Based on insights from executives across the globe, this planning guide captures the unique challenges faced by leaders of a family business and presents an approach to help these operations survive and thrive across generations. Leading a company is a much different experience for those in a family-run business than for their contemporaries in nonfamilial environments. This book provides a comprehensive overview of the skill set and mindset required to lead family enterprises, and it introduces the four critical areas in which family businesses differ from traditional companies-management structures, governance mechanisms, entrepreneurial advantages, and stewardship practices. In a fascinating convergence of entrepreneurship, family relations, and corporate principles, the authors present two frameworks to better understand the best practices of leading a family business: a firm-level frame focused on these four critical areas of difference (architecture, governance, entrepreneurship, and stewardship) and an individual one that mirrors these in terms of the skill set and mindset successful leaders need to develop. Craig and Moores consider the differences between leadership in family enterprises and non-family enterprises; the entrepreneurial capabilities needed by executives in family-based firms; and the use of power, identification, and motivation in managing their responsibilities both at home and in the workplace. Case studies provide a real-life look at the inner workings of family operations across the globe. Includes insights from leaders of family businesses from all over the world Describes important characteristics for leading family and business systems successfully Features case vignettes showcasing the complex inner workings of family and business stewardship Compares the homogeneity evident in non-family enterprises versus the heterogeneity of family enterprises Discusses the differences between leadership in family enterprises and non-family enterprises

This book analyzes the findings reported in the first Asia Pacific summit of the Successful Transgenerational Entrepreneurship Practices (STEP) project. Researchers in Australia, China, and India discussed eleven in-depth case studies to shed light on the challenges that business families and family businesses faced in continuing and extending their entrepreneurial capabilities across multiple generations. Based on a common research framework from STEP, each chapter introduces key findings and challenges existing theory, offering answers to two broad questions in the Asia Pacific context: How do business families and family businesses generate and sustain entrepreneurial performance across generations and how does entrepreneurial performance relate to the continuity, growth and transgenerational entrepreneurship of business families and family businesses? In doing so, the authors look at key issues faced by family business including dealing with communication issues across generations, resolving conflict between siblings, preparing and luring younger generations back to family business, and professionalization of business. The chapters go beyond the succession and governance challenges and explore the processes and outcomes of entrepreneurship in the Austral - Asian family context. Academics, teachers and students in business and management, entrepreneurship and family business, and Asian studies will find this path-breaking book of great value, as will libraries, policymakers and consultants. Contributors include: K. Au, S.-J. Chen, W. Chen, H.-M. Chung, J. Craig, M. Fu, W. Irava, R. Jha, W. Li, X. Li, Y. Li, D. Lin, Y. Lu, K. Moores, M. Morris, K. Ramachandran, B. Ren, S. Waiker, J. Ward, B. Yang, K.S. Yeh, H. Zhu