Summary of Family Businesses

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Rating

8 Overall

9 Applicability

7 Innovation

7 Style


Recommendation

Planning, starting, operating and retiring from a family business can be difficult. Issues such as succession and pay, corporate governance and recruiting top talent pose special problems for these kinds of organizations. Rivalry among siblings who inherit a family firm is often the kiss of death for even the strongest family business. Nonfamily members, even those who are senior executives or directors, often feel that the family treats them unfairly or fails to listen to them. In this new book, Peter Leach analyzes and provides excellent advice about how to solve such seemingly intractable problems. His suggestions come out of his long experience successfully advising family-run businesses in the United Kingdom. getAbstract recommends this sage and savvy book to family-business founders, successors, inheritors and nonfamily executives or directors.

In this summary, you will learn

  • What makes family businesses special
  • What kinds of problems they face
  • Why the issue of succession is a major challenge for these businesses
  • Why family businesses should bring in outside directors to supply disinterested advice
 

About the Author

Peter Leach is the founder and chair of the Stoy Centre for Family Business. He is also a partner at a British firm that specializes in advising family businesses.

 

Summary

Family Businesses Are Everywhere
The family business is by far the most dominant business structure worldwide, representing 65% to 80% of all firms around the globe. Ubiquitous, family businesses are also unique. For example, many place a high premium on idealistic values and possess ...

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