Family Firms in Transition [electronic resource] : Case Studies on Succession, Inheritance, and Governance /
Carsrud, Alan L.author.
Brännback, Malin.author.
Many of the challenges faced by family-owned businesses develop after the firm has reached a stage of maturity, when the first generation is faced with issues concerning the role of their children in the business and the long-term future of the enterprise.  This collection of case studies from around the world demonstrates  how governance of both the business and the family (or lack thereof)  impacts succession of leadership in the firm and the inheritance of ownership and wealth. It is the role of governance and how it impacts both family and firm that link these family business cases together with succession and inheritance.  These topics have been clustered together because the social systems of the family and the management system of the firm have significant impacts on the success, or failure, of succession plans.  All the planning in the world for succession and inheritance will not succeed if the firm does not have a well established and functional governance system.  Likewise, if the family does not understand its role in the governance of the firm and the mechanisms for making sound decisions, succession choices may not be accepted by family members.  Most family firms fail because of succession issues, not economic ones. This volume features nine in-depth cases of family-owned business from a variety of industries to illuminate the dynamics of governance, succession, and inheritance.  Each case illustrates the complexity of issues and, through interactive exercises and questions, offers readers approaches to solutions, which may include less-than-optimal compromises or even selling the business as the only viable option.    The examples and insights will prove valuable for students and members of entrepreneurial and family-owned firms, as well as consultants, investors, and other professional advisors. .
Description based upon print version of record.
Family Firms in Transition; Acknowledgments; Contents; Chapter 1: Introduction; Children, Succession, and Governance; Chapter 2: Reading a Family Business Case; About Cases; Chapter 3: Case One: The Packard Marketing Group - Letting Children into the Business; Introduction; The Early Years; Making a Family Decision: Moving to New York; A Son Enters the Business; The Success and Failures of Hiring a Child; Current Situation; Future Possibilities; Chapter 4: Case Two: Gazi Family Constitution - Managing the Family in a Family Firm; Introduction; The Constitution; Definitions; Explanations
MissionHistory: Entry in Education; Strategies for Establishing Success in Education; Prioritized Values of the Family; Responsibilities of the Family to Society; Standards and Expectations Concerning Family Members; Upbringing of Children; Support for Personal Development and Wealth Education; Distribution of Family Resources; General Principles; Property, Inheritance, Sale, Marriage, and Divorce; Working Principles for Family Members; Distribution of Jobs and Positions; Distribution of Authority and Responsibility; Family Council and Its Working Principles; Duties of the Family Council
Various Additional ClausesChapter 5: Case Three: Surviving Revolution, But Succumbing to Succession - The Story of Five Siblings; The Roots; Leaving Cuba; A Little Bit of Foresight Goes a Long Way; Frustration in Puerto Rico; Starting Over in Miami; Family Troubles; Finding a Successor; Grandchildren in the Business; More Turmoil Occurs; Poor Planning and Death; More Problems Arise; Who Will Own and Run the Business?; Reorganization of the Business; Future of the Business; Chapter 6: Case Four: Dodger Baseball - The End of Family-Owned Major League Baseball; Introduction: January, 1997
The Ownership Legacy 4Dodger Way; The Farm System; League Control; The Owner's Family; Dodger Stadium at Chavez Ravine; Dodgertown and Campo Las Palmas; Player Strife; Hollywood Buys Baseball; Shared Revenue; Players and Coaches; League Relations; Family Plans; Alternative Investments; Estate and Income Taxes; Succession; Sale Results; Problematic Alternatives; Conclusion; Addenda; Chapter 7: Case Five: The Vicente Family and Their Santa Maria Store - Small Business Growth and Succession in Puerto Rico; The Early Years; Work Had To Be Done; When Business Becomes a Family Firm
Growing the BusinessMore Growth; Crisis in the Family; More Unfortunate Things Happen; Help From Major Distributors; The Children and the Santa Maria Stores; Time To Retire; The Succession; The Transition; The Uncertain Future; Time Line; The Players; Chapter 8: Case Six: Jacoby Construction, Inc. - Building a Strong Family Firm on the Sound Foundation of Succession; Introduction; History, Challenge, and Firm Overview; Company Divisional Overview; Key Management; The Company, Revenue, and Ownership Structure; Jacoby Manufacturing Division; Pile Driving Hammers; Equipment Rental
Jacoby Construction Division
Many of the challenges faced by family-owned businesses develop after the firm has reached a stage of maturity, when the first generation is faced with issues concerning the role of their children in the business and the long-term future of the enterprise.  This collection of case studies from around the world demonstrates  how governance of both the business and the family (or lack thereof)  impacts succession of leadership in the firm and the inheritance of ownership and wealth. It is the role of governance and how it impacts both family and firm that link these family business cases together with succession and inheritance.  These topics have been clustered together because the social systems of the family and the management system of the firm have significant impacts on the success, or failure, of succession plans.  All the planning in the world for succession and inheritance will not succeed if the firm does not have a well established and functional governance system.  Likewise, if the family does not understand its role in the governance of the firm and the mechanisms for making sound decisions, succession choices may not be accepted by family members.  Most family firms fail because of succession issues, not economic ones. This volume features nine in-depth cases of family-owned business from a variety of industries to illuminate the dynamics of governance, succession, and inheritance.  Each case illustrates the complexity of issues and, through interactive exercises and questions, offers readers approaches to solutions, which may include less-than-optimal compromises or even selling the business as the only viable option.    The examples and insights will prove valuable for students and members of entrepreneurial and family-owned firms, as well as consultants, investors, and other professional advisors. .
Entrepreneurship.
Management.
Entrepreneurship.
Management.