The Business of Family

The Business of Family

How to Stay Rich for Generations

Book - 2015
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The Business of Family teaches readers how to write their own family business plan using time-tested strategies from the corporate world to provide a practical, user-friendly method that ensures their family knows where it's been, where it's headed, and how it's going to get there.
Publisher: New York, NY : Palgrave Macmillan, 2015.
ISBN: 9781137487865
1137487860
Characteristics: x, 194 pages ; 25 cm

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amyspanne
Jan 02, 2018

On the one hand, my gut rebels against everything this book stands for: controlling white privilege. On the other hand, I read it because I'm interested in personal finance management & teaching the next generation. The author has several examples of business management that are simply not going to apply to a family with kids under the age of say, 12. With small children, you're just trying to get them fed & to school.

So really, her aim is the broader, intergenerational "family" with adult children with children of their own. And given that, her first suggestion was to the older generation Let Go Of Total Control. It's not unusual for successful older adults to try to continue to exercise control over their adult children, only to have the children drift further from their grasp. The first thing she suggests is getting some communication going - I'm not a survey fan, but if it works, use it. Find out what the adult kids' families want and need and work with it, letting them in to your business, in to your estate plan, etc. Rather than trying to be the GodFather with a lock on the family business. So, over all, the book is better than I expected, but not my first choice on the shelf.

r
ricardohdz
Dec 05, 2017

Central idea of book: run your family as a business. The author brings a fresh perspective on how to grow and sustain your family through generations, investing in its family members and defining the family’s mission, core values and goals. The book also contains several ideas and tools to assess your family situation and how to plan and conduct family meetings to maintain and increase wealth. Recommended.

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