By Craig E. Aronoff, Ph.D., Joseph H. Astrachan, Ph.D.and John L. Ward, Ph.D.
Sooner or later, every business family needs to formalize the structure and guidelines under which the family will own and operate their business. Written policies on family employment in the business, compensation, governance and formal shareholder agreements reduce the chances that family conflict will destroy the family business.
Policies clarify issues that family businesses typically face and provide solutions that all have agreed to before family conflict makes agreement impossible. When a business has more than one owner or as soon as a founder begins to distribute stock, shareholder agreements protects the business by keeping it in the control of those most able to lead it. It also will protect the family's interests by preventing stock from falling into the hands of outsiders as a result of divorce, death, retirement or other events.
Developing Family Business Policies: Your Guide to the Future leads you through a process that will enable you to determine your family's specific policy needs. You'll learn how to create policies that are tailored to meet those needs. You'll find sample policies and actual case studies. This booklet will show you:
why family businesses should develop policy guides;
which core policies every family business should have;
what factors influence policy development;
what seven keys lead to successful policy making;
what steps are involved in developing family business policies;
how shareholder agreements protect the family and the business;
why a family should draft its own shareholder agreement before an attorney puts it in final form and much more....
This volume lays out what many successful family businesses do to ensure prosperity. They develop policies and shareholder agreements through a process that builds unity of vision, commitment, and good feelings about the business.
"Developing Family Business Policies: Your Guide to the Future is a must-read for any business owning family that is trying to sort through the challenges of family business continuity. It gave us information that helped us select and construct policies that fit our specific family business needs."
Arthur R. Velasquez, President & CEO
Azteca Foods, Inc.
Chicago, IL
"We are a family business that has grown and is maturing by learning and putting to use the principles in Family Business Policies: Your Guide to the Future."
Jack and Dolores Cakebread
Cakebread Cellars
Napa Valley/Rutherford, CA
"Family Business Policies: Your Guide to the Future gives families a clear road map for creating business policies. It raises all the right questions. I will recommend it to our family and professional advisory clients alike."
Judy Rudnick
Family Office Exchange
Oak Park, IL
ISBN 1-891642-01-X
Copyright, 1998
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