Neil Raphel - The Complete Idiots Guide to a Successful Family Business

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Table of Contents

To Ben and Adrienne,
Our next generation.

Introduction

Dr. Joyce Brothers once said, When you look at your life, the greatest happinesses are family happinesses.

This book is about the happiness that comes from running a successful family business. Sure, there are a host of problems to be solved if you want to have a successful family business, but the family businesses that do succeed are sources of wealth and opportunity for generations of other family businesses.

In addition to a strong business plan, successful family businesses bring morals and traditions to work every day. Successful family businesses are started by entrepreneursthe men and women who bring a sense of purpose with them to work every day. They are driven to succeed, and they want and need to bring their family members into the business with them.

Especially at the start, the family provides the employees and the brains for the family business. The family also often provides the finances to get the business running in the first place. And when the family business grows and succeeds, the family business gives back with jobs and income for future family members.

One of the biggest issues faced by every successful family business is who should take over as the new leader of the family business. Which of the childrenor cousinsis the best one to run the business? Should the family look for the best possible CEO, regardless of whether that person is a family member? This book will help your family answer these important questions.

Sometimes family businesses, like families themselves, face some tough problems. This book will help you see the possible pitfalls of a family business and how you can avoid themor solve them if youre already there.

As the family business prospers, it can be a source of true happiness to many people. We hope this book will enable your family to share in all the riches of doing business as a family.

What Youll Find in This Book

Family businesses are the backbone of American society. Family businesses are started by entrepreneurs with ideas and energy. They enlist family members to help them make their business dreams come true. This book shows you all the excitement and challenges of running a family business.

Weve divided the book into several parts that reflect the main elements of running a successful family business.

In Part 1, Understanding the Family Business, youll find that family businesses differ from other businesses in many important ways. Typically, a family business is started by an entrepreneur who sees a business opportunity and grabs it. The entrepreneur is supported by other family members who help out by taking ownership and management positions in the new company. Family businesses can provide more benefits, income, and security for family members, but family businesses might achieve lower growth because they are more risk-averse and less willing to accept outside debt. If youre in the early years of your family business, youll learn the basics of running your family business here.

In Part 2, Running a Family Business, youll learn that as a family business grows, ownership and management decisions move out of the family living room. Many successful family businesses have a board of directors with several outside directors to give an independent perspective to the familys business decisions. A strategic plan will help the family plot business growth into the future. Growing family businesses have to address personnel decisions and must decide how to compensate all employees fairly. The family business must decide whether it will run on nepotism and preference for family members or put the business needs above family considerations. If you have a family business that is growing, this part will help you bring more professionalism to your company.

In Part 3, Unique Challenges of the Family Business, youll discover that unlike other businesses, the family business brings its own set of issues. The relationship among family members who also work together can be the cause of great stress if family tensions are left unresolved. Most people in family businesses try hard to keep their work lives from invading their home lives, but it can be hard to separate the two worlds. As new generations of the family come into the business, opportunities must be made to help them learn and develop as the business expands. And dont forget your nonfamily employeesthey are critical to the success of most family businesses, but they need to know there is a place for them in the business, too. This part will give you a heads-up on the issues family business face that you might not have considered!

Part 4, Outside Advice, discusses how consultants can help a family business preserve its wealth through difficult times. Financial advisers can help founders manage succession while still keeping a financial cushion. Lawyers can help the family business handle internal and external complaints. Insurance protects the family business assets against unforeseen contingencies and can place umbrella protection around the familys personal assets. Family business consultants give advice on difficult problems such as succession, and mediators are helpful when an internal dispute threatens the business. Every family business will run into problems from time to time, and this part will give you the help youll need to solve them.

After a family business is established and running smoothly, the owners must think about the future. This is where Part 5, Taking the Family Business into the Future, comes into play. Plans for a smooth transition to the next generation of ownership and management are of utmost importance. Transferring the business to the next generation requires a well-thought-out succession plan. Selling a family business to an outsider can sometimes be the best way to secure a family financially. The future of the company requires capable leadership, and there might not be enough family members with the necessary skills. By the third and later generations, family businesses begin to resemble other successful businesses, with the best-qualified managers as leaders. If your family business is getting ready for new leadership, this part will help you understand how to put your best plan in place to keep your company successful through the transition.

Extras

Weve included suggestions, statistics, and definitions to make your reading experience more enjoyable and easier. Look for these special highlights for more information you can use:

Family Stats

These are facts and figures of interest about family businesses in the United States and around the world.

Suggestion Box

These are some good ideas for what to do in various situations that will come up in your family business.

Told You So!

Here are the donts for your family businesswhat to watch out for and guard against doing. We want you to avoid these minefields.

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