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The Successful Family Business A Proactive Plan for Managing the Family and the Business
Book Code: C8887
ISBN: 0-275-98887-2
ISBN-13: 978-0-275-98887-6
176 pages, figures; tables
Praeger Publishers
Publication: 11/30/2005
List Price: $41.95 (UK Sterling Price: £24.95)
Availability: In Stock
Media Type: Hardcover
Also Available: Ebook
Trim Size: 6 1/8 x 9 1/4
Subjects: Related Web Pages: Reviews:
  • Hess argues that the business and the family are overlapping living organisms, and in order for both to thrive, the family business must develop a proactive process for defining and communicating roles and goals. He gives advice on everything from resolving conflicts among siblings to working with the board of directors. Readership for the book includes all those involved in a family business.
    —Reference & Research Book News
    February 2006
  • Endorsement From Jeffrey A. Scott
    Managing Director
    Real Estate Corporate Finance
    Wachovia Securities:
    An engaging, action-oriented book for family businesses both large and small. There's no substitute for the experience Ed Hess brings to his subject. From my 20 years of working with family businesses in the real estate industry, Ed Hess's observations, "operating rules," and sensitivity to the issues involved with operating and growing a family business should be welcomed by a variety of family business leaders.
  • Endorsement From Jack Spector
    President, Hixon Properties Incorporated
    San Antonio, TX:
    For anyone who works in a family business, this book should be kept at your fingertips and referred to often. The book is written in a style that is straightforward and easy to comprehend, but Ed Hess's common sense approach should not mask the great wisdom that is contained within the pages. As a person who has worked in a family business for the past 21 years, I find Ed Hess's advice to be right on the mark -- I only wish I had the opportunity to read the book years ago. For anyone considering a career with a family business, whether as a family member or an outsider, you simply must read this book to begin to gain an appreciation for the very complex nature of family businesses.
  • Endorsement From Joseph H. Astrachan
    Director, Cox Family Enterprise Center
    Wachovia Eminent Scholar Chair of Family Business
    Editor, Family Business Review
    Coles College of Business, Kennesaw State University:
    Through compelling real-life stories and practical lessons, Ed Hess provides a solid look at family business life. If family business leaders follow Ed Hess's advice and implement methodical programs to achieve the ideals set forth in this book, they will find the ultimate dream within reach: a successful business and a happy, harmonious, and productive family.
  • Endorsement From Stuart C. Johnson
    Partner, Corporate Group, Arnall Golden Gregory LLP
    President, Association of Corporate Growth, Atlanta Chapter:
    Anyone who is involved with a family business -- family shareholders, family employees, other family members, independent directors, and advisors to each of these groups -- would benefit from this work. Ed Hess has digested a lifetime of real-world experience into an issues-oriented and example-filled resource that addresses the questions, issues, and tensions that family business participants will find very familiar. As an attorney who works with closely-held and family businesses every day, I am pleased to have such a practical resource to recommend to my clients.
Description: Over 80% of the businesses in the United States are family-owned and managed. From the corner deli or barbershop to global empires in brewing, media, and cleaning products, family businesses employ over half of the country's 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% 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--involving family business leaders and members, non-family employees, board members, and shareholders. A comprehensive guide, The Successful Family Business covers the spectrum of topics from creating a family values statement and code of conduct to resolving conflicts among siblings to managing transitions in leadership and the potential sale of the business. Other issues include: defining perks and benefits (for family and non-family members), working with the board of directors, and going public. Hess concludes with a series of operating rules that apply to every family business and a listing of practical references and resources. The result is a book that will help anyone involved in a family business to develop successful practices that both maximize the value of the business and enhance family relationships.
LC Card Number: 2005019269
LCC Class: HD62
Dewey Class: 658
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