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    Family Business Success Factors
    Family Business Success Factors
    Family Business Success Factors
    Ebook36 pages29 minutes

    Family Business Success Factors

    By Dean Fowler and Peg Masterson Edquist

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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.

    LanguageEnglish
    PublisherDean Fowler
    Release dateSep 19, 2011
    ISBN9780971628441
    Family Business Success Factors
    Author

    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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      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

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