WORKING IN THE AGE OF THE FAMILY BUSINESS: A DEFINITIVE WORK FROM GLOBE LAW
An appreciation by Phillip Taylor MBE and Elizabeth Taylor of Richmond Green Chambers
It is probably reasonable to deduce that most citizens have “a straightforward vision of the perfect family business”. It would be, to begin with, the hope for a continued strengthening of the company's financial and market position in order to support both the lifestyle and needs of family members down the generations.
A second reason would be to see the maintenance of family harmony. Sadly though, life can get in the way. And in some cases, family members' short-term or individual needs can overwhelm the needs of the business thus destroying any possibility of sustainability.
And for legal advisers it can be the case that family members may strongly disagree on the strategic direction, or even on the day-to-day management of the business often causing internal friction and clashes of personality. Such family conflicts where they take place within the boardroom of a family controlled enterprise, can seem “insurmountable” apart from the family strife caused which may only seem to happen in fictional melodramas.
So, we welcome this new book on “Sustaining Family Enterprise”, edited by Richard L Narva, which appears as the companion guide to “Family Enterprises: How to Build Growth, Family Control and Family Harmony”, and an excellent successor it is, too!
Narva’s original title offers us chapters written and edited by experts from many disciplines and located across the world providing us with “the architecture for enduring, continuing family controlled enterprises”. It follows very much in the tradition and house style of these high-class books published by Globe Law and Business.
The author’s mission in the follow up second volume is to “provide sustenance to those stakeholders committed to the core objectives presented in the title to the first book” and it does just that in the well-established explanations which the publishers are so good at producing for the legal world.
The beauty of the book is that it addresses successive issues facing family shareholder control groups and the enterprises they control which often surface “in ongoing, mature, successful endeavours”. The audience for this book then are the owners, directors, managers of, and advisers to, family-controlled enterprises and the families that control them.
Narva works on the assumption that such enterprises have been launched - or at least renewed - as expressly family controlled businesses, or other enterprises which provide an important part of the country’s economy. We believe “Sustaining Family Enterprise” is a definitive work in this special field and an absolute “must” for all involved in family enterprise.