Author: Sherry Helms
Family businesses can be seen active in every sector of commercial world. From small stores to giant multinationals, family owned businesses continue to lead the world economy. Their special strengths lie in the fact that they thrive best where their good worth can be fully exploited. However, regardless of size, running a successful family business exposes unique challenges, which lead many to failure of surviving the transition to the next generation.
If you run a family business, and wish to pass on it to your coming generations then what you need, as I determine after making a thorough online research on family business, is to keep the flag up by being in regular consultation with some experts for the internal and external planning & management for your long run or newly fangled family firm. But, your hectic schedule, as obvious, aren’t allowing you the way to such meetings. Don’t worry. Here I’ve an alternative solution for this. You can possess books written by some family business experts that you may curl up with every night for at least one hour. Also, books have an added advantage that you can carry them during your business trips and utilize your boring traveling time to pull up some useful information from them.
The very first book I would like to suggest you to go for is “Family Businesses: The Essentials“ written by the expert Peter Leach who has pioneered family business research in the UK and is the founder and chairman of the Stoy Centre for Family Business. This is a comprehensive guide offering insight on every aspect of managing a family-owned firm–from day-to-day issues to long-term set up for future generations. So, this would be a great pick for you.
With the same intent as Peter Leach, the acclaimed professor of the Global Entrepreneurship and Family Enterprise, Ernesto Poza has compiled a book with the title “Family Business” that provides the next generation of family business owners with the knowledge and skills needed for the successful management and leadership of the family enterprise. So, you can possess it for yourself and your coming generations as well. What distinguishes it from others is that Prof. Poza uses both text and cases to explain to the readers a diverse set of family firms, assessing the interrelationships between the owners, the family, and the management team.
“Precaution is better than cure”– so, learn about what can be fatal to your family business with the Quentin J. Fleming’s book, “Keep the Family Baggage Out of the Family Business“. Fleming has identified and shared in this book the Seven Deadly Sins that are invariably responsible for the demise of a family business. If you’re an average family business owner, this handy guide is perfect for you.
Next, what you need is a book dealing with the strategic planning for family businesses. So, here you can go for the title “Strategic Planning for the Family Business“, which is a joint effort of family enterprise professors Randel S. Carlock and John L. Ward. This practical, comprehensive guide will help you ensuring success through effective strategic planning laid out by the expert authors. Filled with real world examples, case studies, checklists, and planning worksheets, this book is a wealth of tested, easy-to-follow tools and techniques for mastering strategic planning for family-owned firms.
Last but not the least, you must be familiar with relevant laws and constitutions, if you seek everything fair within your family business. The family agreement should be one of the prime objectives for a family firm in order to climb the success ladder. So, here is a special book “The Family Constitution: Agreements to Secure and Perpetuate Your Family and Your Business Designed “ that will be pretty helpful for the families planning to draft such an agreement, families deciding whether or not to begin the process, and those that have already established a family agreement.