We wrote the book on family enterprise!
Family Enterprise: Understanding Families in Business and Families of Wealth
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Accounting for between 65 and 85 percent of all business worldwide, family enterprises are crucial drivers of both the prosperity of nations and the global economy as a whole. Coming in all shapes and sizes—ranging from corporate giants such as Walmart, Samsung, and Tata, to countless small to medium-sized companies—family enterprises cut across all industry sectors. And, while no two businesses are exactly alike, and each company has its unique structural, operational and cultural nuances when it comes to family-owned enterprises, there is an additional layer of complexity that demands a specialized knowledge and skill set from those who seek to advise and guide them.
Written for those who work with family enterprises, either from within or outside of their client companies, this book provides an extremely well-informed look at the complexion of the contemporary family enterprise and its unique functional and behavioral realities. Just as important, it arms readers with a set of powerful analytical, planning, and implementation tools developed by members of The Family Firm Institute—a global network of professionals, educators, researchers, and family business owners—that are applicable to all types of family enterprise.
With the help of numerous real-world examples, self-assessments, and high-quality graphics, the authors provide in-depth coverage of:
• Classic family enterprise systems—both major family systems and enterprise systems
• Governance in family enterprises—with a focus on family councils and ownership forums
• Key behavioral/psychological characteristics of family enterprises • Important theoretical approaches in enterprise study, with an emphasis on systems theory
• Analytical models for family enterprises, including the three-circle model, the developmental model, and the balance point model
• Information specific to the full range of legal, finance, behavioral, and other specialists who work with family enterprises
• Guidelines for taking a multidisciplinary team approach to addressing the challenges and opportunities facing family enterprises in the global economy
To help you test and fine-tune your grasp of the concepts and skills outlined, the final chapter features case studies of three family enterprises, each with its distinctive family makeup and challenges. In each case, you are tasked with resolving an issue from the perspective of your professional speciality.
As an academic and an advisor who has been in the field since its infancy, I am delighted to recommend Family Enterprise. This book provides a very useful, high-level summary of what has been learned about family enterprise, highlighting key frameworks and definitions and referencing important research articles from Family Business Review. This book is a must have for your professional library.
John Davis, Harvard Business School and Cambridge Advisors to Family Enterprise
As a member of a multi-generational international family enterprise founded in 1801, I strongly encourage all our professional advisors to read this book. The complex world of family enterprises has now yielded a multidisciplinary body of core knowledge. This book contains a wealth of cutting-edge information and insights and is an essential toolkit for any professional who works — or aspires to work — with family enterprises.
Lansing Crane, Crane & Co.