The Family Council Handbook

Family businesses often bring to mind infighting, chaos and nepotism – the latter sometimes resulting in the disastrous promotion of incompetent cousins. But according to family-business consultants Christopher J. Eckrich and Stephen L. McClure, the management of a family business doesn’t have to resemble a television soap opera. On the contrary, many family-based enterprises are more successful than other types of companies, because the degree of loyalty and commitment that relatives generally demonstrate toward their own business reaches a level that other firms can only dream of achieving. Eckrich and McClure promote the concept of the “family council” to help smooth familial relationships and business dealings. They suggest – though too often in unnecessary and recurring detail – the steps you can take to create your own family council. getAbstract recommends this practical approach to running a family business without drama, despite those cousins.