Customer Reviews

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

5 star:		(6)
4 star:		(1)
3 star:		(0)
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1 star:		(0)

 

 

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.

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.

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.

This was the first book I had read on family businesses and I found Ed Hess's insights very useful. As a consultant who works with many family owned and/or operated businesses, the book helped me understand the ins and outs of such businesses in a clear and concise fashion. I recommend it for anyone who wants to understand the unique nuances of family-owned businesses and ensure the long term success of them.

Acquainted with Prof. Hess, I was looking forward to reading the book, as it is on a subject with which I was not fully familiar. I was not dissappointed. Straightforward, well organized and with great case studies, I believe I now better understand this specialized area of business. I recomment this book for anyone working in or advising a family business, and am lending my copy to a good friend with a considerable family business interest.

This book has been an extremely valuable resource for our family business. Professor Hess covers a broad range of issues that the family and the business will face, and the chapters are well-written and concise. With its many "best practice," real-world examples of policies and procedures that have proven effective, the book has been a trusted toolkit. For us, the greatest value has been the clarity with which Professor Hess shows how the family and the business can and should co-exist and thrive across generations - why should only 1 in 10 family businesses survive past the third generation? Using in-depth case studies, the book demonstrates a very careful and thoughtful planning process that is ongoing and that involves the entire family, enabling the business to mature and thrive while the family grows larger and closer. Ultimately, Professor Hess makes a compelling argument for the family to become a good and faithful steward, and he shows how that can occur. This book re-affirms the great possibility, the unique value, and the many benefits of a long-term model for family business ownership.

Ed Hess provides a detailed blueprint for the family business owner and the many family members that are directly and indirectly involved in a family business. This is a must read for anyone who has any sort of involvement with a privately owned, family business or anyone who may be purchasing a privately held SMB. Prof. Hess covers a wide range of topics that are direct, insightful and full of vivid, actual case examples involving emotionally charged, life-altering situations. I found the topics of generational leadership succession, dividend policy, annual family meetings, and inter-family rivalries very helpful. It's great to know other business owners out there are facing similar challenges. Finally, the "Family Business Operating Rules" in Ch. 17 need to find a place inside every family CEO's/President's briefcase.