Life Cycle of a Family Business

This Special Report is a one-stop collection bringing together a distinguished team of international contributors, each an expert in their respective field with a global reputation, to cover the entire life cycle of a family business.

The ‘life cycle’ of a family business is a fascinating process. Beginning with the initial entrepreneur starting the business, it encompasses the development of the business to success, involvement of family members in the business, estate planning, preparation for integration of the next generation, creating a family constitution to regulate relationships among family members, and creating a family trust when appropriate. The completion of the cycle then gives the option of continuing - to potentially become one of the one-hundred-year businesses.This Special Report is a one-stop collection bringing together a distinguished team of international contributors, each an expert in their respective field with a global reputation, to cover the entire life cycle of a family business. It provides guidance on many of the key issues encountered including governance issues, protecting the family business assets, fostering entrepreneurship and succession planning.Life Cycle of Family Business is a unique source of knowledge for family businesses and professionals working in this specialist field. In this very readable single volume - edited by Barbara R Hauser and Alon Kaplan - those involved in family businesses can benefit from its expert guidance, at any stage of the life cycle.

Foreword 5Dennis T JaffeWise Counsel ResearchPreface 11Barbara R HauserIndependent family adviserAlon KaplanAlon Kaplan Advocate & NotaryStage I: The same but different - enterprise heterogeneity 13Justin B CraigBond University and Northwestern UniversityStage II: The delicate family issues 29Thomas M HublerHubler For Business Families, IncStage III: Creating a board for continuity and growth 45Allen BettisLegacy Associates LLCStage IV: Risk management in family enterprise expansion 59Wendy Sage-HaywardFamily estate winery, Southern Gulf Islands, Canada The Family Business Consulting Group University of British Columbia, Sauder School of BusinessStage V: Protection of the family business assets on divorce 77Claire GordonDaisy TarnowskaFarrer & CoStage VI: Entrepreneurship in the family business 93Peter VogelProfessor of family business and entrepreneurship IMD Global Family Business Center IMD Business SchoolStage VII: Leadership succession in family firms 109Christian StewartFamily Legacy Asia (HK) LimitedStage VIII: Beyond the third generation 131Dennis T JaffeWise Counsel ResearchAbout the authors 145About Globe Law and Business 151