In China, the average private firm is not even 20 years old, while Indian families at the helm of some of the world’s biggest conglomerates are already looking to transfer their wealth to second and third generations. In Europe, however, some established family enterprises have been working for over 100 years to keep the family and the business moving forward together. After many years spent teaching owner-managers, families and heirs on every continent, we felt there was a need for a global perspective on long-term planning both for families and their firms. Talking to people ‘on the ground’, we realised that the industries serving family businesses are very much experience-based, and that knowledge of the field is fragmented.
Our book offers a blend of case studies and research insights designed to provide a blueprint for families in business, drawing on the many commonalities that unite them, while emphasising the need to implement strategy and governance according to the specific cultural and business environment. We present a unique framework for family firms as well as a novel hands-on approach to planning that has successfully been used with hundreds of family firms on every continent. Unlike books based simply on Western experience, our global comparative approach encompasses family businesses world-wide, be they in Africa, America, Asia, Europe or Latin America. The contents are derived from courses, interventions and research that we have conducted over the years.
Some of the major questions addressed in this book are:
- What are the special contributions of families to their businesses, i.e. family assets?
- How can families build business strategies based on their unique contributions that allow companies to thrive in a competitive environment?
- What are the roadblocks unique to family businesses?
- How can families develop governance strategies that mitigate the corporate (and family) costs of such roadblocks?
Table Of Contents
- Building Blocks
- Family Assets
- The Family Business Map
- Ownership Design
- Beyond the Family Business Map