Family Business Success Factors
By Dean Fowler and Peg Masterson Edquist
5/5
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About this ebook
Seventy-percent of all family business transitions fail. What to successful families do to beat these odds?
We carried out a research project with over 100 successful family businesses, and through our study identified twelve critical success factors for families-in-business. The twelve factors fall into four major categories:
- Transforming Communication: Family Culture, Career Satisfaction, and Family Relationships
- Enhancing Leadership: Successor Development, Successor Competency, and Compensation Standards
- Creating Strategies: Business Structure, Non-Family Management and Business Strategy
- Building Responsible Ownership: Management Succession, Financial Planning and Tax Planning
This collection of short articles is based on the stories of the families featured in our full-length book - Love, Power and Money: Family Business Between Generations. We have organized the articles around the four major categories outlined above.
You may also evaluate how well your own family business is doing against these twelve success factors by completing our comprehensive Family Business Assessment ToolTM.
Dean Fowler
Dean R. Fowler, Ph.D. is recognized as one of the world’s leading experts specializing in the emotional dynamics that impact families-in-business and families of wealth. The international association, The Family Firm Institute, recently honored him by selecting him to receive the prestigious “Award for Interdisciplinary Achievement”. His book – Love, Power and Money – has won world-wide acclaim in reviews in the major publications dealing with family enterprises as one of the best books on integrated family transition planning.In 1995 he developed The Family Business Assessment ToolTM and has since developed The Business Partners Assessment ToolTM and the Family Wealth Dynamics Assessment ToolTM.In 2008 he was appointed to serve with a select group of business leaders on the Coleman Chair Advisory Council at Marquette University’s College of Business Administration.In 2009 a new television series – Family Inc. – was launched in five Midwestern states with Dean Fowler serving as host. (family-inc.com)During the past forty years, Dean Fowler has served over 300 family clients in both the United States and Europe. His firm, Dean Fowler Associates, provides integrated services focusing on the “soft side of hard issues” by working closely with the other professional advisors trusted by the family client.
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Reviews for Family Business Success Factors
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Book preview
Family Business Success Factors - Dean Fowler
Family Business Success Factors
Dean R. Fowler, Ph.D.
With
Peg Masterson Edquist
Smashwords Edition
Copyright 2011
Glengrove Publishing
200 S. Executive Drive, Suite 101
Brookfield, WI 53005
Table of Contents
Introduction
Transforming Communication:
Career Satisfaction
Second Generation: Blessing or Curse
Sibling Rivalry
Mediation of Disputes
Enhancing Leadership:
Family Employment
Performance Standards
Compensating Family Members
Creating Strategies:
Strategic Planning for Family Business
Building Responsible Ownership:
Successful Habits of Successors
Board of Directors
Fairness in Family Business
Transferring a Family Business
Introduction
Seventy-percent of all family business transitions fail. What do successful families do to beat these odds?
We carried out a research project with over 100 successful family businesses, and through our study identified twelve critical success factors for families-in-business. The twelve factors fall into four major categories:
Transforming Communication: Family Culture, Career Satisfaction, and Family Relationships
Enhancing Leadership: Successor Development, Successor Competency, and Compensation Standards
Creating Strategies: Business Structure, Non-Family Management and Business Strategy
Building Responsible Ownership: Management Succession, Financial Planning and Tax Planning
This collection of short articles is based on the stories of the families featured in our full-length book - Love, Power and Money: Family Business Between Generations. We have organized the articles around the four major categories outlined above.
You may also evaluate how well your own family business is doing against these twelve success factors by completing our comprehensive Family Business Assessment Tool™. For more information on our Assessment Process, please link to http://www.deanfowler.com/services/assessment-tools/
Career Satisfaction
Career satisfaction should never be taken for granted as a key to making a successful family business function. Being next in line to inherit the family business does not mean the successor is a good fit for the business, or conversely, that the business is a good fit for the successor.
The case of the