This book focuses on a central success factor for family
businesses: maintaining the decision-making ability over
generations while not jeopardizing the business due to family
conflict, inefficient governance structures, or lack of
identification. The authors identify that this is not as easy as
the endeavor to bring two social systems together with
contradicting logic (family and business) leads to many dangerous
pitfalls. This book presents outcomes of a unique research project
in which family managers of eleven of the oldest and largest German
family businesses, at least the fourth generation, met for more
than three years on a regular basis and presented the essence of
their family governance structures to each other and to the
authors. It was a joint "learning journey" that admits identifying
twelve core questions that these families had been answering to
keep up the relationship between family and business successfully
over generations. Obviously, there is no "right" answer to these
questions. The key to success is rather engaging the families in a
process to find out their own answers and make them aware of the
"two sides": being a family is different from being a business
family.
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