Article

From Siblings to Cousins: Prospering in the Third Generation and Beyond

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Abstract

Statistics show that many family businesses fail by the third generation-- those that survive are able to navigate the transition from a sibling run business to an expanded family run business. Here Aronoff and Ward show siblings and cousins how to work together on key issues that are critical to the future success of the business including how to attract the most capable family members into leadership roles, how to develop agreement among many owners, and how to create a "cousin collaboration" which will go a long way to determining the prosperity and fortune of your firm.

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Chapter
In contrast to the classic type of nuclear family in Western society, business families are different from the patterns of erosion of kinship relationships that are to be expected in contemporary families in our cultural context. They rarely last for more than three generations (Gestrich et al., Geschichte der Familie. Kröner, Stuttgart, 2003). In contrast, the cohesion of an owner family often extends far beyond that. The collective affiliation of these kin-related people to a common entrepreneurial property represents the central basic condition for this particular transgenerational cohesion (Lueger M, Frank H, Die Unternehmerfamilie im Kontext ihres Familienunternehmens. Facultas, Wien, 2018; Simon et al., Mehr-Generationen-Familienunternehmen. Carl Auer Systeme, Heidelberg, 2005; Wimmer et al., Familienunternehmen – Auslaufmodell oder Erfolgstyp?, 3. Aufl.. Gabler, Wiesbaden, 2018).
Chapter
Early adults in family enterprise are typically achieving major milestones such as finishing education, building a career, and engaging in long-term relationships that might lead to their own families. Many become full-fledged owners, working in the family business or governance. Most face challenging role demands, and learn to take little for granted. Development goals to pursue for early adults include: fostering of emotional and social intelligence; promotion of family relationships, healthy boundaries, and parenting skills; building of skills and knowledge related to family enterprise vision, goals, and decision-making; development of business capabilities aligned with their particular ownership role (e.g., an operating owner). Effective ownership-development activities for early adults are clarification of enterprise-related roles and responsibilities; ongoing family-enterprise education through formal and informal experiences (including learning from peers); promotion of self-awareness, self-management, and leadership skills; preparation for governance leadership; building of deeper business, ownership, and financial knowledge; and others. Development influencers again include family members (especially those 8–10 years older), advisors, non-family executives and directors, and members of other family enterprises. Families can start development for this cohort with a collective vision for the future and regular meetings to foster a collaborative mindset. Watch out for unrealistic expectations (early adults hoping to jump into top-leadership roles) and a deficit of experience outside the enterprise.
Chapter
This chapter deals with core issues and challenges facing dynastic business families or business families 3.0: in addition to exercising the ownership function, central elements in family management include maintaining the cohesion of and meeting the expectations of family members. The explanations offered here are based on our initial, already published, ideas on the central starting points for family management in dynastic business families and represent a further development of these ideas (Rüsen et al., Die Soziologie der Unternehmerfamilie. Grundlagen, Entwicklungslinien, Perspektiven, 2019b). Based on six identified fields of action, the chapter depicts the central questions that Big Family Management has to address systematically.
Chapter
Dieses Kapitel beschäftigt sich mit Kernfragen und Herausforderungen von dynastischen Unternehmerfamilien bzw. Unternehmerfamilien 3.0. Bei diesem Familientypus steht, neben der Ausübung der Eigentümerfunktion, die Organisation des Zusammenhaltes sowie der Umgang mit den Erwartungen ihrer Mitglieder an die Mitgliedschaft im Zentrum des Familienmanagements. Die Ausführungen basieren auf unseren ersten bereits veröffentlichten Ideen zu zentralen Ansatzpunkten eines Familienmanagements in dynastischen Unternehmerfamilien und stellen eine Weiterentwicklung dieser dar (Rüsen et al. (2019)). Anhand von sechs identifizierten Handlungsfeldern werden zentrale Fragestellungen aufgezeigt, die ein Big Family Management systematisch zu behandeln hat.
Article
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Zusammenfassung In großen, mehrgenerationalen Unternehmerfamilien ist ein zentrales Thema des Familienmanagements die Regulierung des Umgangs mit dem Vermögen, die Regulierung von Verkaufsabsichten und die Unterstützung der vielen Gesellschafter bei Vermögensfragen. In der Forschung wurden dafür sieben große deutsche Familienunternehmen (zwischen 80 und 650 Gesellschafter) untersucht. Diese Gesellschafterkreise lassen sich theoretisch weniger als Familien, sondern eher als Fami­liennetzwerke rekonstruieren (Unternehmerfamilien 3.0). Die Fragen nach dem Umgang mit Vermögen zeigten vier Spannungsfelder, die sehr unterschiedlich gehandhabt werden. Abstract In large business families with several generations a central topic of the family management is the regulation of family firm assets, individual benefits and support for the large group of shareholders concerning individually and collectively held assets. Seven large German family firms (between 80 and 650 shareholders) have been analyzed. These groups of shareholders could be theoretical reconstructed less than families, but rather as family networks (business families 3.0). The questions of wealth management showed four areas of tension, which are handled completely different.
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TÜRKİYE'de ve DÜNYA'da işletmelerin büyük çoğunluğu aile şirketleridir. Aile şirketlerinin varlığı, uygulamaları ve sürdürülebilirliği ekonomi için çok önemlidir. Bu önemli konuyu tüm yönleri ile değerlendiren Türkçe ve İngilizce bir "aile işletmeleri serisi" yazmak istiyoruz. Çalışma open access, akademik teşvik ve doçentlik kriterlerini sağlayacak uluslararası bir yayınevi tarafından basılacaktır. Kitap baskısını 2020 Ekim ayında tamamlamayı planlıyoruz. Bu çalışmaya bilimsel uzmanlığınız çerçevesinde katkılarınızı bekliyoruz.
Chapter
Im Unterschied zum klassischen Typus der Kleinfamilie in der westlichen Gesellschaft durchbrechen Unternehmerfamilien die Zerfallsmuster verwandtschaftlicher Beziehungen, die in Familie der Gegenwart in unserer Kultur zu erwarten sind. Diese haben selten über mehr als drei Generationen hinaus Bestand (Gestrich et al. 2003). Der Zusammenhalt einer Eigentümerfamilie geht oft weit darüber hinaus. Die kollektive Bindung dieser verwandtschaftlich verflochtenen Menschen an ein gemeinsames unternehmerisches Eigentum stellt dabei die zentrale Grundvoraussetzung für diesen besonderen generationenübergreifenden Zusammenhalt dar (Lueger und Frank 2018; Simon et al. 2005; Wimmer et al. 2018).
Article
Research suggests that moral values are more prevalent in family than non-family firms. This paper offers a model and propositions that suggest how family values are clarified, reinforced, and socialized into firms. First, social capital within the family helps clarify and reinforce values. Then, families socialize the business in their values through multiple family members working in the business, the founder promoting family values in the firm, or multiple family owners agreeing on and promoting values in the business.
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