+612 9045 4394
Your Family, Inc. : Practical Tips for Building a Healthy Family Business - Terry S. Trepper

Your Family, Inc.

Practical Tips for Building a Healthy Family Business

Paperback Published: 25th August 1999
ISBN: 9780789008978
Number Of Pages: 128

Share This Book:
Ships in 5 to 9 business days

Did you know eighty-five percent of family firms do not survive the third generation? Your Family, Inc.: Practical Tips for Building a Healthy Family Business will help the busy entrepreneur lower this drastic failure rate by providing great tips and practical advice for creating a successful and pleasant environment when working in the family business. Containing unique and valuable hints for building a better business, this book uses specific examples designed for different situations. Filled with suggestions and proven advice, this important guide offers important ideas on deciding which family members should control stock, who should first work in another company to gain experience, and how to determine which individuals should make business decisions, and much more. Your Family, Inc. offers you specific steps to help avoid common problems and pitfalls with such insightful tips as: recognizing the dangers of a family triangle to avoid any problems before they become detrimental to the companyrealizing the difference between being asked to respond as a family member--parent, daughter, uncle, or son--and when the problem relates to business developing strategies to keep the family firm accountable by developing a group of advisors that may include the corporate attorney, accountant, or CEOs of noncompeting industriesmaking business decisions for the right reasons, and building consensus in the family to support the decisionscreating criteria for future leadership in advance by recognizing the direction the industry is taking, the needs of the company and the values of the familyFrom Your Family, Inc., you will discover how healthy families and healthy family firms develop practical decision-making processes which will endure for generations to come. This essential book provides you with practical information to help your family business improve family relations and to positively impact business now and for future generations.

Introductionp. 1
The Geometry of a Healthy Familyp. 5
Recognize When You're Caught in a Family Trianglep. 6
Name Your Family's Normsp. 7
You May Be a "Here-and-Now" Kind of Guy, but Your Emotions May Be Caught in the Pastp. 9
Sometimes Everyday Relationships Become Familiarp. 10
In a Family Firm, Your Father's Voice May Really Be the CEO's Voicep. 11
Qualify Yourself, so You Stand on Your Own Credentialsp. 12
If You Plan to Work in the Family Firm, Get Out of Townp. 12
When You're in the Family Circle, Respect Its Boundariesp. 13
Keep Your Business Out of the Family Partyp. 14
Consensus, Consensus, Consensusp. 15
Your Company Will Turn Out to Be a Trianglep. 16
Know Which Hat You Are Wearing: The Business Hat or the Family Hatp. 17
Recognize When You're Being Asked to Respond As a Family Member and When You're Notp. 17
Know What's Inside Your Family Circlep. 20
Know What's Inside Your Business Circlep. 22
Develop Strategies to Keep the Family Firm Accountablep. 24
Business Decisions Need to Be Made for Business Reasonsp. 25
The Priorities of the Family and the Priorities of the Business Are Oppositesp. 27
Ownership Has Its Privileges, and Its Hazards...p. 29
Ownership in a Family Firm Is a Job Too; Doing It Right Can Mean the Difference Between Disaster and Successp. 32
Before Transmitting Stock, Think It Over Twice: Would I Want This Relative Making Decisions About My Future Livelihood?p. 35
Ownership in a Family Firm Means Learning How to Build Consensus, Consensus, Consensusp. 36
As an Owner, Take the Long Viewp. 37
The Key to Healthy Ownership of the Family Firm Is the Same As the Key to Any Significant Investment: Information, Information, Informationp. 38
If You Build a Family Forum, They Will Comep. 39
Develop Criteria for Future Leadership in Advancep. 41
Each Generation Must Reinvent the Company Through Innovation, Innovation, Innovationp. 43
Competition in the Family Firm: Sibling Rivalryp. 45
Sibling Relationships Are the Longest in Our Lives and Have Great Power Within the Family Firmp. 47
More Than 85 Percent of Family Firms Do Not Survive the Third Generationp. 48
Birth Order Often Defines Sibling Relationshipsp. 49
Monarchy Was Rejected by the United States, but Not by All Family Firmsp. 51
Birth Order Outweighs Gender As a Differentiating Factor in Defining Leadership Stylesp. 52
Develop Practical Strategies for Managing Rivalry in the Family Firmp. 53
Preparing Your Daughter to Become CEOp. 57
Messages from You Will Shape Your Daughter's Dreamsp. 58
Support the Development of All Her Talentsp. 60
Offer Specific Compliments to Reinforce Real Accomplishmentsp. 60
Encourage Her to Take Risks, According to Her Age and Skillsp. 61
Help Her Define Realistic Goalsp. 61
Give Your Daughter Equal Air Timep. 62
Ask Her About Her Dreams of Greatnessp. 62
Let Her Know That Her Capacity for Empathy and Consensus Building Are Valued Assetsp. 63
During the Twentieth Century, Women Have Become a New Speciesp. 65
The Family Firm Can Become a Lab for "Family-Friendly" Practicesp. 66
Partners in Business, Partners in Marriagep. 67
Happily Married Couples Have Separated from Their Families of Originp. 68
Happily Married Couples Build Both Togetherness and Autonomyp. 69
Happily Married Couples Become Parentsp. 70
Happily Married Couples Cope with Crises Togetherp. 72
Happily Married Couples Make a Safe Place for Resolving Conflictp. 72
Create Time and Space for Sex and Romancep. 74
Happily Married Couples Share Laughter and Common Interestsp. 75
Happily Married Couples Create and Re-Create a Positive Emotional Bondp. 77
Preserve a Shared Visionp. 79
Not to Decide Is to Decide: Decision Making in the Family Firmp. 81
Focus on the Not Urgent, but Importantp. 82
Develop a Family Forump. 83
Develop a Family Strategic Plan to Complement the Business Strategic Planp. 86
Easy Gifts and Easy Hires Can Lead to Hard Times for the Family Firmp. 88
Develop a Family Mission Statementp. 90
Recognize the Power of Your Family's Sayingsp. 91
Each Generation Has to Redefine the Family Missionp. 92
Continue to Define Core Values for Children with Great Wealthp. 93
Discuss Together the Possible Elements of a Strategic Family Planp. 94
Standards of Success in Family Firmsp. 97
Write Down a List of Standards Against Which You Evaluate Your Firmp. 98
Develop a Board of Advisors Tailored to Your Family Firmp. 98
The Best Strategy Is to Develop Your Own Strategic Planp. 100
Family Assets Remain Part of the Balance Sheet in Any Major Decisionp. 101
Develop a Method to Measure Family Member Assetsp. 102
Build Consensus Together, Based on Your Family Members' Valuesp. 106
The Process of Building Consensus Can Bring the Family Togetherp. 107
Sometimes, All the King's Horses and All the King's Men Can't Put the Family Company Together Againp. 109
At the End of Life, Recognize Your Own Capacity for Love and Work, and the Ways Your Family and Your Business Have Enriched Each Otherp. 110
Referencesp. 111
Resources for Further Readingp. 112
Table of Contents provided by Syndetics. All Rights Reserved.

ISBN: 9780789008978
ISBN-10: 0789008971
Series: Choice Outstanding Academic Title! Ser.
Audience: Professional
Format: Paperback
Language: English
Number Of Pages: 128
Published: 25th August 1999
Publisher: Taylor & Francis Inc
Country of Publication: US
Dimensions (cm): 21.59 x 15.24  x 1.27
Weight (kg): 0.23
Edition Number: 1