By John L. Ward (auth.)
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Extra info for Perpetuating the Family Business: 50 Lessons Learned from Long-Lasting, Successful Families in Business
Families need to understand why it is that they are willing to struggle through the debates on policies, why they are willing to sacrifice so much to make the business successful, and what it is that forges their commitment to its long-term continuity. They need, in other words, to feel an over-arching purpose that makes continuing the family business worth the strife. The Sense of Purpose will be different for each family. For one, it might be the opportunity to pass on values to future generations, to employees, The Five Insights and The Four P’s 25 and to the community.
4 For example, a family in the lawn products business was devoted to keeping all its members as close to home as possible. Consequently, it chose to broaden its product lines and to vertically integrate, as the family grew, rather than set up operations in other, distant markets. Another family, in the media business, acquired several newspapers in different markets to give family members autonomy and to lessen risks of conflict. Different ownership plans beg different strategies. Co-managing Sibling Partnerships often attempt to provide distinct business opportunities for each family member.
How will our plans affect the third generation? What if our oldest son has five children and his younger sister has only two? ” ■ “What if our daughter has no interest in the business and chooses the life of a low-paid social worker? One inclination is to pass on ownership ■ A Vision for the Future 37 to her brothers, who are in the business and who will take over its leadership. ) Understandably, many owners become exasperated by such questions. Adolph S. Ochs of The New York Times Company was one such owner.
Perpetuating the Family Business: 50 Lessons Learned from Long-Lasting, Successful Families in Business by John L. Ward (auth.)