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Family Business Governance: Maximizing Family and Business Potential
by John L. Ward Craig E. Aronoff
Paperback - 64 pages 0 edition Vol 8 (1996)
Business Owner Resources; ISBN: 0965101185
Book Description
Families in business together have an especially powerful motivation
to govern themselves well—vast and profound shared interests
that often include large capital investment, future family employment
prospects and the image of a family business in its community. Yet
many business-owning families drift unconsciously into haphazard
or destructive patterns of decisionmaking and communication that
can threaten and even destroy the family and the business. Effective
governance can counter those destructive patterns. It can empower
leaders of the business and the family to make the most of the unique
strength of family business: The synergy between a strong, unified
owning family and a well-run family enterprise. In Family Business
Governance you'll learn:
- how effective governance can have a positive impact on your
family and your business;
- how to set up productive governance structures;
- how to overcome objections to establishing governance processes;
- how to determine primary responsibilities of the board, the
family, and management;
- how to recruit and use your board;
- how outside directors can help strengthen your business and
ensure its continuity;
- how the family and the board interact;
- how to set family policies and procedures that govern key areas
of family concern;
- how to earn "voice" in the family and in the business;
- how to manage overlapping concerns;
- how to use specific techniques to smooth communication between
the family and the board;
- and much more...
While every family business is unique, embracing systematic governance
processes can help any family business achieve goals shared by virtually
all: orderly decision-making, peaceful continuity, and the freedom
to make decisions based on the highest and best purposes of both
the business and the family.
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