Family, Inc.: How to Manage Parents, Siblings, Spouses, Children, and In-Laws in the Family Business [Paperback]

Larry Colin (Author), Laura Colin (Author)

Book Description

Publication Date: March 1, 2008

More than 24 family businesses in the United States. employ 62 percent of America's workforce. And in Asia, Europe, Australia, and Latin America, experts say family businesses could account for as much as 80 percent of the private sector.

What's different about dealing with family members than dealing with underlings and managers at an impersonal corporation? When was the last time sales for a Fortune 500 company slumped because two brothers couldn't get along? Not that often, if ever. But it happens all the time in family businesses. Millions of families spanning the globe know they have problems ordinary businesses don't; they know if they don't keep the family on track, the business will derail.

Family, Inc. is a witty, engaging blueprint for maintaining peace within the family without busting the business. The authors use characters straight out of "Family Business Central Casting" to provide uncommon insights mixed with commonsense solutions. After all, they know that firing Uncle Bill is a bit more traumatic than firing just any Bill.

You'll meet:
* Dad the Decider: Can he run a successful business and keep the family happy?
* Mom, CFO (Chief Family Officer): Can she keep the business from destroying her family?
* The Hard-Charging Son: How can he get Dad to move aside without ruining their relationship?
* The Sibling Rivals: Will they ever cooperate when each believes Dad loved the other one best?
* Mrs. & Mr. Inc.: How can they juggle business, marriage, sex, and the kids?
* The Supportive Spouse: What can she do to ensure her husband is treated fairly on the job by her family?

With these and other captivating characters, Family, Inc. will show you how to keep your family from ruining the business and your business from ruining the family. You'll laugh, you'll cry...and you'll avoid a train wreck.

Editorial Reviews

About the Author

Larry Colin is a 37-year veteran of a 92-year-old family business. From the beginning of his grandfather's one-man operation to the sale of two businesses with sales approaching $200 million, Larry's insight from "Been There, Done That, Try This," is the real deal.

Laura Colin, a Kellogg MBA, worked as an investment banker in New York and in economic development in North Africa before joining Larry in the family business. The couple, married 15 years, live in Alpharetta, Georgia.

Product Details

• Paperback: 256 pages
• Publisher: Career Press (March 1, 2008)
• Language: English
• ISBN-10: 1564149854
• ISBN-13: 978-1564149855
• Product Dimensions: 8.2 x 5.2 x 0.6 inches
• Shipping Weight: 11.2 ounces (View shipping rates and policies)
• Average Customer Review: 3.8 out of 5 stars  See all reviews (4 customer reviews)
• Amazon Best Sellers Rank: #704,388 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

2 of 2 people found the following review helpful:

4.0 out of 5 stars Clues to running a family business, July 9, 2008

By 

Rolf Dobelli "getAbstract" (Switzerland) - See all my reviews
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This review is from: Family, Inc.: How to Manage Parents, Siblings, Spouses, Children, and In-Laws in the Family Business (Paperback)

Imagine the conflict, arguments and drama around almost every holiday dinner table, then imagine them played out around a conference table and you'll see the issues that arise in family firms. Emotional, volatile relationships can erode even the most solid business. Larry and Laura Colin, who worked together in a family company before it was sold, use their first-hand experiences to show you how to avoid sacrificing your relationships on the altar of the family firm and visa versa. They look at the characters who populate many family firms, including "Dad the Decider," "The Hard-Charging Son" and "Mr. & Mrs. Inc." Although their insights are just one step beyond common sense, at least you don't need a business degree to understand the conversational text. getAbstract recommends this to readers who must practice nepotism as an art form, working with bosses, colleagues and employees who are also close-knit kin.

1 of 1 people found the following review helpful:

4.0 out of 5 stars Good tips for In-Laws Under the Influence, March 1, 2010

By 

Carlos J. Toro-Sarraga (San Juan, Puerto Rico) - See all my reviews
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Amazon Verified Purchase

This review is from: Family, Inc.: How to Manage Parents, Siblings, Spouses, Children, and In-Laws in the Family Business (Kindle Edition)

As an "In-Law Under the Influence" I found the advice in the book pretty good. It basically says that although there have been successful examples of multi-generational businesses that have selected in-laws to run the company (New York Times), you must proceed with extreme caution when first approached with this possibility (never assume to approach yourself; you must wait to be approached). Important issues must be put on the table before accepting, such as, the possibility of being awarded stock in the company and talking about very sensitive issues such as, what happens if your daughter (or son) and I get divorced (am I out of the company? if I have stock, do I get bought out? etc.) I wish I had had the benefit of the book before, not only for the advice in this particular chapter, but also because of the different points of view that can be encountered ("Mom as CFO", "Dad the Decider" and "Father with the Farewell Paranoia"). The book has helped me be more understanding of these roles and as a consequence much more patient in accepting decisions and behaviors I initially find confusing, because I realize I would do the same thing in their position.

I agree, however, with another reviewer who mentioned that it's a good book for first to second generation businesses, not so for 3rd or 4th generation businesses. Being the father of two future inheritors of where I work now, I don't know if this would serve their purpose for more complex 3rd generation issues.

1 of 1 people found the following review helpful:

4.0 out of 5 stars Characters that can hurt your family business, October 22, 2008

By 

Margit Willems Whitaker "Margit Willems" (Baltimore, MD USA) - See all my reviews
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This review is from: Family, Inc.: How to Manage Parents, Siblings, Spouses, Children, and In-Laws in the Family Business (Paperback)

Family Inc. describes character - "Dad the Decider," "The Hard-Charging Son", "Mom the CFO", "The Inlaw under the Influence, and "The Father with Fairwell Paranoia" that are found in numerous family business settings, and talks about how these characters can tilt a family business unit structure. A good example is how the arguments, conflicts, and drama in the family unit can play havoc in the business unit. Growing up, and working in my family's business, I can relate to what Larry and Laura Colin describe in their book - the emotionally charged relationships that can erode even the most solid business.

The book is an easy read, and a bargain investment. In the privacy of your own home you can read up if you or other family members fit one or many of the characters described that can hurt your family business and keeps it back from moving into the "next generation." Highly recommended if you want your business to move beyond the second generation.