Family Enterprise: Understanding Families in Business and Families of Wealth, + Online Assessment Tool - Hardcover

by The Family Firm Institute Inc (Author)

A thorough explanation of how family enterprises work

The family enterprise, whether an operating business, a family office, or both, is the backbone of the US and international economies. These enterprises cut across industries and geographies and can be first-generation entrepreneurial companies or multi-generational businesses with family offices. This book offers a foundation in and understanding of how family enterprises work, including working definitions and the key characteristics of family enterprises, as well as useful concepts for working with and in family enterprises, either as a professional or as a family member.

• Written by the experts at the Family Firm Institute, a global network of professionals, educators, researchers, and owners of family enterprises
• An ideal resource for professionals in law, finance, management, and behavioral science, family office and fund managers, and others interested in an multidisciplinary approach to this field

Front Jacket

Accounting for between 65 and 85 percent of all business worldwide, family enterprises are crucial drivers of both the prosperity of nations and the global economy as a whole. Coming in all shapes and sizes--ranging from corporate giants such as Walmart, Samsung, and Tata, to countless small to medium-sized companies--family enterprises cut across all industry sectors. And, while no two businesses are exactly alike, and each company has its unique structural, operational, and cultural nuances, when it comes to family-owned enterprises, there is an additional layer of complexity that demands a specialized knowledge and skill set from those who seek to advise and guide them.

Written for the professional who works with family enterprises, either from within or outside of their client companies, this book provides an extremely well-informed look at the complexion of the contemporary family enterprise and its unique functional and behavioral realities. Just as important, it arms readers with a set of powerful analytical, planning, and implementation tools developed by The Family Firm Institute--a global network of professionals, educators, researchers, and family business owners--that are applicable to all types of family enterprise.

With the help of numerous real-world examples, self-assessments, and high-quality graphics, the authors provide in-depth coverage of:

• Classic family enterprise systems--family, ownership and enterprise
• Governance in family enterprises, with a focus on family councils and ownership forums
• Key behavioral/psychological characteristics of family enterprises
• Important theoretical approaches to enterprise study, with an emphasis on systems theory
• Analytical models for family enterprises, including the three-circle model, the developmental model, and the balance point model
• Information specific to the full range of legal, finance, behavioral, and other specialists who work with family enterprises
• Guidelines for taking a multidisciplinary team approach to the challenges and opportunities facing family enterprises in the global economy

To help you test and fine-tune your grasp of the concepts and skills outlined, the final chapter features case studies of three family enterprises, each with its own distinctive family makeup and challenges. In each case, you are tasked with resolving an issue from the perspective of your professional speciality.

Offering a powerful approach to understanding, assessing, and working with family enterprises, this is an indispensable resource for all professionals who consult and advise family-owned companies, as well as family office and fund managers.

For over a quarter century, The Family Firm Institute, Inc. (FFI) has been engaged in educating, connecting, and inspiring professionals who serve family enterprises. FFI is the leading association worldwide for family enterprise professionals and the organization of choice for the advisors, consultants, educators, and researchers who help perpetuate transgenerational family business wealth. In adopting a multidisciplinary and genuinely global perspective, FFI understands family enterprise as a fundamental driver of global economic growth, prosperity, and stability. For its global network of professionals, educators, researchers, and family business owners, FFI provides opportunities to participate in multidisciplinary educational programs and earn professional designation; enables collaboration at conferences, seminars, and online; and creates a single space for interaction, cross-pollination of ideas, expertise, and perspectives to further the field of family enterprise.

Back Jacket

Accounting for between 65 and 85 percent of all business worldwide, family enterprises are crucial drivers of both the prosperity of nations and the global economy as a whole. Coming in all shapes and sizes--ranging from corporate giants such as Walmart, Samsung, and Tata, to countless small to medium-sized companies--family enterprises cut across all industry sectors. And, while no two businesses are exactly alike, and each company has its unique structural, operational, and cultural nuances, when it comes to family-owned enterprises, there is an additional layer of complexity that demands a specialized knowledge and skill set from those who seek to advise and guide them.

Written for the professional who works with family enterprises, either from within or outside of their client companies, this book provides an extremely well-informed look at the complexion of the contemporary family enterprise and its unique functional and behavioral realities. Just as important, it arms readers with a set of powerful analytical, planning, and implementation tools developed by The Family Firm Institute--a global network of professionals, educators, researchers, and family business owners--that are applicable to all types of family enterprise.

With the help of numerous real-world examples, self-assessments, and high-quality graphics, the authors provide in-depth coverage of:

• Classic family enterprise systems--family, ownership and enterprise
• Governance in family enterprises, with a focus on family councils and ownership forums
• Key behavioral/psychological characteristics of family enterprises
• Important theoretical approaches to enterprise study, with an emphasis on systems theory
• Analytical models for family enterprises, including the three-circle model, the developmental model, and the balance point model
• Information specific to the full range of legal, finance, behavioral, and other specialists who work with family enterprises
• Guidelines for taking a multidisciplinary team approach to the challenges and opportunities facing family enterprises in the global economy

To help you test and fine-tune your grasp of the concepts and skills outlined, the final chapter features case studies of three family enterprises, each with its own distinctive family makeup and challenges. In each case, you are tasked with resolving an issue from the perspective of your professional speciality.

Offering a powerful approach to understanding, assessing, and working with family enterprises, this is an indispensable resource for all professionals who consult and advise family-owned companies, as well as family office and fund managers.

Author Biography

For over a quarter century, The Family Firm Institute, Inc. (FFI) has been engaged in educating, connecting, and inspiring professionals who serve family enterprises. FFI is the leading association worldwide for family enterprise professionals and the organization of choice for the advisors, consultants, educators, and researchers who help perpetuate transgenerational family business wealth. In adopting a multidisciplinary and genuinely global perspective, FFI understands family enterprise as a fundamental driver of global economic growth, prosperity, and stability. For its global network of professionals, educators, researchers, and family business owners, FFI provides opportunities to participate in multidisciplinary educational programs and earn professional designation; enables collaboration at conferences, seminars, and online; and creates a single space for interaction, cross-pollination of ideas, expertise, and perspectives to further the field of family enterprise.