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

Author: Marshall B. Posner
Publisher:
Publish Date: 2004-05-01
Features: The author has successfully managed his family-owned car wash company, Scrub Hub, in the United States since the 1960s and has passed its success to his son. Due to its strong emphasis on family company culture, the company was awarded the "Positive Contribution Award" by Company magazine and MCI, and was honored with the "Blue Chip Innovation Award" by Massachusetts. Scrub Hub was also recognized as an outstanding example 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 through every line: resisting the temptation to sell the business for a high price and making arrangements early on to pass the company to the next generation, ensuring not only the right to own jobs and realize personal value but, more importantly, the preservation of the family company's culture and core values across generations.