Perpetuating the Family Business: 50 Lessons Learned from Long-Lasting, Successful Families in Business

188 Pages·2004·0.808 MB·English

by  John L. Ward (auth.)

Perpetuating the Family Business

Perpetuating the
Family Business
50 Lessons Learned from
Long-Lasting, Successful
Families in Business
John L. Ward
© John L.Ward 2004
All rights reserved.No reproduction,copy or transmission of this
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as the author of this work in accordance with the Copyright,
Designs and Patents Act 1988.
First published 2004 by
PALGRAVE MACMILLAN
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PALGRAVE MACMILLAN is the global academic imprint of the Palgrave
Macmillan division of St.Martin’s Press,LLC and of Palgrave Macmillan Ltd.
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Union and other countries.
ISBN 978-1-349-51698-8 ISBN 978-0-230-50599-5 (eBook)
DOI 10.1057/9780230505995
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10 9 8 7 6 5 4 3 2 1
13 12 11 10 09 08 07 06 05 04
To the many, many families who have so generously shared their
experiences with me and inspired me to find the field of family
business fascinating, fulfilling, and important. Thank you for
what you have given me and offered to others.

Contents
List of Figures viii
List of Tables ix
Acknowledgments x
Author’s Note xi
PART I
Frameworks for Family Businesses that Last 1
1 The Ultimate Management Challenge 3
2 The Five Insights and The Four P’s 10
3 A Vision for the Future 31
PART II
The Lessons 41
4 Stage I:The Owner-Managed Business 43
5 Stage II:The Sibling Partnership 66
6 Stage III:The Cousin Collaboration 102
7 Taking the Longest View 144
Appendix A:The Lessons at a Glance 156
Appendix B: Integrating the Lessons 161
Appendix C:A Family Business Checklist 165
Notes 168
Bibliography 173
Index 175
vii
List of Figures
1.1 There’nobbut three generations atween clog and clog 4
2.1 The three-circle model of family business 14
2.2 Continuity Planning Triangle 18
2.3 Advantages and disadvantages of owning a family business 22
3.1 Three-stage model of family business 31
6.1 The Suarez family mission statement 134
6.2 Johansson family mission 134
6.3 Reinforcing values between family and business 137
viii
List of Tables
3.1 How family assumptions shape ownership plans and
business strategy 36
5.1 The 6C’s: a family code 86
5.2 Family values statement 94
A.B1 The Five Insights 161
A.B2 The Four P’s 163
ix