Published: September 2008
Running a family business is like running any other business--with the addition of many extra challenges. A family-owned enterprise involves unique management, compensation, hiring, and other business issues regarding family member employees. 9 Elements of Family Business Success addresses the specific challenges faced by owners of family businesses, and it shows family members employed in the business how to enjoy their positions while helping the organization reach its highest potential.
Every relationship between family members comes with its own unique set of dynamics. When transferred into the workplace, these dynamics introduce emotional factors and hot buttons that can make or break the business. In this comprehensive guide, Allen E. Fishman spotlights all the challenges such organizations face and provides practical advice for creating your own strategy to meet them--and strengthen relationships within the family, as well. Fishman provides solutions to the problems unique to a family-run business, along with handy checklists to ensure you're covering all the angles. You'll learn how to:
Create a written policy for hiring, reviewing, and terminating family member employees
Avoid family relationship tension regarding compensation
Choose a successor and create a succession development plan
Ensure good results-driven family communication and dynamics
Maintain healthy spousal relations when you work together
Recruit and retain talented non-family member employees
9 Elements of Family Business Success contains detailed case studies of specific challenges faced by real family business owners and employees. Each one explains how the owner or employee identified the problem and the steps he or she took to solve it. Apply Fishman's advice, and you'll experience all the benefits and avoid the pitfalls that come with running a family business.
"What a powerful, greatly needed and comprehensive book on all the issues confronting family business!" -Stephen R. Covey, bestselling author of The 7 Secrets of Highly Effective People
A Practical Formula for Meeting the Challenges of Running a Family Business
Staying on top of daily business operations while keeping your employees motivated is a difficult task. Add family dynamics into the mix and every moment becomes a major project. 9 Elements of Family Business Success addresses the unique issues family-business owners and employees face each day and helps you devise your own strategies for meeting each one. Using the nine-step formula inside this book, you'll be equipped to ensure that:
Compensation issues don't give rise to family tension
Hiring and termination processes are clearly defined
Marriages don't suffer in spousal partnerships
The business remains profitable after you retire
Your position holds the promise of the best business ownership has to offer--as long as you remain vigilant of its natural pitfalls and maintain the know-how for avoiding them. This comprehensive and insightful guide provides the tools you need for reaping the rewards of entrepreneurialism, hard work, and a family-focused life.
is the bestselling author of
Seven Secrets of Great Entrepreneurial Masters
. He is the founder and CEO of his family business, The Alternative Board (TAB), the world’s largest business peer board and coaching franchise system. A noted expert on privately held companies, Fishman has been featured in numerous media venues, including CNBC, Bloomberg,
The Wall Street Journal
, and
USA Today
, and he is a featured speaker at engagements around the world.
Keywords: BNCFGWER, PROFIT, BUSINESS GROWTH, MANAGEMENT, MANAGING, PERSONAL FINANCE, ANALYTICS, ENTERPRISE, FAMILY-RUN, FAMILY-OWNED, ENTERPRISE, PERSONAL VALUE STATEMENT, FAMILY MEMBERS, EMPLOYEES, SPOUSE, PARTNER, MANAGEMENT, COMPENSATION, HIRING, RETIREMENT, SUCCESSOR, FAMILY DYNAMICS, STEPHEN COVEY, STEVEN COVEY, BOUNDARY ISSUES, BOUNDARIES, MOTIVATING, ATTRACTING, RECRUITING, RETAINING, COMPENSATING, COMPENSATION, NON FAMILY MEMBER, EMPLOYEE HANDBOOK, POLICY, TEAMWORK, TEAM, LEADER, LEADERSHIP, SUCCESION, SUCCESSOR,
