Successful Family Business, The: Proactive Plan For Managing

Description:
A guide to managing the dynamic interactions between two powerful institutions - the family and the business. Over 80 per cent of businesses are family-owned and managed. From the corner shop or barbershop to global empires in brewing, media, and cleaning products, family businesses employ over half of the workforce, and are the dominant business model in many countries around the world. Family businesses embody the entrepreneurial spirit that drives innovation and economic growth and that represents the hopes and dreams of millions for independence, self-sufficiency, and wealth. And yet the track record for entrepreneurial businesses is poor: over three-quarters will fail during the first five years and only 10 per cent will survive a decade. Family business statistics show that fewer than one-third pass successfully to a second generation, often the result of insufficient planning. Edward Hess, who has researched and served as a consultant to family businesses for over 20 years, argues that the business and the family are distinct overlapping living organisms, constantly changing and influencing each other. In order for both to thrive, each family business must establish a proactive process for defining roles, articulating goals, and communicating them constantly. Drawing from numerous in-depth examples (both positive and negative) and presenting templates and other practical resources, Hess offers a fascinating glimpse into the dynamics of family business management and specific strategies to promote the health of the enterprise. The result is a book that will help anyone involved in a family business to develop successful practices that both maximise the value of the business and enhance family relationships.

Author Biography:
EDWARD D. HESS is an Adjunct Professor of Organization and Management, founder and Executive Director of the Center for Entrepreneurship and Corporate Growth, and founder and Executive Director of the Values-Based Leadership Institute at Goizueta Business School, Emory University, Atlanta.