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F
AMILY
B
USINESS
THIRD EDITION
ErnestoJ.Poza
Thunderbird:TheGarvinSchoolofInternational
Management
AustraliaBrazilJapanKorea.Mexico.SingaporeSpainUnitedKingdomUnitedStates
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FamilyBusiness,ThirdEdition
ErnestoJ.Poza
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©2010,2007South-Western,apartofCengage
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ToKarenandKali,
Withloveandrecognitionthatcreatingisafamilyventure
iii
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T
ABLE OF
C
ONTENTS
P
REFACE
. .... ..... ..... .... ..... .....
vii
A
BOUT THE
A
UTHOR
.. ..... .... ..... .....
xv
PART
I T
HE
F
AMILY
B
USINESS
:W
HAT
M
AKES
I
T
U
NIQUE
?
chapter
1
T
HE
N
ATURE
,I
MPORTANCE
,
AND
U
NIQUENESS
OF
F
AMILY
B
USINESS
....................................
1
chapter
2
G
REAT
F
AMILIES IN
B
USINESS
:B
UILDING
T
RUSTAND
C
OMMITMENT
...............................
27
chapter
3
O
WNERSHIP OFAN
E
NTERPRISE
B
UILT TO
L
AST
.................
49
Case 1
TheBinghamsandtheLouisvilleCourier-JournalCompanies.............
67
Case 2
SMALLFAMILYBUSINESS
PowerPlayattheInn ..........................
69
Case 3
TheFerréMediaGroup..........................................
69
Case 4
SMALLFAMILYBUSINESS
“She’llAlwaysBeMyLittleSister”..................
77
Case 5
TheVegaFoodCompany........................................
78
PART
II L
EADERSHIP
I
MPERATIVESFOR THE
F
AMILY
AND
B
USINESS
:S
UCCESSION AND
C
ONTINUITY
chapter
4
S
UCCESSION
:C
ONTINUING
E
NTREPRENEURSHIP
AND THE
N
EXT
G
ENERATION
.............................
85
chapter
5
S
UCCESSION AND THE
T
RANSFER OF
P
OWER
...................
107
Case 6
SigmaMotion,Inc. ..........................................
127
Case 7
SMALLFAMILYBUSINESS
TheAmbivalentCEOofthe
ConstructionCompany.........................................
137
Case 8
SMALLFAMILYBUSINESS
BorrowingtoGrowatAndrewsCompany..........
138
v
Case 9
SMALLFAMILYBUSINESS
AdamsFuneralHome .........................
139
Case 10 0 FastenersforRetail(PartA).....................................
141
Case 11 1 FerréMediaGroup(PartB)......................................
156
Case 12 2 TheCousinsTournament.......................................
160
PART
IIIB
EST
P
RACTICESFOR THE
M
ANAGEMENT
AND
G
OVERNANCE OF THE
F
AMILY
B
USINESS
chapter
6
C
REATING THE
S
TRATEGY
...............................
167
chapter
7
P
LANNING THE
E
STATE
................................
187
chapter
8
F
INANCIAL
C
ONSIDERATIONS AND
V
ALUATION OF THE
F
AMILY
B
USINESS
....................................
201
chapter
9
K
EY
N
ONFAMILY
M
ANAGEMENT
:T
HE
V
ISIBLE
C
OMMITMENT
TO
M
ANAGINGTHE
F
AMILY
B
USINESS
P
ROFESSIONALLY
............
231
chapter
10
F
AMILY
B
USINESS
G
OVERNANCE
:A
DVISORY
B
OARDS
AND
B
OARDS OF
D
IRECTORS
.............................
247
chapter
11
F
AMILY
C
OMMUNICATION
:F
AMILY
M
EETINGS
,
F
AMILY
C
OUNCILS
,
AND
F
AMILY
O
FFICES
....................
271
chapter
12
C
HANGE
,A
DAPTATION AND
I
NNOVATION
:T
HE
F
UTURE
OF
F
AMILY
B
USINESS
..................................
293
chapter
13
C
ONTINUINGTHE
S
PIRITOF
E
NTERPRISE
:L
ESSONS
FROM
C
ENTENNIAL
F
AMILY
C
OMPANIES
......................
325
Case 13 3 PrivateCoBusinessValuationReport...............................
345
Case 14 4 RelianceIndustries(PartA)......................................
355
Case 15
SMALLFAMILYBUSINESS
TheSon-in-Law ..............................
367
Case 16
SMALLFAMILYBUSINESS
TheNewMBA ...............................
368
Case 17
SMALLFAMILYBUSINESS
RealEstateDevelopmentPartners,Inc..............
369
Case 18
SMALLFAMILYBUSINESS
GlasskingDistributorCompany ..................
373
Case 19 9 NewWayDistributing g .........................................
373
Case 20 0 TheRelianceGroup(PartB).....................................
375
I
NDEX
.....................................
