Summary of Family, Inc.

How to Manage Parents, Siblings, Spouses, Children, and In-Laws in the Family Business

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Family, Inc. book summary
How to run a family business for love and profit. The business-plus-family combination can be lethal or lucrative.

Rating

7 Overall

8 Applicability

7 Innovation

7 Style

Recommendation

Imagine the conflict, arguments and drama around almost every holiday dinner table, then imagine them played out around a conference table and you’ll see the issues that arise in family firms. Emotional, volatile relationships can erode even the most solid business. Larry and Laura Colin, who worked together in a family company before it was sold, use their first-hand experiences to show you how to avoid sacrificing your relationships on the altar of the family firm and vice versa. They look at the characters who populate many family firms, including “Dad the Decider,” “The Hard-Charging Son” and “Mr. & Mrs. Inc.” Although their insights are just one step beyond common sense, at least you don’t need a business degree to understand the conversational text. getAbstract recommends this to readers who must practice nepotism as an art form, working with bosses, colleagues and employees who are also close-knit kin.

In this summary, you will learn

  • What problems and issues family businesses share
  • How to manage work relationships with your relatives
  • How to prevent business decisions from having a negative impact on your family
 

Summary

The Cast of Characters
People in family businesses tend to fall into specific roles and face specific challenges, such as: “Dad the Decider” – The founder and head of the family business. “ Mom the CFO” – As “Chief Family Officer,” Mom is the unofficial...
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About the Author

Larry Colin worked in his family business for three and a half decades before the family sold the $200 million dollar company in 2004. Laura Colin began her career as an investment banker and later became a vice president in the family’s company.


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