How the Next Generation Can Succeed in Family Business

Tags:
Advisor,
Family,
Finance,
Financial Accounting,
Genus Resources,
Investment
Source:
Genus Resources

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Overview: This article addresses a segment of the family businesses generally comprehended by the common sense understanding of that term. The focus of this essay is members of families who share a commitment to continuing a legacy of shared values as much as prudently managing their capital together. Article describes pools of capital controlled by these values driven families, "Family Controlled Enterprises," whether the capital is invested in an operating company, an investment vehicle or even a family foundation. In this context the central realities to be addressed by family members and advisors alike are (a) a pool of capital; (b) mechanisms of control, whether ownership, management or governance; and (c) the nature, culture, ethnicity and characteristics of the families that exercise control. Family business cases in which all decisions are grounded solely on financial criteria (and which are explicitly not addressed herein) differ fundamentally from cases presented by Family Controlled Enterprises. Some of these important differences and their impact on how technically competent professional advisors serve their clients are detailed below.

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Format: HTML | Date: Jan 2003 | Pages: 1

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