379
vi
TABLE OF CONTENTS
P
REFACE
Familybusinessisavibrantareaofgrowinginteresttodayamongresearchers,theorists,
investors, policymakers, , practitioners, , and d many others—with h good cause. Recent
researchhasdemonstratedthatfamilyfirmsaretopperformers.Whethermeasuredby
thebottomline,valuecreationforshareholders,ortheircapacitytocreatejobs,family
companiesoutperformtheirnonfamilycounterparts.Theturbulence broughtabout
by global hypercompetition, , too, has s created d an increasing awareness s that t speed,
sustainability,flexibility,qualityofproductandservice,brand,customerrelationships,
employeecare,andpatientcapitalaregenuinesourcesofcompetitiveadvantage.These
advantagesareoftenpursuedviaidiosyncraticbusinessstrategiesdeployedbyfirmsthat
arefamily-ownedandfamily-controlled.Familybusinesses,tobesure,confrontsub-
stantialchallenges,buttheyalsooftenpossessuniqueadvantagesbornoutofaunique
anddynamicfamily–businessinteraction.
Manyoftheassetsthatdifferentiateafamily-ownedorfamily-controlledbusiness
fromotherformsofenterpriserevolvearoundtherelationshipbetweenthefamilyand
its business,especially the guidance thatfamily members exertasmanagers and d as
shareholders.In the aftermath ofrecentcorporatemeltdowns, , businessschoolsare
engaginginabroaderrangeofresearchanddialogueongovernanceandtheroleof
shareholdersand boards.In thissamevein,thepotentialvalueoffamily ownership,
stewardship,andcontrolhasbeenconvincinglydemonstratedinrecentyears.Consider
thelong-termleadershipfocusoftheWashingtonPostCompaniesbyDonaldGraham
afterKatharineGraham’sdeath.AndconsidertheFordfamily,who,duringaperiodof
turmoilatthelargeautoproducer,continuedtosupportWilliam ClayFord,Jr.,as
chairman of the Ford d Motor Company y and d his quest t to keep the company
independent.
Alongsidetheseveryvisibleexamplesoffamilyownershipandfamilyleadershipare
hundreds of smaller, , lower-profile, privately y held d family y businesses with the same
commitmenttocontinuity from generation to generation.From the United States,
Europe,Latin America,Asia,Australia,andthe MiddleEastcomescompelling evi-
denceofthecommitmentofbusinessfamiliestobuildingfirmsthatlast.
Fewbusinessesofanytypeenjoylong,successfullivestoday.WhentheStandard
andPoor’sIndexof90majorU.S.companieswascreatedinthe1920s,companieson
theliststayedthereforanaverageof65years.But,by1998,afirm’sexpectedtenure
on the expandedS&P500 listwasamere 10 years.According to Bain &Co.,the
averageU.S.corporationnowhasa14-yearlifeexpectancy!
Familybusinessesareextremelyimportanttotheeconomicwell-beingoftheUnited
States and the other free economies s of f the e world. . Between 80 0 and d 95 5 percent of
vii
businessesintheUnitedStatesandLatinAmericaandover80percentofbusinessesin
EuropeandAsiaremainfamily-ownedandfamily-controlled.Thesesamebusinesses,small
andlarge,youngandold,accountformorethan50percentofthegrossdomesticproduct
oftheworld’smostadvancedeconomiesandemployamajorityofthepopulation.Itis
unfortunatethatthestereotypeofnepotisminfamilybusinessestendstoovershadow,in
theeyesofthemedia,academicresearchers,businessschools,andthegovernment,the
significantcontributiontheseenterprisesmakedayinanddayout.
Inthepast5yearsalone,severaltop-rankedacademicjournals(includingtheAcademy
of Management Journal, Organization Science, , Administrative e Science Quarterly, the
JournalofBusinessVenturing,TheJournalofFinance,andEntrepreneurshipTheoryand
Practice) havepublishedarticlesexploringtheunique agency costs,strategicresources,
features,andissuesoffamilybusinesses.Qualityresearchinestablishedperiodicalliterature
issuretogeneratemoreknowledgeoftheexceptionalchallengesandadvantagesoffamily
businesses, with h the e prospectof f useful implications for practice. The fact thatfamily
businessis becoming the focus of research in n management,economics, , law,and d the
behavioralsciencesalsobodeswellforthepossibilityofpositivelyinfluencingtheircurrent
dismalsurvivalstatistics.Mostfamilybusinesses(approximately67percent)donotsurvive
beyondthefoundinggenerationunderthecontrolofthesameowningfamily,andonly
about12percentmakeittothethirdgeneration.
