Leach Peter - Family Business. The Essentials.pdf
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FAMILY
BUSINESSES
THE ESSENTIALS
FAMILY
BUSINESSES
FAMILY
FAMILY
BUSINESSES
THE ESSENTIALS
BUSINESSES
PETER LEACH
Foreword by Roger Pedder
First published in Great Britain in 2007 by
Profile Books Ltd
3a Exmouth House
Pine Street
Exmouth Market
London EC1R 0JH
www.profilebooks.com
In fond memory of
Neil Crawford, Leslie Lewis, Jonathan Davis and Paul Bates
Reprinted with revisions in 2011
Copyright © Peter Leach 2011
The moral right of the author has been asserted.
All rights reserved. Without limiting the rights under copyright reserved above, no part
of this publication may be reproduced, stored or introduced into a retrieval system,
or transmitted, in any form or by any means (electronic, mechanical, photocopying,
recording or otherwise), without the prior written permission of both the copyright
owner and the publisher of this book.
A CIP catalogue record for this book is available from the British Library.
ISBN: 978 1 86197 861 5
Consultant editor: Simon Perry
Illustrations by Belle Mellor
Text design by Sue Lamble
Typeset in Stone Serif by MacGuru Ltd
info@macguru.org.uk
Printed and bound in Great Britain by Clays, Bungay, Suffolk
The paper this book is printed on is certified by the © 1996 Forest Stewardship
Council A.C. (FSC). It is ancient-forest friendly. The printer holds FSC chain of custody
SGS-COC-2061
SGS COC 2061
Contents
Foreword by Roger Pedder
/ xii
Preface
/ xiv
Acknowledgements
/ xxiv
1
Why family businesses are special
1
Definitions / 2
Economic impact / 2
Special strengths / 4
Family business culture and values
/ 4
Predictable problem resolution
/ 5
Commitment
/ 6
Knowledge
/ 6
Flexibility in work, time and money
/ 6
Long-range thinking
/ 7
A stable culture
/ 8
Speedy decisions
/ 9
Reliability and pride
/ 10
Dilemmas and challenges for family businesses / 11
Resistance to change
/ 11
Business challenges
/ 12
Succession
/ 13
Emotional issues
/ 14
Leadership
/ 15
A competitive edge and outperformance? / 15
Successful sectors for family businesses / 16
2
Family business dynamics: people, systems and growing
complexity
19
Family business people / 19
Founders
/ 19
Women in family businesses
/ 23
Husband and wife teams
/ 24
In-laws
/ 25
Multifamily ownership
/ 27
viii
✱
Family businesses
Contents
✱
ix
Non-family employees
/ 29
Managing conflict in family firms
/ 29
Family business systems / 38
Seeking a balanced approach
/ 39
Introducing the ownership dimension
/ 41
Family business life cycles: a story of growing complexity / 44
Life-cycle stages
/ 44
Ownership transitions
/ 47
5
Getting help: making the most of outside resources
91
Non-family managers / 91
Relationships with the family
/ 92
Introducing external executives
/ 94
Motivation and rewards
/ 96
Incentive design and delivery
/ 97
Non-executive directors / 100
Selecting the right candidate
/ 101
Board practices
/ 103
Professional advisers and consultants / 104
Are your advisers keeping pace with your needs?
/ 104
Consultants
/ 104
Family business consultants
/ 105
Beware conflicts of interest
/ 107
Relationships underpinning an advisory role
/ 108
3
The family’s relationship with the business: developing a
strategic vision and building teamwork
50
Articulating values and a shared vision / 50
Effective business families / 54
Ingredients of successful planning / 56
Establishing open communication
/ 56
Creative versus destructive conflict
/ 58
Building family teamwork
/ 60
Unifying plans, processes and structures / 62
Designing family governance
/ 64
Family council
/ 64
Family retreats
/ 67
Family constitution
/ 67
Conclusions / 70
6
Professionalising the boardroom: the role of a balanced
board of directors
109
The rubber-stamp board / 109
Making the transition / 110
Establishing a well-balanced board / 112
Board composition
/ 112
Organising the board
/ 115
Effective, working boards / 115
Relationship with the family
/ 117
Two-tier boards / 119
4
The next generation: human resource management and
leadership perspectives
72
To join or not to join? / 72
The importance of outside experience / 76
Self-esteem and confidence
/ 76
Wider business experience
/ 76
Credibility with non-family employees
/ 77
Systems overlap and human resource management issues / 78
Recruitment
/ 79
Training and development
/ 82
Remuneration
/ 83
Performance appraisal and promotion
/ 85
Working in the business / 86
Seek out a mentor
/ 87
Gain the respect of employees
/ 87
Tread carefully
/ 88
Beware sibling rivalry
/ 88
Work at establishing personal identity
/ 89
Relationship with the senior generation
/ 89
7
Cousin companies: family governance in multigenerational
family firms
121
Introduction / 121
Evolution of family business ownership / 124
Culture shock
/ 126
Complexity in cousin companies / 126
Family complexity
/ 127
Ownership complexity
/ 127
Responding to growing complexity / 129
Ownership policies
/ 130
Business policies
/ 132
Family policies
/ 133
Setting up a family governance process / 133
Recording decisions – the family constitution
/ 134
Structuring family governance / 135
Family council
/ 137
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