Perpetuating the Family Business: 50 Lessons Learned from - download pdf or read online

By John L. Ward (auth.)

ISBN-10: 0230505996

ISBN-13: 9780230505995

ISBN-10: 1349516988

ISBN-13: 9781349516988

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That spirit of stewardship makes them more selfless so that they are less intimidating heroes. It also makes them more eager to do what it takes to attract excellent successors – including going against their own nature or perceived self-interest. Controlling Owner-Managers are often marked by a belief in individualism, a need for personal control, and a desire for secrecy and privacy. When the Owner-Manager makes critical decisions, the emphasis is often on his own personal priorities. These characteristics, of course, will influence the upbringing and orientation of the successor generation.

13 As you will see below, we will get much more deeply into the Ochs-Sulzberger family as well as into a parallel newspaper family, the Binghams of Louisville, Kentucky, whose story has a far different outcome. The loss of sense of purpose can result in the end of family ownership or in a major shift in the way a business-owning family perceives its role. The aforementioned Smorgon Consolidated Industries had its roots in bitter hardship. The Smorgons, a Jewish family, survived the Russian Revolution only to have to eke out a living in the equally hostile environment that followed.

In the most common pattern, an entrepreneur, often after much trial and error, hits upon an idea that clicks with a market opportunity. She builds that idea into a success, and runs with that success until it peaks out. The business then goes into a long period of stagnation. If the business is lucky, the next-generation leader comes along and creates a success all over again. In other words, the classic pattern of the family business that is able to grow from generation to generation is that each leader creates and grows one strategic success, and then it stagnates; the next-generation leader comes along and does the same thing.

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Perpetuating the Family Business: 50 Lessons Learned from Long-Lasting, Successful Families in Business by John L. Ward (auth.)

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