Building Family Business Champions

Building Family Business Champions provides a theoretically sound and practical framework for understanding the challenges that family businesses face. Drawing on three decades of consulting with more than 250 companies, their own experience running a family-owned firm, and sound research, Eric G. Flamholtz and Yvonne Randle explain that the success of these companies hinges upon the dual management of family functionality and the company's infrastructure. They present a set of managerial tools for planning, structuring the business, measuring performance, and managing culture. After laying this groundwork, they attend to issues that uniquely pertain to these companies, such as succession and the challenges of familial dysfunction. Finally, the book offers a set of short self-assessments that can be used in any family business. Richly illustrated with stories of companies at various stages of growth from around the globe, this book provides a comprehensive guide for building businesses that thrive from generation to generation.

Family business: Is it your livelihood? Your legacy? Both? Regardless of your level of involvement, you want the enterprise to succeed and endure. Successful businesses often struggle to remain viable against uncertain economic times, technological advances, shifting consumer preferences, and volatile markets-even without the complexity of dealing with family members. And some family businesses manage to flourish through multiple generations despite these challenges. What makes them different? More important, how can you learn from the experiences of what we call champion family businesses? These successful family businesses take a long view, investing in the company's development for future success. The champion family concept is linked to the family champion, a family owner who acts as a catalyst to help other family members become more effective. In order to facilitate significant development and change throughout the family, family champions engage and inspire the family to work collectively to sustain their legacy. Ultimately, family champions create champion families. This book offers clear examples, practice tips and specific advice to start working on championship elements in your family. Each chapter ends with questions for you to consider, based on the material you've just read, to stimulate your thinking about championship ideas and issues related to your situation. The wisdom from these winning families and their stories can guide you around common obstacles and provide inspiration to your business family, regardless of its size or complexity. "This book opens new ground in the story of the success of multi-generational family business. Its focus is on the nature of innovation and resilience energy in the family, and how it often flows not from top to bottom, or from the old to the new. It is often the spirit and dedication of the newer 'rising' generations that fuels productive change and renewal. Through case studies that highlight the authors' research, this book shows how families invest in innovation by investing in the human resources of each new generation."Dennis Jaffe, Ph.D., Family Advisor, Wise Counsel Research "Every successful family business will better see the critical roles of the Family Champion behind their success. Reading this book will help assure the conditions for Family Champions to exercise their precious leadership for the long-term continuity of their family's enterprise. The lessons of successful families will resonate with you and encourage you. The book's stories and graphics will stick with you."John L. Ward, Ph.D., Clinical Professor Emeritus at Kellogg Center for Family Enterprises and Co-founder of The Family Business Consulting Group

Helps to prepare for passing the family business on to the next generation. Leaders will learn how to create a succession plan; how to develop opportunities for succession candidates; how to build consensus with the family and leaders on succession plans and finally leaders will learn when and how to let go of their own role in the business.

This work commemorates the twenty-fifth anniversary of the founding of the Italian Association of Family Enterprises (AIDAF). It does not adopt a retrospective perspective, nor is it a historical account. It is an essay about the future, taking the form of a dialogue between family businesses and the Italian academic community, combining scholarly rigor with pragmatism. It provides tangible points of reflection aimed at constructing and subsequently preserving the continuity and sustainability of the family-enterprise system. The dialogue is composed of twenty-five letters and their corresponding responses, organized into five sections: family, ownership, youth, business, and sustainability. The AIDAF-affiliated entrepreneurs pose inquiries on family business matters in the form of letters addressed to academics, who, in turn, provide concise essays in response. These exchanges encompass recurring issues such as generational succession, as well as more contemporary themes, such as sustainability and the management of large entrepreneurial families. The essay is not solely intended for AIDAF members; rather, it has been assembled to initiate a conversation with those who are involved with family businesses, including the new generations, entrepreneurs, managers, and professionals who collaborate with family enterprises, as well as students and enthusiasts of the subject. It is an invitation to those who harbor a curiosity about the world of family business. As in any dialogue, the hope here is to stimulate interest in continuing the exchange of perspectives, experiences, and knowledge, going beyond the pages of this book, and recognizing that the vitality and excellence of the fabric of family enterprises are fundamental for the development of a national system.

