Handbook offers tools and tips for owners and managers of family firms, as well as real-life examples of how the strategies have been implemented in successful family companies, and why they worked so well. Topics addressed include:

  • Developing a family employment policy
  • Choosing and training a successor
  • Establishing a family council and board of directors
  • Planning strategically for the future of the business and the family
  • Managing shareholder relations

"As an owner/operator of a family business, I found the laser focus on the critical issues facing all family businesses, coupled with the practical and tactical ‘how to' outlines, a compelling feature of this new resource for the field.... This manual of best practices for family businesses and families of wealth is a ‘must-have' for all constituent interests that serve or are themselves members of family enterprises."

—Dirk Jungé, Chairman, Pitcairn Financial Group, Jenkintown and St. Davids, Pa.

"The Family Business Policies & Procedures Handbook is a helpful resource for anyone who is in, works with, or studies family businesses. The Family Business Magazine folks have taken the time to search the literature for the best, most accessible articles and then organized them around topics most relevant to family businesses and their advisers."

-Greg McCann, Professor and director, Family Business Center, Stetson University, Deland, Fla.

1. Combining family and business
• Developing your family talent -James E. Barrett
• Ask the right questions about your future -Paul Frishkoff and Pat Frishkoff
• An employment policy that clarifies expectations -David Bork
• Integrating your child into your company -Dennis T. Jaffe
• Closing the gender gap -Leslie Dashew, Jane Hilburt-Davis, Bonnie Brown Hartley, Cathy Sunshine and Kay Wakefield Abramowitz

2. Building leadership skills
• Lessons from Katharine Graham -Sharon Nelton
• Implementing team-based management -Marshall B. Paisner
• Create an organization chart for your business -Joe M. Goodman
• Tools for managing an unproductive partner -James E. Barrett
• Rules for preventing deadlocks -Fredda Herz Brown
• Engineering the entrepreneurial spirit -Ellen Frankenberg
• Being the mom as well as the boss -Ronda Vecchio

3. Working together
• Sibling partners need an openness policy -John L. Ward
• A partnership charter clarifies expectations -David Gage, Dawn Martin and John A. Gromala
• Achieving unity in a large family -Mike Cohn
• The right way to make decisions -Ellen Frankenberg
• Splitting the business to unify the family -Mike Cohn

4. Planning a smooth succession
• The 12 steps in succession -Ivan Lansberg
• The secrets of successful family business successors -Dean Fowler
• How to introduce your successor to key outside stakeholders -James E. Barrett
• A succession memo for your bank -Mike Cohn
• When the successors don't take charge -Aldonna R. Ambler
• When to recruit an interim leader -James Olan Hutcheson
• What to do when the kids say ‘no' -Mike Cohn

5. Governing your family company
• Which corporate structure is the right one for you? -James Olan Hutcheson and Kevin Thomason
• Building an effective board -Ronald I. Zall
• Designing a family business governance structure -Ivan Lansberg
• Establishing a family council -Scott E. Friedman
• The role of the shareholders' assembly -Ivan Lansberg
• Understanding what it means to own a business -Edwin A. Hoover and Colette Lombard Hoover
• Savoring the family meeting -Lidia Bastianich
• Creating a family holding company -François de Visscher
• The benefits of a family office -François de Visscher

6. Creating codes and credos
• A family constitution: Insurance against future family conflicts -Dennis T. Jaffe, David Bork, Sam H. Lane, Leslie Dashew and Joe Paul
• A constitution that promotes family harmony -The Mogi Family Constitution
• Drafting a family code -John L. Ward
• A family ethics policy sets a standard for all -Mike Cohn
• Why set a policy on prenuptial agreements? -Michael L. Fay and Stephen B. Swartz

7. Paying fairly
• Developing a non-contentious compensation plan -Sam H. Lane, Leslie Dashew, David Bork, Joe Paul and Dennis T. Jaffe
• Transitioning to equitable base pay for family employees -Stephen L. McClure
• Executive compensation strategies for private companies -Bruce Clouser and Michael Lennartz
• Instituting a variable compensation program -Thomas B. Wilson
• Is an ESOP appropriate for your company? -Gregory K. Brown

8. Planning and strategizing
• Developing a strategic plan -Dean Fowler with Peg Masterson Edquist
• Generating support for strategic spending -James E. Barrett
• Diversify your holdings to protect your wealth -Joe M. Goodman
• Creating value through strategic acquisitions -James J. Kirlin Jr. and Stephen R. Raymond
• Becoming better, not bigger -Edwin A. Hoover
• Assessing private equity financing alternatives -François de Visscher
• What to do when the economy tanks -François de Visscher
• Creating a corporate citizenship program -Doris Rubenstein
• How do you find the right consultant? -Ellen Frankenberg
• Leading a team of advisers -Stephen L. McClure

9. Agreeing on financial matters
• Taking small steps toward retirement -Ellen Frankenberg
• Be an adviser to your successors -James E. Barrett
• Easing the burden on your survivors -Edwin A. Hoover and Colette Lombard Hoover
• Estate planning: When ‘equal' treatment is unfair -John F. Hopkins
• A battle of wills: One executor's story -Elizabeth Short
• What to do when a prospective buyer calls -François de Visscher
• Protecting your company in talks with a buyer -Howard D. Scher
• The ‘Ten Commandments' for selling your business -David M. Kauppi

10. Facing the future
• Financial best practices for family businesses -François de Visscher
• Agreements with relatives should be put in writing -Scott E. Friedman
• Dividend policy in perspective -François de Visscher
• Valuation: In the eye of the beholder -François de Visscher
• Fair settlements in ownership disputes -Wm. Ross Adams and Patrick O. Ring

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