Aronoff, Craig E., Ward, John L., Astrachan, Joseph H.

Family Business Sourcebook II

Business & Money

Ward, John L.

Aronoff, Craig E.

Astrachan, Joseph H.

Management & Leadership

Business Owner Resources

Family Business Succession: The Final Test of Greatness is the first volume in the series. In its pages you will learn-- * the components of an effective succession plan, including successful * financial and estate planning * when to begin the succession process, how to select and develop the * best candidate(s); * how to communicate the plan to family members and the organization; * how to prevent and resolve conflicts and tensions; * how to overcome resistance to transferring power, as well as ideas * for new roles, new careers and other post-retirement activities; * ways to ensure the financial security of retiring parents or other owners; * what valuable assistance can be provided by outside advisors or a board of directors; * how to avoid common post-succession mistakes and problems; and much more... Family Business Succession shows you how to turn succession from a potentially explosive crisis into a renewed commitment to the business and the family. It is fast-reading, and filled with real-life cases, practical tips and useful checklists.

Family Business Succession: The Final Test of Greatness

Craig E. Aronoff, John L. Ward

Family Meetings: How to Build a Stronger Family and a * Stronger Business demonstrates the value of family meetings and how * to effectively use family meetings to achieve family and business * milestones. In its information-packed pages you'll learn: ten * benefits of effective family meetings; how to use family meetings to * plan for future ownership and participation in the family business; * how to use family meetings to preserve family traditions and history * and to recognize and resolve conflicts; the key questions to be * dealt with at family meetings; how to organize and run effective * family meetings; how family meetings change as the business evolves; * how to separate family issues from business issues; how to use * rituals and ceremonies for bonding and recognition; and much more... * Family meetings are one of the most important resources available * for ensuring family business continuity. Building family * participation and commitment results in shared values and collective * decisions that strengthen the business and the family.

Family Meetings: How to Build a Stronger Family and a Stronger Business (Family Business Leadership Series Number 2)

Another Kind of Hero: Preparing Successors for Leadership * focuses on how a family firm's next generation of leadership can * effectively enter the organization and develop essential business * and leadership skills and experience. In its rich but readable pages * you'll learn: seven stages in successor development; skills and * attitudes required for leadership; how to lay the psychological * groundwork for success; what the young person should consider before * joining the business; how to construct a personal development plan; * how successors gain credibility and legitimacy; how to manage * succession when there are multiple family candidates; how successors * can effectively manage change; how the older generation can play a * positive role in the succession process; and much more... Another * Kind of Hero shows how successors can prepare for a job that doesn't * yet exist in a future that no one can clearly forsee. It is fast * reading and filled with real-life cases, practical tips, and useful * checklists. This volume also includes a valuable resource list for * successor development.

Another Kind of Hero: Preparing Successors for Leadership

How Families Work Together emphasizes how to build * positive and constructive family relations by learning to make the * characteristics and dynamics of family life work for you. Dr. Mary * Whiteside of the Ann Arbor Center for the Family, a * nationally-recognized family systems psychologist, joins * Drs. Aronoff and Ward in this volume. This guide will help you: * understand how family history affects current behavior; tap family * heritage to accomplish shared goals; interpret trouble signs in * family/business relations; learn to use powerful tools to improve * personal/business relationships among family members; construct * family genograms and use them to understand and smooth * family/working relations; render family conflicts more manageable * and less painful; break harmful or painful patterns of family * behavior; make family ownership a business asset; and much more... * How Families Work Together will help to untie knots in the fabric of * the family. It shows how to focus family energy on moving forward * together toward shared goals, emphasizing psychological health in * family systems.

How Families Work Together (Family Business Leadership Series Number 4)

Mary F. Whiteside, Craig E. Aronoff, John L. Ward

Business Culture

Compensation matters are among the most frequently asked * and complicated questions facing business-owning families. What is * fair? How can the rewards of ownership be distinguished from pay for * performance? How can the owner motivate and retain key non-family * employees? Family Business Compensation shows you how to deal with * these tough issues in ways that strengthen your business and your * family teams. This booklet shows you how to: develop a philosophy of * compensation; establish incentive plans; make compensation a * catalyst for business planning; compensate non-family executives; * build trust through the compensation process; communicate about * compensation; anticipate and avoid common compensation problems; and * much more... Family Business Compensation gives straight answers * and sound advice for family businesses of any size or in any stage * of development.