Praise for WINNERS ARE DRIVEN "The basic principles in becoming a world champion automobile racer, successful businessman, and human being are exactly the same principles that must be utilized by anyone in order to attain success. The many examples of good sportsmanship, the emphasis on family, the importance of customers, and good customer relationships are so very important in life today. Unser is a man who has lived his life to the fullest, accomplished so very, very much, and yet been true to his friends, his family, his competitors, and is the epitome of success." -Barron Hilton, Chairman, Hilton Hotels "A wild ride with a racing legend. Bobby is still going 100 mph as he shares his life strategy for success. Nothing fancy, just good ol' Unser common sense." -Doug Sellars, Coordinating Producer, Fox Sports Net "As a member of a family involved in American automobile racing for over 80 years, I find Bobby Unser's Winners Are Driven unique in comparing what it takes to be successful in the racing world and how it applies to one's business and personal life. . . . With Bobby's insight and gut instincts he effortlessly crosses over from racing to life in general." -William D. Loadvine, Executive Director of Advancement, University of Southern California "Bobby's drive and passion have fueled his incredible success both on and off the track, and his story translates into invaluable life lessons for us all." -Jeff Bliss, President, The Javelin Group Former President/CEO Sara Lee Olympic Partnership "This book depicts the life of Bobby Unser from his humble beginnings in the heartland to his many accomplishments. It spells out the philosophy of the great American spirit, the driving force of professional sports, and the necessity of having the presence of outstanding leaders and human beings throughout the world today." -Gregory R. Dillon, Vice Chairman and Director Emeritus, Hilton Hotels "Over thirty-five years ago, early in my ABC Sports career, I first met Bobby Unser. As one of this country's premier drivers, Bobby seemed to be at or near the front of each race. While attaining renown on the track, off the track he was gracious to the media and racing fans. When he retired, we hired Bobby as ABC Sports's color commentator for Indianapolis-car racing. For nine years he performed very professionally and very colorfully. Bobby Unser, successful on the track and off . . . still going strong." -Dennis Lewin, Senior Vice President Broadcast Planning The National Football League

LEARN COACHING SKILLS TO BUILD A SUSTAINABLE FAMILY BUSINESS 70% of all family businesses will not survive to the next generation. Visionary family leaders realize to beat the odds they must have a process for building a strong, resilient team and family. The Family Business Playbook gives your family a road map for success! With over 20 proven "family-tested" exercises, plus 10 "must-read" articles, your family will have a practical, useful set of tools to avoid the pitfalls that cause family business failure and family conflict.

Navigate the complex decisions and critical relationships necessary to create and sustain a healthy family business—and business family. Though "family business" may sound like it refers only to mom-and-pop shops, businesses owned by families are among the most significant and numerous in the world. But surprisingly few resources exist to help navigate the unique challenges you face when you share the executive suite, financial statements, and holidays. How do you make the right decisions, critical to the long-term survival of any business, with the added challenge of having to do so within the context of a family? The HBR Family Business Handbook brings you sophisticated guidance and practical advice from family business experts Josh Baron and Rob Lachenauer. Drawing on their decades-long experience working closely with a wide range of family businesses of all sizes around the world, the authors present proven methods and approaches for communicating effectively, managing conflict, building the right governance structures, and more. In the HBR Family Business Handbook you'll find: A new perspective on what makes family businesses succeed and fail A framework to help you make good decisions together Step-by-step guidance on managing change within your business family Key questions about wealth, unique to family businesses, that you can't afford to ignore Assessments to help you determine where you are—and where you want to go Stories of real companies, from Marchesi Antinori to Radio Flyer Chapter summaries you can use to reinforce what you've learned Keep this comprehensive guide with you to help you build, grow, and position your family business to thrive across generations. HBR Handbooks provide ambitious professionals with the frameworks, advice, and tools they need to excel in their careers. With step-by-step guidance, time-honed best practices, and real-life stories, each comprehensive volume helps you to stand out from the pack—whatever your role.