Kinh doanh marketing - Chapter 2: Family - Owned businesses

Chapter 2Family-Owned Businesses Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin2 - 1Family-Owned BusinessOrganizing/Operating Family-Owned BusinessFamily Relationships & BusinessPreparing For The Next Generation & Management SuccessionTax/Estate PlanningChapter22 - 22 - 2McGraw-Hill/IrwinFamily & BusinessWritten Mission StatementInclude Children In DecisionsFamily DiscussionsFamily Mission StatementStart From Trust/OpennessUnanimous Agreement On Values & VisionCopies To AllAvoid:Rushing FamilyFavoring An AgendaForgetting PurposePhotodiscTrends In Family BusinessKids Start Business & Get Capital From ParentsParent Given Executive PositionSpouses Working Together- Service Businesses With TechnologyNeeds Clear Chain Of CommandRoyalty-Free/CORBISTips ForSpousal OwnershipMonica Lau/Getty ImagesDaughters ConsideringSuccession To Family BusinessExpress InterestOutside ExperienceLearn From SeniorsBe SensitiveGet InvolvedMeet WomenDefine YourselfDevelop A VisionRoyalty-Free/CORBISSuccessfulFamily InteractionFounder = HeadSome Family In High PositionsInstill “Sense Of Ownership”Deal With IncompetentsCompensateRecognize LimitationsSteps In DivorceBusiness AppraisalNegotiate BuyoutDecide What To Do With StockSeek Tax ProfessionalsFamily Culture & BusinessLarge FamiliesStay-At-Home MomDevelop Hobbies As BusinessWorking Moms Establish BusinessEconomy More DifficultNeed Additional IncomeLarge Business No Longer Family-FriendlyKeith Brofsky/Getty ImagesFamily ResourcesBorrow CapitalSell StockSelling Personal AssetsOtherPhotoLink/Getty ImagesNextGeneration PreparationStart Part/Full-Time JobStart Entry or Higher-Level In BusinessOutside ExperienceRotate JobsEarn PromotionsTeaching & TrainingLeave Work At WorkIf Prepared, Give ResponsibilitySuccession PlanningPlan Early & CarefullyGroom SuccessorDoug Menuez/Getty ImagesSuccession ProblemsTreat All Children FairlyNonfamily Employees?Family Concerns:CommunicationConflictEstate TaxesMore Than 1 Child SuccessionSuccessionObstacles: FounderFinancial SecuritySudden Free TimeSelf-EsteemFounder Fair To Successor(s)Successor Ready?Jealousy/ Rivalry To SuccessorEffect On SpouseFounder’s Fiduciary Responsibility To Nonfamily EmployeesFriends Continue To WorkFear Of DeathReluctance To Release PowerCoaching Skills?Source: Family Business Experts, www.familybusinessexperts.comSpouse’s Role In BusinessReluctance To Discuss Future Beyond Parents’ LifeFairness vs. FavoritismFear Of Parents’ DeathSuccessionObstacles: FamilySource: Family Business Experts, www.familybusinessexperts.comJack Hollingsworth/Getty ImagesPersonal Relationship With FounderDifferentiating Amongst Key ManagersReluctance To Establish Formal ControlsFear Of ChangeSuccessionObstacles: EmployeesSource: Family Business Experts, www.familybusinessexperts.comRoyalty-Free/CORBISCustomers & SuppliersDependence On FounderTrust/Confidence In Potential SuccessorSuccessionObstacles: OutsidersSource: Family Business Experts, www.familybusinessexperts.comRoyalty-Free/CORBISCauses OfSuccession Family Leader:Sudden DepartureDiesBecomes IncapacitatedPlanned DepartureLeaves CompanyRetiresRoyalty-Free/CORBIS/Family Leader:Replacement OptionsSelling To FamilyMembers- Advantages Stays In FamilySource Of Family EmploymentStature MaintainedOwner = RelaxPleasure Of SuccessStrengthen FamilyAssured IncomeLack Of WorryConsult?Release TensionRelief Of ResponsibilitySelling ToOutsiders- Advantages Loss Of Family IDLoss = SadnessSelling ToOutsiders- Disadvantages Greg Kuchik/Getty ImagesEase TheTransition For OwnerBroaden FocusDevote Time To:HobbiesOther GroupsGradually Turn Over ControlDoug Menuez/Getty ImagesInc. 500CEOs’ Net WorthSource: Inc. Magazine, “Compensation”, November 2004.INC. 500 CEOs’ Take-Home PaySource: Inc. Magazine, “Compensation”, November 2004.Financial PlanningTax - Annual Conferences With Tax AccountantEstate – Transfer Of Assets At DeathPerpetuationLiquidityBusiness StandpointReduce Cash StrainMaintain Beneficiaries’ InterestSmooth TransitionKeith Brofsky/Getty ImagesEstate Planning TechniquesGiftsStock SalesLiving TrustsFamily Limited PartnershipsMinimize CostRetain ControlBuy/Sell AgreementPhotoLink/Getty ImagesBusiness ValuationComparablesEarnings CapitalizationBook Value