By Craig E. Aronoff, Ph.D., Stephen L. McClure, Ph.D. and John L. Ward, Ph.D.
Few challenges demand more of a business owner than passing on the family business to the next generation. Family members' lifelong hopes, dreams, ambitions, relationships, even personal struggles with mortality, all figure into succession planning.
This second edition of the 1992 classic reflects many more years' worth of knowledge gained in the study of family businesses. This edition identifies succession management problems and solutions for any family business CEO, whether the business is in its first or second or third generation, or beyond. This edition focuses not only on succession planning but more so on managing succession. Good succession management is like good strategic planning. Once the planning is completed, the real challenge and greatest value comes from keeping it current and implementing it.
Family Business Succession: The Final Test of Greatness, 2nd edition helps break the complex succession planning process into manageable pieces. In its pages you'll learn:
the different types of leadership transition;
how to overcome resistance to transferring powers, as well as ideas for
new roles, new careers and other post-retirement activities;
five pieces for good management of the succession process;
how to prepare your business for succession;
how to prepare your family for a successful transition;
how to develop effective successors;
the process of choosing a successor;
how to implement succession;
how to avoid common post-succession mistakes and problems and
much more....
Family Business Succession shows you how to turn succession from a potentially explosive crisis into a renewed commitment to the business and the family. It is fast-reading, and filled with real-life cases, practical tips and 15 useful checklists.
'The authors have written a most useful sequel to their first work on Family Succession. They provide us with a wealth of answers to the succession challenge from specific case histories addressing the powerful issue of how the family business and its legacies can be continued. Too many families neglect the succession issue until it is too late to preserve the essence of what made the family great. Thanks again, Steve, Craig and John for your continued work and guidance in this core family business area.'
Harry Martin (Former Head of the Cargill McMillan Family Office)
Family Advisors, LLC
Mystic, CT
'Family Business Succession: The Final Test of Greatness is a must read for those serious about succession.'
Marshall Paisner, Chairman
ScrubaDub
Natuck, MA
'Final Test of Greatness is the standard bearer for an excellent series of booklets that provide practical guidance on tough family business issues.'
Ross W. Nager
Sentinel Trust Company
Houston, TX
'While our father was a great journalist and businessman, and a wonderful parent, his transition planning was inadequate. Fortunately for our family and business we used the principles we found in Family Business Succession: The Final Test of Greatness to help guide us as we developed and implemented our succession plan. As a result, we are a healthier and more prosperous family and family business than we ever dreamed possible.'
Betsy McCool, Chairman
Western Communications
Bend, OR
ISBN: 1-891652-09-5
Copyright, 2003
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