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In The Family Business: Power Tools for Survival, Success, and Succession, brothers Russell S. and Roger C. Allred, offer helpful advice on how to keep the family in business and how to keep the business in the family.
It takes more than just rounding up mom, dad and the kids. In the text, the authors offer four essential plans for survival, success and succession: the family plan–an overall look at how the family benefits from the business, this plan can be developed in family meetings; the strategic plan–a description of how the business will meet the financial objectives of the family; the succession plan–a definition of who will receive ownership after the principal owner(s) steps down; and the estate plan–which determines how the death of current owner(s) will impact the business.
The book also covers ocher aspects of running a business such as marketing, management, accounting and production. So, if you’re thinking about starting a family business and have plans of passing it down for generations to come, you should consider the pointers outlined in this book.
The Family Business: Power Tools for Survival, Success, and Succession, by Russell S. and Roger C. Allred, The Berkley Publishing Group; $12.