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Family Enterprise + Online Assessment Tool: Understanding Families in Business and Families of Wealth


Praise for Family Enterprise

"As an academic and an advisor who has been in the field since its infancy, I am delighted to recommend Family Enterprise. This book provides a very useful high-level summary of what has been learned about family enterprise, highlighting key frameworks and definitions and referencing important research articles from the Family Business Review. This book is a must-have for your professional library."
—John Davis, Harvard Business School and Cambridge Advisors to Family Enterprise

"As a member of a multigenerational international family enterprise founded in 1801, I strongly encourage all our professional advisors to read this book. The complex world of family enterprises has now yielded a multidisciplinary body of core knowledge. This book contains a wealth of cutting-edge information and insights and is an essential toolkit for any professional who works—or aspires to work—with family enterprises."
—Lansing Crane, Crane & Co.

"Based on over 25 years of research and applied work in the field, this book is an essential tool for any professional working on the financial and liquidity aspects of family enterprises. In a lively and user-friendly format, the book provides a broad base of material designed to introduce all professionals to the complexities of family enterprises and the family dynamics that inform those enterprises. An absolutely indispensable resource for those seeking a current and more holistic approach to the field."
—François M. de Visscher, President, de Visscher & Co., LLC

"A highly useful and succinct introduction to current analysis of family business, crammed full of signposts to further learning and research."
—David Harvey, Chief Executive, Society of Trust and Estate Practitioners (STEP) Worldwide

"I highly recommend this book to scholars and professionals alike. Uniquely blending the practical and the theoretical work that has been done in the family enterprise field, the book offers readers both a comprehensive overview and dynamic multidisciplinary content. Timely, practical, and educational—precisely what the field of family enterprise needs!"
—Pramodita Sharma, PhD, editor, Family Business Review

Acknowledgments ix

Family Enterprise: Understanding Families in Business and Families of Wealth xi

Chapter 1 Defining Family Enterprise 1

Definition 1 2

Definition 2 2

Definition 3 2

Definition 4 2

Definition 5 2

Family Business Review article: “From Longevity of Firms to Transgenerational Entrepreneurship of Families: Introducing Family Entrepreneurial Orientation” 4

Assessment Test 1 37

Chapter 2 Classic Systems of a Family Enterprise 39

The Family System 40

The Ownership System 41

The Enterprise System 42

Assessment Test 2 43

Chapter 3 Representative Governance Systems in Family Enterprises 45

Enterprise Governance 46

Family Governance: Family Council 48

Owner Governance: Ownership Forum 49

Assessment Test 3 50

Chapter 4 Key Characteristics of Family Enterprises 53

Characteristics 53

Challenges 54

Comparison of Family Systems and Enterprise Systems 55

Assessment Test 4 57

Chapter 5 Concepts in Family Enterprise Study 59

Systems Thinking: A Very Brief History 59

Systems Thinking: The Individual in the System 60

Relevant Systems Concepts: Triangles, Scapegoat(ing), Homeostasis, Boundaries 61

Content and Process 63

Family Business Review article: “Using the Process/Content Framework: Guidelines for the Content Expert” 65

Assessment Test 5 77

Chapter 6 Theoretical Frameworks in Family Enterprises 81

The Three-Circle Model 83

The Developmental Model 87

The Balance Point Model 88

Assessment Test 6 89

Chapter 7 Core Professions Working With Family Enterprises 93

Differing Perceptual Filters 95

Understand the Differences Among the Core Professions 96

Assessment Test 7 99

Chapter 8 Multidisciplinary Professional Teams 101

Types of Teams 101

Challenges Teams Face 102

Family Business Review article: “The Effects of Goal Orientation and Client Feedback on the Adaptive Behaviors of Family Enterprise Advisors” 103

Assessment Test 8 138

Chapter 9 Applying What You Have Learned 141

Case 1 141

Case 2 142

Case 3 142

Glossary 145

Suggested Readings From Family Business Review: Journal of the Family Firm Institute 153

About the Website 155

About The Family Firm Institute, Inc. 157

About the Authors 159

Index 161