Family firms face issues and hazards that nonfamily firms never face. At the same time, family businesses can realize special opportunities that nonfamily firms can’t achieve. Tom Hubler, who has decades of experience as a therapist in family business consulting, details the practices that make these companies work. Though his manual is informative and useful, his repetitiveness and tendency to name business concepts after himself – Hubler’s Legacy Model, Hubler’s Speck of Dust Theory and Hubler’s Checklist – somewhat dull his worthwhile advice and practical insights. He does provide smart, proven conflict-resolution techniques to keep family members working together in harmony. And, he writes movingly of the importance of “heart and soul” in a family business. Relatives and nonfamily members in family firms will gain insight and understanding from his advice.
In this summary, you will learn
- What 10 common problems plague relatives in family firms;
- What five best practices family firms should follow; and
- Why family businesses need happy families, a “Common Family Vision” and frequent family meetings.
About the Author
Business consultant Thomas Hubler specializes in US family-owned businesses. He is a founding member and fellow of the Family Firm Institute in Boston.