Unit 2——Family Business-the Next Generation(12页).doc
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1、-Unit 2Family Business-the Next Generation-第 12 页 Text 2: Family Business: the Next GenerationDavid Zaudtke Doug Ammerma Introductions: In Chinese, there is a saying that it is by no means easy for a clan to remain its prosperity over three generations. It is not common for a clan to remain a very h
2、umble situation over three generations either. As success of a family business seems to be checked by many factors. In different generations, all the background leading to success or failure would change. In terms of the succession to a family business, success is decided by many factors. The author
3、s of this text have pointed out four factors. Do you agree with the authors?)1. America is in the midst ofone of the greatest wealth transfers in the history of mankind. Over the next 20 years, an estimated $15 trillion in assets will be transferred from one generation to the next. 2. Much of this w
4、ealth transfer will be in the form of family-owned businesses. But the viability of many of these transfers is questionable. The fact is, most will fail. Typically, only one out of three businesses is successfully transferred to the second generation. Survival of a family business into the third gen
5、eration is a rare occurrence. 3. Thousands of family businesses, some of the household names, will disappear over the next decade. The sad part is that many of them could survive with proper planning. For many, however, it may already be too late. The proper time to start planning the succession of
6、a family business is not one, not three, not even five years ahead. Indeed, a comprehensive succession plan, which includes sophisticated estate planning strategies, generally requires at least a 10-year horizon to be properly structured. 4. Whether large or small, high-tech or low, public or privat
7、e, every family-owned business is different. But regardless of how diverse they are, four key elements must be in place before a business can be successfully passed from one generation to another. 5. Plan Your Succession ManagementOwners / founders are extremely driven and dynamic. Often they excel
8、at more than one skill. In many cases, production experts are also marketing geniuses or skilled financiers. Replacing them may require more than one person. Therefore, family business owners should determine exactly how the business functions by creating organizational charts. Each key member of th
9、e succession process should create his or her own chart. These charts should then be compared. The differences will point to gaps in the management structure and highlight areas of misunderstanding and differences in perception. 6. Take Judy, for instance. Judy owns a software company and has three
10、children -a computer whiz, a racecar drive and one with a business degree but no interest in the company. In addition, Judy has a strong management team in place. In her case, she should consider giving ownership to children, but continuing to have the management team run the business. 7. Finding pe
11、ople from within the family, or from outside, to fill those spots may not be easy, nor happen overnight. Therefore, it is vital to develop an action plan and timetable early in the process in order to allow for an orderly transition of responsibilities. 8. Few businesses, even family businesses, gro
12、w without the help of loyal employees. More often than not, they hold key positions in management. Therefore, you must keep your employees informed about long-range succession plans. Key managers must have a clear picture of where they stand and what their responsibilities will be in a succession-ma
13、nagement structure. Develop a compensation and benefit structure that is sufficient to attract and retain key managers as well as to motivate them to perform in the best interests of the business and the family. 9. There is also the matter of timing. The children you hope will take over may be too y
14、oung or inexperienced when you retired. In such cases, transitional management teams may be formed to provide interim management until the children are properly trained and seasoned to be in a position to manage the business successfully. 10. Define Family Employment Practices Establish a clear empl
15、oyment policy for family members and stick to it. Most parents believe their children should be treated equally. Company executives, however, must be selected on ability. Selection should be made on the needs of the business rather than on the needs of the children. 11. For example, Jim owns an elec
16、tric company. He treats his three children equally-all three work for the company and receive the same salary. All three, however, do not work equal hours, nor are they all dedicated to the business. Instead of benefiting from the equality, there is discord and resentment in the company because only
17、 one child really works. 12. Parents can pass on their legacy to their children without necessarily giving them control of a company. When the children are not suited to take over the business-about 30 percent of the time-other methods can be found for them to share in the family wealth. 13. However
18、, if you do determine that a child will carry on the business, you should be sure your choice is capable. Ensure that he or she will receive the right education and business experience. 14. Outside job experience is extremely useful for children who will one day assume control. Working outside the f
19、amily business can give them valuable experience, expose them to differing management styles and give them the confidence to know that their successes are their own. Often they will receive better mentoring and more opportunities to take responsibility than they would in the family business. Proving
20、 themselves outside the family business also gives children greater credibility with employees when they do eventually take control of the family business. 15. For those families that insist their children begin their careers at the family business, children should start at the level that their educ
21、ation and experience justify-even if it means sweeping floors, operating a machine on the factory floor, etc. The experience will be invaluable. In addition, working their way up from the bottom will increase their respect among employees and management. In our experience, children who develop in th
22、is manner are twice as likely to succeed than children who assume unearned executive positions. 16. Establish and Maintain Family HarmonyRivalries and jealousies can be extremely time-consuming, not to mention destructive. Once children have grown, married and have children of their own, they are co
23、nsidered a separate family with different -and sometimes conflicting-ideas. If the business is large enough, consider seating an outside board of directors to ensure that the interest of the family and business are properly balanced. 17. Develop a family business vision document to make certain fami
24、ly members-as well as employees, suppliers and customers-understand the future of the company. Used family council meetings to communicate to all family members about the company and issues facing it now and in the future. 18. Companies and families that communicate often, honestly and on a timely b
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