Taking Over The Family Business

SHIFT your Family Business was written for anyone who has ever worked in a family business or been part of a business family. Steve Legler grew up in one such family, and married into another, and in this, his first book, he examines the challenges that business families face, and gives readers lots of insights and ideas to help them face and overcome those challenges. Since clear, frequent, and open communication is the key to getting out of difficult situations, he walks readers through the steps of: (1) getting important conversations Started (2) getting Help from others to facilitate the discussions (3) Investing the time and effort necessary to gain the momentum to keep going (4) remaining Flexible with all their ideas and plans (5) Talking everything out to gain as much understanding and consensus as possible. He concludes with some thoughts that demystify governance, and invites business families to take on a "family office" mindset to stay focused and on track. SHIFT your Family Business is all about helping business families create the harmony they need to support the legacy they want.

In 1997, family business owner Mitchell Kaneff became the CEO of his own family's business, Arkay Packaging. Negotiating complex succession issues, family politics and emotional fallout with relatives he'd known all his life, Mitchell became convinced there had to be a more effective - and less stressful - way to alleviate the powerful transition themes that can so often derail a family business. Mitchell emerged successful - although not unscathed - and the idea of writing about his experiences to help other people took hold. The result: "Taking Over: Insider Tips from a Third Generation CEO," a compilation of the many experiences - both his own and those of his friends and associates - Mitchell recorded over the years. In "Taking Over," Mitchell brings fresh insights and practical tools to anyone involved in family businesses today - regardless of their role. With its unique use of family anecdotes, combined with Mitchell's strong business acumen, "Taking Over" is a must-read for anyone involved in - or interested in becoming a part of - a family business today.

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.

As the first wave of Canadian baby boomers retire over the next few years, succession planning will be vital for the long-term survival of many businesses. Canada is about to see a huge transfer of wealth from this generation to the next, yet many businesses struggle to ensure a smooth transition of business management and ownership. For family-owned companies, the ramifications may be even more sweeping. The personal issues they face, compounding other day-to-day business concerns, range from planning for income taxes to maintaining interpersonal relationships with family members. A good succession plan will manage a range of issues, such as people and talent, family dynamics, corporate structure, estate planning, insurance and share transfer, to name just a few. Who Will Take Over the Business? is for any business owner who wants to retire, sell, or transfer ownership of their business. It is designed to guide business owners through a comprehensive and strategic approach to the business succession process to ensure that the transition is carried out as smoothly as possible. Who Will Take Over the Business? is a must-have resource for every Canadian business owner.

Why do successors decide to join the family business? The current study investigated the hitherto largely ignored perspective of the successor on succession as career decision process. Grounded on family business and career development theory, insights gained from the qualitative analysis of 16 in-depth interviews with successors were used to develop a successor profiling tool. It is composed of three main elements: the succession decision as process, influences of facilitating and inhibiting factors as well as underlying successor commitment over time. A gender sensitive perspective was adopted in order to account for gender differences during tool development. The tool developed offers a practical contribution by helping young family business members to consider succession in relation to their career development.

Balancing the benefits and burdens of a family-owned business Working with family complicates the already daunting task of owning a business, and it’s tough not to take work problems home with you. The best approach is to realize that family is family . . . and business is business. Business is Business: Reality Checks for Family-Owned Companies is a common-sense manual for survival that dispels myths such as the power of teamwork and gender or birth-order differences in ability. Engagingly written, with no-nonsense tips and real-life examples, this defiant treatise will guide you to • Harness your employees’—and your own—inherent strengths • Trust your instincts and the people you work with • Balance lifelong relationships with fair treatment of nonfamily employees Authors Kathy Kolbe and Amy Bruske hone decades of experience helping family businesses thrive—and running their own for more than 30 years—into practical, actionable advice for how to hire family members, how to work with them, and how—when necessary—to fire them. The solutions are not always easy, but understanding the frequent pitfalls of working with family is an investment that could pay back over generations. Business is Business will show you how to find joy while developing a sustainable family-owned company.

"In this honest and practical guide, Michael Klein shares his research findings and insights on how individuals get trapped in their family business, why they don't leave, and what can be done about it. Based on interviews with family business members, owners, and their advisors, Trapped in the Family Business sheds light on this common yet unexamined problem and offers solutions"--Page 4 of cover.

This innovative textbook covers the most important managerial challenges facing family businesses. It is research-based and includes theory and practice along with concepts, cases and reflection questions to illustrate the key topics.