Many of the challenges faced by family-owned businesses develop
after the firm has reached a stage of maturity, when the first
generation is faced with issues concerning the role of their
children in the business and the long-term future of the
enterprise. This collection of case studies from around the world
demonstrates how governance of both the business and the family (or
lack thereof) impacts succession of leadership in the firm and the
inheritance of ownership and wealth.
It is the role of governance and how it impacts both family and
firm that link these family business cases together with succession
and inheritance. These topics have been clustered together because
the social systems of the family and the management system of the
firm have significant impacts on the success, or failure, of
succession plans. All the planning in the world for succession and
inheritance will not succeed if the firm does not have a well
established and functional governance system. Likewise, if the
family does not understand its role in the governance of the firm
and the mechanisms for making sound decisions, succession choices
may not be accepted by family members. Most family firms fail
because of succession issues, not economic ones.
This volume features nine in-depth cases of family-owned
business from a variety of industries to illuminate the dynamics of
governance, succession, and inheritance. Each case illustrates the
complexity of issues and, through interactive exercises and
questions, offers readers approaches to solutions, which may
include less-than-optimal compromises or even selling the business
as the only viable option. The examples and insights will prove
valuable for students and members of entrepreneurial and
family-owned firms, as well as consultants, investors, and other
professional advisors. "
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