Love, Power and Money: Family Business Between Generations
In Love, Power & Money the authors share the stories of countless businesses run by generations of families and explore the powerful emotional forces unleashed in the running of a family-owned business. The chapters cover topics ranging from family dynamics, to employment strategies, business plans, and management and estate succession methods. How similar are problems faced by families who work in business together? More often than not, family businesses throughout the world share common problems as they work to create a successful business without destroying the family. Through the use of family business stories, the authors explore the powerful emotional forces unleashed in the running of a family-owned business. By sharing the unique solutions that these families implemented, the book helps other families in business find the balance among love, power and money in order to master the complexities of family business transitions. The solutions show that healthy family relationships coupled with a strong business produce an enduring and successful family business, generation to generation. Reviews: “At last, here is a book that holds up a mirror to the reader. No one can read these cases without relating to and empathizing with these families and their stories: how they each grappled with the common dilemmas and challenges that must be faced when you own a family business. The most important theme runs like an artery through every case: healthy, adult family relationships and a strong business lead to successful family businesses generation after generation.” Barbara Murray, PhD Past Editor in Chief — Families In Business Magazine “Fowler’s enlightening case studies are likely to resonate with many readers.” — Barbara Spector, Family Business Magazine I dare anyone to read this book and not identify their own family in one of more of its stories. Marshall Paisner, author of Sustaining the Family Business and founder of ScrubaDub Auto Wash Centers, Inc. “This book has given me the inspiration and the language I need to talk with my father about succession planning, his philosophy on business and family, and his personal expectations of his six children, and particularly, of me.” Vesla Bemis – Bemis Manufacturing Company
Proactive Family Business Successors
This article is an edited transcription of a seminar titled “Successful Habits of Family Business Successors” that was delivered to the Family Business Center of the University of Wisconsin-Madison at the Fluno Center for Executive Education. Seventy percent of all family businesses fail to make the transition of ownership and management from the first generation to the second generation. In this article I focus on the success rate. Through my research I have identified the common characteristics of successful successors. I call these common characteristics the Seven Habits of Highly Successful Successors.
Wealth Of Wisdom – A Critical Resource For Families Managing Significant Wealth
Dean Fowler – How Can You Ensure the Success of Your Successors?
Dean Fowler is one of the founders and leaders of the field of family business consulting. In this conversation with Keith Whitaker, Dean shares his perspective on how the field has changed over the last 35 years. He also describes the seven habits that he has found help prepare successors in families with business or wealth to succeed as family leaders. Dean discusses strategies for successors to establish their own independence and reshape family communication patterns, as well as to learn how to manage financial risk. He also talks about how to apply the seven habits in families with financial wealth and to situations where, due to longevity, multiple generations are in the process of succession. This is a rich and rewarding conversation for anyone interested in family business and family wealth transitions.
Family Business Success Factors
This collection of short articles is based on the stories of the families featured in our full-length book – Love, Power and Money: Family Business Between Generations. We have organized the articles around four major categories: Transforming Communication, Enhancing Leadership, Creating Strategies, Building Responsible Ownership