Family Business Recommends
Our publishers and editors have hand selected the following books for you to consider adding to your library. Happy reading.
Family wealth is often emotionally charged, whether you have a small nest egg or financial abundance. Wealth creates unique opportunities and challenges. The greatest challenge is the least discussed: the place where money, values, and family intersect. As the level of our wealth increases, our decisions become more complex and sophisticated.
Most people have a straightforward vision of the perfect family business. First, they hope for continued strengthening of the company's financial and market position so it can support the lifestyle and needs of family members, from generation to generation. Secondly, they wish for family harmony. But life gets in the way. Sometimes family members' short-term or individual needs can overwhelm the needs of the business. In other cases, family members strongly disagree on the strategic direction, or even on the day-to-day management of the business. These family conflicts, when acted out on the stage of the family controlled enterprise, can seem insurmountable.
Challenges to the entrepreneurial spirit are complex, particularly in a family business if the entrepreneur wants to have the business survive him/herself and successfully grow into future generations. This vision contrasts sharply with the lifestyle business or "harvest your business" mentality promoted by venture capital or private equity models. To have a vision of growing a small family business into a sustainable multi-million dollar business requires distinctive processes that support innovation, human capital development, strategic planning, and quality assurance in manufacturing and service. Additional distinct processes must be created and implemented that support good governance and effective education and stewardship of future generations of family shareholders. A Vibrant Vision shares the experiences of the author in his growing family business after his father passed away at a young age and building this industrial fabrics business into a multi-million company while at the same time encouraging his children and grandchildren to become stewards of this treasure we call a family business.
Surrogate Court dockets are filled with cases involving family members fighting over the assets and intentions of a deceased parent or spouse. Probate Wars of the Rich & Famous: An Insider’s Guide to Estate Planning and Probate Litigation tracks the estate litigation cases of Anna Nicole Smith, Brooke Astor, Michael Jackson, Nina Wang, Jerry Garcia and Leona Helmsley and identifies the five universal factors that caused such disputes. Each chapter provides estate planning insights designed to help individuals plan their estates without causing litigation.