The Family Business

The family business has a far reaching influence on economies throughout the world. No other type of business has driven economic development in the same way and today, in almost all countries, family businesses including such giants as Ford, Levi Strauss, L'Oréal and Ferrero are the source of more than half of the Gross National Product (GNP) and employment. As a result of their prominence the question of how they are governed, controlled and accounted for is crucial not only for the owning families, but also for the societies in which these companies operate. The Family Business considers: · How to define a family-controlled business and the significance of this form of privately-held enterprise. · Governance systems in the context of the family business. · How a board of outsiders can add value to the typical family business. · How to handle the classical tensions between family and board and between family and management on the other. · How to gain effective and efficient control at the highest level. The answer to these questions and others is given by providing a large number of examples of internationally active family businesses and from the authors teaching and research into this area. Sustainability is the key concern to the family business and this book breaks new ground in showing how they can successfully live on to the next generation.

Autorentext

FRED NEUBAUER is Professor of Multinational Corporate Strategy and Planning at the International Institute for Management Development (IMD) in Lausanne, Switzerland. As well as having taught in the area of management all over the world, he has been a consultant to multinational corporations, many of them leading family-controlled enterprises. His main area of research is corporate governance and corporate boards in privately-held and publicly traded corporations. He is co-author of The Corporate Board: Confronting the Paradoxes.

ALDEN G. LANK is Stephen Schmidheiny Professor of Family Enterprises and Professor of Organizational Behaviour at the International Institute for Management Development (IMD) in Lausanne, Switzerland. At the IMD he is in charge of the Family Business Area and Director of the Leading the Family Business educational program. He is also President and member of the Executive Board of the Family Business Network and has served as a Board member of the Family Firm Institute and editorial board of the Family Business Review.

Zusammenfassung
The family business has a far reaching influence on economies throughout the world.

Inhalt
PART ONE: THE WORLD OF FAMILY BUSINESS The Nature and Significance of Family Business Stages of Evolution in Family Business PART TWO: THE CONCEPT OF CORPORATE GOVERNANCE AND A CLASSICAL GOVERNANCE STRUCTURE IN A FAMILY BUSINESS The Concept of Corporate Governance in Family Business PART THREE: FOCUS ON FAMILY INSTITUTIONS AND THE BOARD OF DIRECTORS Key Elements of a Governance Structure in a Family Business: The Family and Its Institutions Key Elements of a Governance Structure in a Family Business: The Board of Directors PART FOUR: THE DIRECTING TASK OF CORPORATE GOVERNANCE: KEY MEASURES Securing CEO Succession as a Key Governance Measure in a Family Business Vision and Strategy as Key Governance Measures in a Family Business Securing Financial Resources as a Key Governance Measure PART FIVE: HANDLING THE CONTROLLING TASK OF CORPORATE GOVERNANCE Control as a Key Governance Measure PART SIX: HOW TO PUT THESE GOVERNANCE INSIGHTS INTO PRACTICAL USE Putting it All to Work: A Practical Process to Create a Governance Structure for a Family Business Epilogue: Enlightened Ownership of Family Enterprise