The Successful Family Business - by Edward D Hess (Hardcover)

About the Book

Over 80% of the businesses in the United States are family-owned and managed. From the corner deli or barbershop to global empires in brewing, media, and cleaning products, family businesses embody the entrepreneurial spirit that drives innovation and economic growth and that represents the hopes and dreams of millions for independence, self-sufficiency, and wealth. And yet the track record for entrepreneurial businesses is poor: over three-quarters will fail during the first five years and only 10% will survive a decade. Family business statistics show that fewer than one-third pass succesfully to a second generation, often the result of insufficient planning. Drawing from numerous in-depth examples (both positive and negative), Edward Hess offers a fascinating glimpse into the dynamics of family business management and specific strategies to promote the health of the enteprise. A comprehensive guide, The Successful Family Business covers the spectrum of topics from creating a family values statement and code of conduct to resolving conflicts among siblings to managing transitions in leadership and the potential sale of the business. Other issues include: defining perks and benefits (for family and non-family members), working with the board of directors, and going public. Hess concludes with a series of operating rules that apply to every family business and a listing of practical references and resources.

Book Synopsis

Over 80% of the businesses in the United States are family-owned and managed. From the corner deli or barbershop to global empires in brewing, media, and cleaning products, family businesses embody the entrepreneurial spirit that drives innovation and economic growth and that represents the hopes and dreams of millions for independence, self-sufficiency, and wealth. And yet the track record for entrepreneurial businesses is poor: over three-quarters will fail during the first five years and only 10% will survive a decade. Family business statistics show that fewer than one-third pass succesfully to a second generation, often the result of insufficient planning. Drawing from numerous in-depth examples (both positive and negative), Edward Hess offers a fascinating glimpse into the dynamics of family business management and specific strategies to promote the health of the enteprise. A comprehensive guide, The Successful Family Business covers the spectrum of topics from creating a family values statement and code of conduct to resolving conflicts among siblings to managing transitions in leadership and the potential sale of the business. Other issues include: defining perks and benefits (for family and non-family members), working with the board of directors, and going public. Hess concludes with a series of operating rules that apply to every family business and a listing of practical references and resources.

Review Quotes

"Hess argues that the business and the family are overlapping living organisms, and in order for both to thrive, the family business must develop a proactive process for defining and communicating roles and goals. He gives advice on everything from resolving conflicts among siblings to working with the board of directors. Readership for the book includes all those involved in a family business." --Reference & Research Book News

About the Author

Edward D Hess is Adjunct Professor of Organization and Management, Founder and Executive Director of the Center for Entrepreneurship and Corporate Growth, and Founder and Executive Director of the Values-Based Leadership Institute at Goizueta Business School, Emory University, where he teaches courses in entrepreneurship, leadership, and business growth. He also maintains an active consulting practice with family businesses. Prior to joining Emory, he spent over 30 years as a lawyer, investment banker, and consultant, specializing in private family business. He has written a regular column for the Georgia business magazine, The Catalyst, the author of Make It Happen: Six Tools for Success and Executing Organic Growth: How Great Companies Consistently Grow from Within, and lead editor and author of The Search for Organic Growth and Leading with Values: Values, Virtue and High Performance.