9 Elements of Family Business Success: A Proven Formula for Improving Leadership & Realtionships in Family Businesses

Front Cover
McGraw Hill Professional, Jul 31, 2008 - Business & Economics - 256 pages
0 Reviews

Running a family business is like running any other business--with the addition of many extra challenges. A family-owned enterprise involves unique management, compensation, hiring, and other business issues regarding family member employees. 9 Elements of Family Business Success addresses the specific challenges faced by owners of family businesses, and it shows family members employed in the business how to enjoy their positions while helping the organization reach its highest potential.

Every relationship between family members comes with its own unique set of dynamics. When transferred into the workplace, these dynamics introduce emotional factors and hot buttons that can make or break the business. In this comprehensive guide, Allen E. Fishman spotlights all the challenges such organizations face and provides practical advice for creating your own strategy to meet them--and strengthen relationships within the family, as well. Fishman provides solutions to the problems unique to a family-run business, along with handy checklists to ensure you're covering all the angles. You'll learn how to:

  • Create a written policy for hiring, reviewing, and terminating family member employees
  • Avoid family relationship tension regarding compensation
  • Choose a successor and create a succession development plan
  • Ensure good results-driven family communication and dynamics
  • Maintain healthy spousal relations when you work together
  • Recruit and retain talented non-family member employees

9 Elements of Family Business Success contains detailed case studies of specific challenges faced by real family business owners and employees. Each one explains how the owner or employee identified the problem and the steps he or she took to solve it. Apply Fishman's advice, and you'll experience all the benefits and avoid the pitfalls that come with running a family business.

 

What people are saying - Write a review

We haven't found any reviews in the usual places.

Selected pages

Contents

Creating and Sharing Personal Vision Statements
7
Hiring and Firing FamilyMember Employees
31
Compensating FamilyMember Employees
59
Selecting the FamilyMember Successor
87
Grooming the FamilyMember Successor
113
Aligning the Culture of the Family Business with the Company Vision
143
Addressing Spousal Business Partners Multiple Role Challenges
173
Recruiting Retaining and Inspiring NonFamilyMember Employees in a Family Business
199
Transitioning Ownership to Family Members
229
Conclusion
261
Appendix
263
Glossary
271
Index
273
Copyright

Other editions - View all

Common terms and phrases

About the author (2008)

Allen E. Fishman is the founder and CEO of The Alternative Board® (TAB), the world’s largest business peer board and coaching franchise system. He has been featured in a number of media venues, including CNBC, Bloomberg, the Wall Street Journal, and USA Today.

Bibliographic information