• Revealing new statistics and research findings with significant implications for family business management.
• Scholarly, Yet Accessible: Rooted in theory, research, and practice, FAMILY BUSINESS goes beyond traditional textbooks by not only fostering understanding of family business theory and family dynamics but also exploring the subject with a managerial action orientation. Yet the high-level material is presented in an understandable, accessible way.
• Forward Looking: FAMILY BUSINESS looks at the firm across generations and provides strategic insights for positioning the firm for future growth.
• Leadership Orientation: The critical leadership tasks for family businesses receive comprehensive treatment and the role and importance of leadership is introduced early in the text.
• Real Cases: There are numerous family business cases appearing throughout the text. These cases feature a diverse array of industries, firm sizes, regions, leaders and challenges.
• New statistics and research findings with significant implications for family business management.
• The family governance challenge, including a recognition of the influence of wealth and the loss of the entrepreneurial spirit in the demise of family businesses.
• New chapter on the Owners Plan. The owners plan communicates through accounting, promotes responsible shareholder education, sets clear expectations for financial returns, acknowledges the importance of cash-flow management, and the advantages created by patient family capital.
• New decision-making cases in which the reader is asked to assume the role of the CEO or successor and make strategic fact-based decisions.
• New small family business cases for the many readers who come from small to medium-sized family businesses.
• An experiential learning simulation, The Family Business Game, available online to instructors for use in class.

Preface.

About The Author.

Part I. THE FAMILY BUSINESS: WHAT MAKES IT UNIQUE?

1. The Nature, Importance, and Uniqueness of Family Business.

2. Great Families in Business: Building Trust and Commitment.

3. Ownership of An Enterprise Built To Last.

Case 1. The Binghams and the Louisville Courier-Journal Companies.

Case 2. SMALL FAMILY BUSINESS Power Play at the Inn.

Case 3. The Ferré Media Group.

Case 4. SMALL FAMILY BUSINESS "She'll Always Be My Little Sister".

Case 5. The Vega Food Company.

Part II. LEADERSHIP IMPERATIVES FOR THE FAMILY AND BUSINESS: SUCCESSION AND CONTINUITY.

4. Succession: Continuing Entrepreneurship and The Next Generation.

5. Succession and The Transfer of Power.

Case 6. Sigma Motion, Inc..

Case 7. SMALL FAMILY BUSINESS The Ambivalent CEO of The Construction Company.

Case 8. SMALL FAMILY BUSINESS Borrowing to Grow at Andrews Company.

Case 9. SMALL FAMILY BUSINESS Adams Funeral Home.

Case 10. Fasteners for Retail (Part A).

Case 11. Ferré Media Group (Part B).

Case 12. The Cousins Tournament.

Part III. BEST PRACTICES FOR THE MANAGEMENTAND GOVERNANCE OF THE FAMILY BUSINESS.

6. Creating the Strategy.

7. Planning the Estate.

8. Financial Considerations and Valuation of The Family Business.

9. Key Nonfamily Management: The Visible Commitment to Managing The Family Business Professionally.

10. Family Business Governance: Advisory Boards and Boards of Directors.

11. Family Communication: Family Meetings, Family Councils, and Family Offices.

12. Change, Adaptation and Innovation: The Future of Family Business.

13. Continuing The Spirit of Enterprise: Lessons From Centennial Family Companies.

Case 13. PrivateCo Business Valuation Report.

Case 14. Reliance Industries (Part A).

Case 15. SMALL FAMILY BUSINESS The Son-In-Law.

Case 16. SMALL FAMILY BUSINESS The New MBA.

Case 17. SMALL FAMILY BUSINESS Real Estate Development Partners, Inc..

Case 18. SMALL FAMILY BUSINESS Glassking Distributor Company.

Case 19. New Way Distributing.

Case 20. The Reliance Group (Part B).

Index.

Ernesto J. Poza

Ernesto Poza is a professor for the Global Entrepreneurship and Family Enterprise at the Thunderbird School of Global Management. His research interests are in the areas of family business continuity, growing the family-led business, governance of family business, and family culture.