The Successful Family Business: A Proactive Plan for Managing the Family and the Business [Hardcover]

Edward D. Hess (Author)

Book Description

Publication Date: November 30, 2005 | ISBN-10: 0275988872 | ISBN-13: 978-0275988876

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.

Editorial Reviews

Review

"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

Review

"An engaging, action-oriented book for family businesses both large and small. There's no substitute for the experience Ed Hess brings to his subject. From my 20 years of working with family businesses in the real estate industry, Ed Hess's observations, operating rules, and sensitivity to the issues involved with operating and growing a family business should be welcomed by a variety of family business leaders."

(

Jeffrey A. Scott, Managing Director, Real Estate Corporate Finance, Wachovia Securities

)

See all Editorial Reviews

Product Details

• Hardcover: 176 pages
• Publisher: Praeger (November 30, 2005)
• Language: English
• ISBN-10: 0275988872
• ISBN-13: 978-0275988876
• Product Dimensions: 9.3 x 6.4 x 1 inches
• Shipping Weight: 15.2 ounces (View shipping rates and policies)
• Average Customer Review: 4.9 out of 5 stars  See all reviews (7 customer reviews)
• Amazon Best Sellers Rank: #1,379,185 in Books (See Top 100 in Books)

More About the Author

Edward D. Hess is a Professor of Business Administration and Batten Executive-in-Residence at the Darden Graduate School of Business, The University of Virginia.He spent over 30 years in the business world prior to joining academia as a lawyer, investment banker, strategy consultant, and entrepreneur.

He is the author/editor of 9 books, over 60 business school cases, and over 60 articles dealing with high performance organizations, growth, values-based leadership, and family businesses. His current research is in the areas of Smart Growth, managing the challenges of private company growth,growth leadership, growth systems, growth processes, and enduring organizations. His work can be found @ www.EDHLTD.com. His work has appeared in over 200 media outlets worldwide the last 4 years including WSJ Radio, Dow Jones Radio,Bloomberg Radio, CNBC, NPR, Fox Business News, Forbes, Bloomberg, Business Week, Investor's Business Daily, CFO Magazine, Leadership Excellence, Chief Learning Officer, Washington Post, Financial Executive,Big Think, Business Insider, MSNBC Radio, and Money Magazine.

He has extensive experience advising and financing growth companies and multi-generational family businesses. He also has extensive research and consulting experience in the areas of public company organic growth and is the co-author of the Darden Growth/Innovation Model. His organic growth research has produced the concepts of The Growth System, The Growth Risks Audit, The Organic Growth Index financial model, and The Organic Growth Progression.

His business experience includes tenures with Warburg Paribas Becker, Boettcher & Company, The Robert M. Bass Group, Jones Lang Wooten, and Arthur Andersen Finance.

He is a Magna Cum Laude graduate of the University of Florida, and obtained a J.D. from the University of Virginia and an LL.M. ( Taxation) from New York University.

He was raised in Carrollton, Georgia and worked his way through college as a student football mathematician for the Florida Gators. He is happily ( most days) married, loves to cook, travel, read, and play with his grandchildren and two tibetian terriers.

Customer Reviews

Most Helpful Customer Reviews

2 of 2 people found the following review helpful:

5.0 out of 5 stars A must for a family business, August 18, 2006

By 

S. P. Newell - See all my reviews
(REAL NAME)   

This review is from: The Successful Family Business: A Proactive Plan for Managing the Family and the Business (Hardcover)

I have not only studied this fine text, but I have bought copies for four friends with family businesses. I am personally aware of many of the pitfalls associated with a family business, but reading this book increased the breadth of my awareness greatly. And, most important, it provided great insight into how to deal with these many issues. I believe strongly that being forewarned is being forearmed, and this book provides invaluable warnings and solutions regarding family business challenges. I personally believe it is a must read for all members, direct and indirect, of family businesses.

2 of 2 people found the following review helpful:

5.0 out of 5 stars A. Whitaker, August 1, 2006

By 

A.B. Whitaker - See all my reviews

This review is from: The Successful Family Business: A Proactive Plan for Managing the Family and the Business (Hardcover)

As a Financial Services professional focused on advising Ultra-High Net Worth individuals and families during and after significant liquidity events, I have been witness to the issues that arise prior to, during, and after the sale of a family business. Ed Hess has thoroughly explored the realities that families must face when creating a succession plan. Hess also thoroughly discusses the typical exit options that exist for business owners as well as the qualitative considerations that families should explore before selling a business. I highly recommend this book and plan to use it as a reference tool on an on-going basis.

2 of 2 people found the following review helpful:

5.0 out of 5 stars Family Planning, February 21, 2006

By 

J. Douglas "Retired Senior Executive" - See all my reviews
(REAL NAME)   

This review is from: The Successful Family Business: A Proactive Plan for Managing the Family and the Business (Hardcover)

This book represents a complete summary of relevant, major issues facing any family business. Each of these issues will be actively managed or at least contemplated in the life of any family business and the long term success and viability of the organization is dependent on how or if the issue is resolved. Ed Hess provides thought provoking guidance on how to deal with each problem encountered. He points out the relationship and dependency of many of the issues to each other and the need for timeliness in addressing the subjects. This book is a must read for CEO's and Directors of growing family businesses.