Family Business Compensation (Family Business Leadership Series Number 5)

The success and survival of your family business may depend on the professionals you choose to advise you on matters of finance, law, taxes, family relations, business strategy, succession and other issues. The good news is that never before have so many experts in so many fields been so eager to serve family businesses. How to Choose and Use Advisors helps you understand: * when to consult an advisor; * what to expect when you do; * which advisors to call about which kinds of issues or problems; * benchmarks for good professional practice; * warning signs for when relationships with advisors are less than they should be; * how to find and engage advisors who are best for you; * how to manage advisors effectively and efficiently; * how to maximize the value you receive from your family business advisors; and much more... In addition to the authors' extensive family business consulting experience, the collected expertise of 20 top family business experts representing all the relevant professional advisory fields shows you how to develop outstanding relationships that will strengthen and enrich your business and your family.

How to Choose and Use Advisors: Getting the Best Professional Family Business Advice

If a family-owned company is to endure and provide the maximum potential opportunity for future generations, it must plan for provision of both adequate shareholder liquidity and sufficient business capital. Many believe their options are limited: restrict money available to the family; sell the business; or go public. Rather than allowing financial pressures to destroy the family business, careful planning and sophisticated use of the growing collection of financial techniques can help the family retain business control and make wise choices among many available alternatives. Francois deVisscher, one of the nation's leading authorities on family business finance, joins Drs. Aronoff and Ward in producing this volume. Financing Transitions: Managing Capital and Liquidity in The Family Business is a guide to: * anticipating and managing capital and liquidity needs; * understanding how the "Family Effect" can be a family business' greatest asset--or its greatest threat; * evaluating two dozen up-to-date, sophisticated financial solutions for providing liquidity and capital for the family business; * recognizing how predictable family business transitions can erupt into family crises; * avoiding the downward liquidity spiral; * keeping patient capital from becoming impatient; * controlling the family business's cost of capital; and much more... Financing Transitions: Managing Capital and Liquidity in the Family Business gives business owners the financial insight and understanding needed to provide future generations with the fullest possible opportunity to enjoy the unique benefits of business ownership.

Financing Transitions: Managing Capital and Liquidity in the Family Business

Francois M. de Visscher, Craig E. Aronoff, John L. Ward

Finance

Families in business together have an especially powerful motivation to govern themselves well-- vast and profound shared interests that often include large capital investment, future family employment prospects and the image of a family business in its community. Yet many business-owning families drift unconsciously into haphazard or destructive patterns of decisionmaking and communication that can threaten and even destroy the family and the business. Effective governance can counter those destructive patterns. It can empower leaders of the business and the family to make the most of the unique strength of family business: The synergy between a strong, unified owning family and a well-run family enterprise. In Family Business Governance you'll learn: * how effective governance can have a positive impact on your family and your business; * how to set up productive governance structures; * how to overcome objections to establishing governance processes; * how to determine primary responsibilities of the board, the family, and management; * how to recruit and use your board; * how outside directors can help strengthen your business and ensure its continuity; * how the family and the board interact; * how to set family policies and procedures that govern key areas of family concern; * how to earn "voice" in the family and in the business; * how to manage overlapping concerns; * how to use specific techniques to smooth communication between the family and the board; and much more... While every family business is unique, embracing systematic governance processes can help any family business achieve goals shared by virtually all: orderly decision-making, peaceful continuity, and the freedom to make decisions based on the highest and best purposes of both the business and the family.

Family Business Governance: Maximizing Family and Business Potential

Strategies for family firms, unlike those of other businesses,  can and should incorporate family factors. Responsible and disciplined  strategic integration of family and business goals, strengths and  values produces powerful results.  Growth, market and technological  advances, and increased competition have made strategic planning a much  more crucial process for family firms. Particularly critical during  generation transitions, significant strategic change is now likely to  be required as many as five times during the tenure of new family  business leaders.  In Preparing Your Family Business For Strategic  Change, you'll learn: * How to reach your family business's strategic  potential * How to ensure that your family enterprise stays  strategically fresh * How to demystify past success * How to make  change your tradition * How to prevent past successes from limiting  future ones * How family values and passions can promote strategic  business strengths * How to recognize and use your family business's  advantages * How to overcome family business disadvantages * How to  depersonalize successes to benefit the business and the family * How to  create a strategic culture Creating and implementing successful family  business strategy is no abstract planning process. It requires family  business leaders to understand the real reasons for success, to create  a culture of change, and to manage incremental strategic experiments in  ways that consistently stimulate strategic thinking. Preparing Your  Family Business For Strategic Change shows you how.

Preparing Your Family Business for Strategic Change

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