When Family Businesses are Best The Parallel Planning Process fo
The authors explore how effective planning and communication helps business families around the world address growth challenges as they strive to become high performing multi-generation family enterprises. This book shows family businesses working togethe
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Randel S. Carlock and
John L. Ward
When Family Businesses are Best
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When Family Businesses are Best The Parallel Planning Process for Family Harmony and Business Success Randel S. Carlock Berghmans Lhoist Chaired Professor in Entrepreneurial Leadership and Founding Director of the Wendel International Centre for Family Enterprise, INSEAD
and John L. Ward Clinical Professor and Co-Director, Center for Family Enterprises, Kellogg School of Management, Northwestern University
©Randel S. Carlock and John L. Ward 2010 Softcover reprint of the hardcover 1st edition 2010 978-0-230-22262-5 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6–10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2010 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries.
ISBN 978-1-349-30818-7 ISBN 978-0-230-29451-6 (eBook) DOI 10.1057/9780230294516 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin. A catalogue record for this book is available from the British Library. A catalog record for this book is available from the Library of Congress. 10 9 8 7 6 5 4 3 2 1 19 18 17 16 15 14 13 12 11 10
This book is dedicated to all the students, executives, and business families from around the world that have studied and shared ideas with us over the past years. Your energy and enthusiasm support our efforts.
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Contents
List of figures List of tables Acknowledgments Preface
xi xiii xv xvii
PART I Why Global Business Families Need Planning
1
1
3 4 6
Why Family Businesses Struggle FARVIEW ELECTRONICS TO BE SOLD? THE FAMILY BUSINESS CHALLENGE THE COMPETITIVE ADVANTAGE OF A COMMITTED BUSINESS FAMILY
20
FAMILY STORY
24 27
THE LACK OF A PARALLEL
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