9 Elements of Family Business Success: A Proven Formula for Improving Leadership & Realtionships in Family Businesses - Hardcover

Running a family business is like running any other business--with the addition of many extra challenges. A family-owned enterprise involves unique management, compensation, hiring, and other business issues regarding family member employees. 9 Elements of Family Business Success addresses the specific challenges faced by owners of family businesses, and it shows family members employed in the business how to enjoy their positions while helping the organization reach its highest potential.

Every relationship between family members comes with its own unique set of dynamics. When transferred into the workplace, these dynamics introduce emotional factors and hot buttons that can make or break the business. In this comprehensive guide, Allen E. Fishman spotlights all the challenges such organizations face and provides practical advice for creating your own strategy to meet them--and strengthen relationships within the family, as well. Fishman provides solutions to the problems unique to a family-run business, along with handy checklists to ensure you're covering all the angles. You'll learn how to:

• Create a written policy for hiring, reviewing, and terminating family member employees
• Avoid family relationship tension regarding compensation
• Choose a successor and create a succession development plan
• Ensure good results-driven family communication and dynamics
• Maintain healthy spousal relations when you work together
• Recruit and retain talented non-family member employees

9 Elements of Family Business Success contains detailed case studies of specific challenges faced by real family business owners and employees. Each one explains how the owner or employee identified the problem and the steps he or she took to solve it. Apply Fishman's advice, and you'll experience all the benefits and avoid the pitfalls that come with running a family business.

"What a powerful, greatly needed and comprehensive book on all the issues confronting family business!" -Stephen R. Covey, bestselling author of The 7 Secrets of Highly Effective People

A Practical Formula for Meeting the Challenges of Running a Family Business

Staying on top of daily business operations while keeping your employees motivated is a difficult task. Add family dynamics into the mix and every moment becomes a major project. 9 Elements of Family Business Success addresses the unique issues family-business owners and employees face each day and helps you devise your own strategies for meeting each one. Using the nine-step formula inside this book, you'll be equipped to ensure that:

• Compensation issues don't give rise to family tension
• Hiring and termination processes are clearly defined
• Marriages don't suffer in spousal partnerships
• The business remains profitable after you retire

Your position holds the promise of the best business ownership has to offer--as long as you remain vigilant of its natural pitfalls and maintain the know-how for avoiding them. This comprehensive and insightful guide provides the tools you need for reaping the rewards of entrepreneurialism, hard work, and a family-focused life.