Creating the Next Generation Successor – A Guide to the Sustainable Operation of Family Businesses: A Guide to the Sustainable Operation of Family Businesses

Author: Marshall B. Pozer
Publisher:
Publish Date: 2004-05-01
Features: The author has successfully operated his family-owned car wash company, Scrub Hub, in the United States since the 1960s and has passed its success to his son. The company has been awarded the "Positive Contribution Award" by Company magazine and MCI for its strong emphasis on family company culture. It has also been honored with the "Blue Chip Innovation Award" by Massachusetts. Scrub Hub is featured as an exemplary model of customer-centric excellence in the books Growing into a Great Company and Customer Relations. To write this book, the author conducted hundreds of interviews and discussions with family-owned companies across various industries in the U.S., combined with his extensive experience in managing family businesses, resulting in vivid examples and compelling arguments that leave a fresh impression. Moreover, the author has summarized the numerous factors contributing to the success and legacy of family companies into 13 key questions, offering specific solutions for each. Throughout the book, a persistent theme runs: to resist the temptation of selling the business for a high price and to make institutional arrangements early on to pass the company to the next generation. This ensures not only the opportunity for children to own jobs and realize their self-worth but, more importantly, the preservation of the family company's culture and core values across generations.