�ݺ�ߣ

Chapter 15
*
*
Family-Owned *
*
Businesses *
*
*
*
McGraw-Hill/Irwin
*
Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved.

Chapter
2
Family-Owned Business

Organizing/Operating Family- *
Owned Business *
Family Relationships & Business *
*
Preparing For The Next
*
Generation & Management *
Succession *
Tax/Estate Planning *
*
2 - 2

Family & Business
Written Mission
Statement *
*
Include Children *
In Decisions *
*
*
Family Discussions *
*
*
2 - 3
McGraw-Hill/Irwin

Family Mission Statement
Start From
Trust/Openness *
Unanimous Agreement On *
Values & Vision *
Copies To All *
*
Avoid:
*
Rushing Family *
Favoring An Agenda Photodisc

*
Forgetting Purpose *
2 - 4

Trends In Family Business
Kids Start Business & Get
Capital From Parents
*
Parent Given Executive *
Position
*
Spouses Working *
Together- Service Royalty-Free/CORBIS

*
Businesses With *
Technology *
Needs Clear Chain Of *
Command *
2 - 5

Tips For
Spousal Ownership
*
*
*
*
Monica Lau/Getty Images

*
*
*
*
*
2 - 6

Daughters Considering
Succession To Family Business
♀ Express ♀ Get Involved
Interest ♀ Meet Women *
♀ Outside *
♀ Define *
Experience Yourself *
♀ Learn From ♀ Develop A *
Seniors *
Vision
*
♀ Be Sensitive *
Royalty-Free/CORBIS
*
2 - 7

Successful
Family Interaction
Founder = Head
Some Family In High *
Positions *
Instill “Sense Of *
*
Ownership”
*
Deal With Incompetents *
Compensate *
Recognize Limitations *
*
2 - 8

Steps In Divorce
1. Business Appraisal
*
2. Negotiate Buyout *
*
3. Decide What To Do *
With Stock *
*
4. Seek Tax Professionals *
*
*
2 - 9

Family Culture & Business
Large Families
o Stay-At-Home Mom *
o Develop Hobbies As *
Business Keith Brofsky/Getty Images
*
Working Moms Establish *
Business *
o Economy More Difficult *
o Need Additional Income *
o Large Business No Longer *
Family-Friendly *
2 - 10

Family Resources
Borrow Capital
*
*
Sell Stock *
*
*
Selling Personal *
Assets
PhotoLink/Getty Images
*
*
*
2 - 11

Next
Generation Preparation
Start Part/Full- Earn
Promotions *
Time Job
Teaching & *
Start Entry or *
Higher-Level Training
Leave Work At *
In Business *
Work
Outside *
If Prepared,
Experience Give *
Rotate Jobs Responsibility *
*
2 - 12

Succession Planning
Plan Early &
Carefully *
*
*
*
*
Groom Successor *
*
*
Doug Menuez/Getty Images

*
2 - 13

Succession Problems
Treat All Children Fairly
Nonfamily Employees? *
Family Concerns: *
*
o Communication *
o Conflict *
o Estate Taxes *
More Than 1 Child *
*
Succession *
2 - 14

Succession
Obstacles: Founder
 Financial Security Founder’s
Fiduciary
 Sudden Free Time
Responsibility To *
 Self-Esteem Nonfamily *
 Founder Fair To Employees
*
Successor(s)  Friends Continue
To Work *
 Successor Ready? *
 Fear Of Death
 Jealousy/ Rivalry 
Reluctance To *
To Successor Release Power *
 Effect On Spouse  Coaching Skills? *
Source: Family Business Experts, www.familybusinessexperts.com
*
2 - 15

Succession
Obstacles: Family
Spouse’s Role In
Business *
*
Reluctance To Discuss *
Future Beyond Parents’ *
Life Jack Hollingsworth/Getty Images *
*
Fairness vs. Favoritism *
Fear Of Parents’ Death *
*
2 - 16

Succession
Obstacles: Employees
Personal Relationship
With Founder *
Differentiating Amongst *
Key Managers *
*
Reluctance To Establish Royalty-Free/CORBIS

*
Formal Controls *
Fear Of Change *
*
*
2 - 17

Succession
Obstacles: Outsiders
Customers & Suppliers
*
*
Dependence On *
Founder *
*
*
Trust/Confidence In Royalty-Free/CORBIS

*
Potential Successor *
*
2 - 18

Causes Of
Succession Family Leader:
Sudden Departure
o Dies *
*
o Becomes Incapacitated
*
*
Planned Departure *
*
o Leaves Company
Royalty-Free/CORBIS/
*
o Retires *
*
2 - 19

Family Leader:
Replacement Options

*
*
*
*
*
*
*
*
*
2 - 20

Selling To Family
Members- Advantages
Stays In Family
Source Of Family *
*
Employment *
Stature Maintained *
Owner = Relax *
*
Pleasure Of Success *
Strengthen Family *
*
2 - 21

Selling To
Outsiders- Advantages
Assured Income
*
Lack Of Worry *
*
Consult? *
*
Release Tension *
*
Relief Of Responsibility *
*
2 - 22

Selling To
Outsiders- Disadvantages
Loss Of Family ID
*
*
*
*
Loss = Sadness *
*
*
Greg Kuchik/Getty Images
*
*
2 - 23

Ease The
Transition For Owner
Broaden Focus
*
Devote Time To: *
*
o Hobbies *
o Other Groups Doug Menuez/Getty Images *
*
Gradually Turn Over *
*
Control *
2 - 24

Inc. 500
CEOs’ Net Worth
60%

50% *
40%
*
*
30%
*
20%
*
10% *
0% *
<$1 $1-5 $5-10 $10-25 $25
Million Million Million Million Million+ *
Source: Inc. Magazine, “Compensation”, November 2004. *
2 - 25

INC. 500 CEOs’
Take-Home Pay

$3 M+
*
$1-3 M *
$750-1 M *
$500-750 K *
$250-500 K *
$100-250 K *
<$100,000 *
0% 5% 10% 15% 20% 25% 30% 35% 40% *

Source: Inc. Magazine, “Compensation”, November 2004. *
2 - 26

Financial Planning
Tax - Annual Conferences
With Tax Accountant
*
Estate – Transfer Of Assets At *
Death *
o Perpetuation
*
o Liquidity *
Business Standpoint *
o Reduce Cash Strain *
Keith Brofsky/Getty Images

o Maintain Beneficiaries’ Interest *
o Smooth Transition *
2 - 27

Estate Planning Techniques
Gifts
Stock Sales
*
Living Trusts *
Family Limited *
*
Partnerships *
o Minimize Cost *
o Retain Control *
PhotoLink/Getty Images
*
Buy/Sell Agreement *
2 - 28

Business Valuation
Comparables
*
*
Earnings *
Capitalization *
*
*
Book Value *
*
*
2 - 29

�ݺ�ߣ

Chap 15 family business

More Related Content

Chap 15 family business