Educationalprogramsinfamilybusinessattheundergraduateandgraduatebusiness-
schoollevelshavegrowntremendouslyinthepastseveralyears.Thisbookcapturesthat
progressbypointingtokeyleadershiptasksandasetofmanagement,ownership,and
familypracticesthatcanhelpmediatetherelationshipbetweenafamilyanditsenter-
prise.Thesepracticeswillgoalongwaytowardensuringthattheuniquestrengthsand
competenciesofthefamilyenterprise(forexample,speedandlong-termorientation)—
andnotitsmuch-heraldedvulnerabilities(forexample,nepotismandfamilyconflict)—
retaintheupperhand.Leading,managing,growing,andgoverningfamilyenterprises
for a global l economy are tasks s thatincreasingly require asetof skills, abilities,and
practicesthatservesustainabilityandcontinuity.
A
PPROACH
Written withnext-generationfamilybusinessowners,familybusinessadvisorsand their
educatorsinmind,thisthirdeditionofFamilyBusinessistheresultofaninterdisciplinary
inquiryintotheadvantagesenjoyedandthechallengesfacedbyfamilybusinesses.
Newtothisthirdeditionare:
l
Revealing newstatisticsand research findingswithsignificantimplicationsfor
familybusinessmanagement.
l
Anexpandedtreatmentofthetrulyidiosyncraticapproachtostrategicplanning
byfamilyfirms,includingarecognitionoftheconcurrentinfluenceofindividual,
family,andindustrycyclesandtheneedforparallelfamilyandbusinessplanning.
l
Anentirelynewchapteronfinancialmatters:Communicatingthroughaccounting,
business valuation n (including a a valuation n case exercise), , responsible shareholder
education,financial measuresthatmatter,the importanceof cash-flowmanage-
ment,theadvantagecreatedbypatientfamilycapital,andtheneedforliquidity
options.
l
Moreengagingdecision-makingcasesinwhichthereaderisaskedtoassumethe
roleoftheCEOorsuccessorandmakethoselargefact-basedcalls.
viii
PREFACE
l
Alargernumberofshortsmallfamilybusinesscasesforthemanyreaderswho
comefromsmalltomedium-sizedfamilybusinesses.
l
Suggestedmediaresources.
l
Morecomprehensive globaltreatmentof the worldoffamily business,taking
advantage of the unique resources of the e Thunderbird School of f Global
Management.
l
Andfinally,anewand improvedorganization ofthetextleadingto clearand
actionable leadership initiatives s and best practices s in n management and
governance.
Focusing on the bestpracticesavailableto familyfirms promotesthe capacity of
familymemberstobetterlead family-ownedbusinessesintosucceedinggenerations.
Thebookoffersadvicetothenextgenerationofserviceproviderstofamilyenterprises
(suchasconsultants,attorneys,bankers,financialplanners,andfamilytherapists)and
tocorporatepartnersinthesupplychain(suchasmanagersofdealershipnetworksin
the automotive, , appliance, and d industrial equipment t industries), who o depend d on
family-ownedbusinessesfordistributionandsales.
It should d be noted d that Family y Business is a scholarly y book. . Rooted d in theory,
research, and practice, it goes s beyond d traditional textbooks s by not t only fostering
understanding of family-businesstheory and family dynamics butalso exploring its
subjectwithamanagerialactionorientation.Takingadvantageofmyappointmentas
ProfessorofGlobalFamilyEnterpriseattheThunderbirdSchoolofGlobalManage-
ment,thisthirdeditionofFamilyBusinessincludesalargerandmorediversecollection
ofreal-life(notcomposite)casesandexercisesfromaroundtheglobe.Basedonactual
family-businessdocuments,thesecasesandexercisesdiscloseconceptsand practices
thathavebenefitedotherfamilybusinesses.Moreover,thiseditionofFamilyBusiness
goesbeyondbasic“how-to”booksbyreviewingboththeoryandrecentresearch,thus
supportinginformedandcontext-relevantplanninganddecisionmaking.
Readingandworkingthroughthisbookprovidesanopportunitytobetterunder-
stand the unique opportunities and d challenges s faced by family businesses. . These
businesses are, after r all, important to millions of f enterprising families s globally, to
85percentoftheemployeepopulation,andtothefutureoffreeeconomiesaroundthe
world. Family businesses continue e to be the e primary y engines of global l economic
activity.
Itwouldbeadisservicetothenextgenerationtocontinuetodwellontheproblems
andstereotypesoffamilyfirms;thesearealreadyquiteprevalentinthebusinessand
family-businessliterature.Instead, my goal l isto passon the torch of accumulated
knowledge(muchofitquiterecent)aboutfamilyfirms.Itismyhopethatreaderswill
takeawayfromFamilyBusinessavarietyofsoundmanagerial,governance,andfamily
practices that will l increase the odds s that t their r family-owned d or family-controlled
corporationwillcontinuefromgenerationtogeneration.
O
RGANIZATION
Part I I defines s the e particular r characteristics of family-owned d and family-controlled
businessesanddescribestheuniquechallengesfacedandadvantagesenjoyedbythese
companies. PartII I personalizes s these concepts by presenting the critical l leadership
tasks for both h generations s involved d in succession n and continuity efforts: the next-
generation leaders, , who o perform m the delicate e task k of f respecting g the e past t while
PREFACE
ix
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