Family Business Succession: The Final Test of Greatness, Second Edition [Paperback]

Craig E. Aronoff (Author), Stephen L. McClure (Author), John L. Ward (Author)

Book Description

Publication Date: February 1, 2003

Few challenges demand more of a business owner than passing on the family business to the next generation. Family members' lifelong hopes, dreams, ambitions, relationships, even personal struggles with mortality--all figure into managing succession.

This second edition of a 1992 classic reflects many more years' worth of knowledge gained in the study of family business. This edition identifies succession management problems and solutions for any family business CEO, whether the business is in its first or second or third generation, or beyond. This edition focuses not only on succession planning but more so on managing succession. Good succession management is like good strategic planning. Once the planning is completed, the real challenge and greatest value comes from keeping it current and implementing it.

Family Business Succession: The Final Test of Greatness, 2nd edition helps break the complex succession planning and management process into understandable pieces. In its pages you'll learn: the different types of leadership transitions; how to overcome resistance to transferring power, as well as ideals for new roles, new careers and other post-retirement activities; five pieces for good management of the succession process; to prepare your business for succession; to prepare your family for a successful transition; develop effective successors; the process of choosing a successor; how to implement succession; how to avoid common post-succession mistakes and problems; and much more...

Family Business Succession shows how to turn succession from a potentially explosive crisis into a renewed commitment to the business and the family. It is fast reading, filled with real-life cases, practical tips and 15 useful exhibits.

Editorial Reviews

Review

"The provide us with a wealth of answers to the succession challenge from specific family case histories addressing the powerful issue of how the family business and it's legacies can be continued.  Too many families neglect the succession issue until it is too late to preserve the essence of what made the family great." —Harry Martin (former Head of the Cargill McMillan Family Office), Family Advisors, LLC, Mystic, CT

"… a must read for those serious about succession." —Marshall Paisner, Chairman, ScrubaDub, Natuck, MA

" provides practical guidance on tough family business issues."  —Ross W. Nager, Sentinel Trust Company, Houston, TX

"While our father was a great journalist and businessman, and a wonderful parent, his transition planning was inadequate.  Fortunately for our family and business we used the principles we found in Family Business Succession: The Final Test of Greatness to help guide us as we developed and implemented our succession plan.  As a result, we are a healthier and more prosperous family and family business than we ever dreamed possible."  —Betsy McCool, Chairman, Western Communications, Bend, OR

--This text refers to an alternate Paperback edition.

About the Author

Craig E. Aronoff is Co-founder, Principal Consultant, and Chairman of the Board of the Family Business Consulting Group, Inc., the founder of the Cox Family Enterprise Center and current Professor Emeritus at Kennesaw State University. He invented and implemented the membership-based, professional-service-provider sponsored Family Business Forum, which has served as a model of family business education for universities world-wide.

 

John L. Ward is Co-founder of the Family Business Consulting Group Inc. He is Clinical Professor at the Kellogg School of Management and teaches strategic management, business leadership and family enterprise continuity.

 

Stephen L. McClure is a Principal Consultant at the Family Business Consulting Group, Inc. and specializes in family communications and decision making, succession planning and implementation, and governance & management in family firms. 

--This text refers to an alternate Paperback edition.

Product Details

• Paperback: 74 pages
• Publisher: Business Owner Resources (February 1, 2003)
• ISBN-10: 1891652095
• ISBN-13: 978-1891652097
• Product Dimensions: 8.8 x 5.8 x 0.3 inches
• Shipping Weight: 4.8 ounces
• Average Customer Review: 5.0 out of 5 stars  See all reviews (4 customer reviews)
• Amazon Best Sellers Rank: #540,708 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

1 of 1 people found the following review helpful:

5.0 out of 5 stars Read Before You Transition Your Family Business, December 23, 2010

By 

Richard D. Parker "brown lodi" (Dallas, Texas USA) - See all my reviews
(REAL NAME)   

This review is from: Family Business Succession: The Final Test of Greatness, Second Edition (Paperback)

This is a great book on Family Succession and Business Succession. Companies thinking of a Transition to new ownership should read this. Richard D Parker, The Transition Companies. [...]

5.0 out of 5 stars Highly Recommended, August 29, 2008

By 

Margit Willems Whitaker "Margit Willems" (Baltimore, MD USA) - See all my reviews
(REAL NAME)   

This review is from: Family Business Succession: The Final Test of Greatness, Second Edition (Paperback)

This is a great overview of succession planning for any family business owner, whether the business is in its first, second or third generation. It is also a good source to help other family members and key non-family members get a sense of what succession planning is, as well as what is involved in the in the succession planning process.

5.0 out of 5 stars Excellent, January 3, 2007

By 

V. Scott - See all my reviews
(REAL NAME)   

This review is from: Family Business Succession: The Final Test of Greatness, Second Edition (Paperback)

This is a great overview of succession planning for family businesses. Not only did I enjoy reading it, I give copies to family business owners, their family members, and/or their employees who are struggling with this issue. I highly recommend it!!!