The Family Business Management Handbook
The Family Business Management Handbook
is dedicated to helping business owners manage the complex interaction between family and enterprise as they strive to create a more efficient, profitable and harmonious company. The 120-page Handbook is a comprehensive “how-to” manual that distills the best advice of an array of top-flight experts and real-life family business managers. The selections have been carefully culled from the pages of Family Business, the quarterly magazine written exclusively for family business owners and the professionals who serve them.
I. Leadership
1. Strategy and Vision
Developing a dynamic plan
Five challenges for the ’90s and beyond
2. Team-Building and Consensus
Creating consensus and empowerment
Building a cohesive management team
3. Differences Between Generations
Advice from a founder to his son
Preparing the third generation
II. Business And Family
4. Values and Mission Statements
A work constitution: Respect and reward
A family credo: Love and honesty
Family firms prefer profit over growth
Perpetuating family values in the firm
5. Employing Relatives
Pros and cons of nepotism
Rules for hiring family
Preventing greed and animosity
6. Maintaining Family Harmony
Making room for in-laws
How to handle discontented kin
Stock redemption for family shareholders
7. Conflict Resolutions
Uncovering hidden fears that cause arguments
Mediation instead of court
Nonfamily help in a family conflict
8. Sibling Teams
How to succeed as co-managers
9. Improving Communication
Breaking barriers to give-and-take
Watch your language and it will improve
10. Family Councils
Creating unity with a family council
11. Nonfamily Managers
What to tell execs…before you hire them
Sharing sensitive information
Motivating your nonfamily managers
III. Compensation
12. What to Pay Yourself, Family, and Nonfamily
Salaries for top executives
Fair pay for family members
Putting extra cash in people’s pockets
Creative ways to pay nonfamily executives
Designing a phantom stock plan
IV. Operations
13. Accounting
How to control the bottom line
14. Customer Service
How to do it better than competitors
15. Marketing
How to increase profit by becoming market-driven
16. Advertising
How to benefit from your family name
17. Raising Capital
How to get money from private markets
18. Valuation
How to influence the valuation of your company
19. Spying on the Competition
How to find out who’s doing what
20. Reengineering
When to reorganize, and how to do it right
V. Advisors & Consultants
21. Boards of Directors
Why you should have a board
When to start a board of directors
Choosing board members and setting a course
How to get the most from your board
22. Choosing Consultants
Common fantasies about the consultant’s role
When to use a consultant
Picking the best advisor
Picking the best attorney
How to rate your insurance company
Picking the best insurance agent
VI. Succession
23. Twelve Tasks in Succession
Consensus, candidates, and roles
24. Ensuring Stability During Transition
How to hang on to nonfamily executives
25. Mentoring the Next Generation
Challenging heirs to learn
The nonfamily mentor’s guide
26. Retiring
Install safeguards to before you leave
VII. Resources
Books, organizations, and more
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