Available
on-line from: cambiopress.com/djaffe
After a family has created
wealth in a successful family business, they naturally want to see the wealth
create success and fulfillment in the next generation, and the continuation of
some form of shared family enterprise. But family relationships do not easily
make for good business or financial partnerships, and the family must work hard
to succeed over generations. Building a next generation of committed, capable
and responsible family members is a new sort of challenge for the family.
The 45 lessons within can each
be read independently, as the family seeks help in dealing with a particular
aspect of succession, family conflict, selling a family business, selecting and
developing next generation leadership or helping their children manage the
benefits of their family wealth by becoming stewards of the family resources.
We look at the potential "wealth" in the family as more than just financial,
including spiritual, human, family and societal capital to sustain the family
and leave a legacy in the family and for the community.
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Table
of Contents Part
I. The Delicate and Complex Nature of Family Enterprise From
Founder to Successor: Lessons from Nineteenth-Century Wealth Creators True
Wealth: The Stewardship of Family Capital The
Family Dramas of Succession and Inheritance Stakeholders
of the Family Enterprise Part
II. Effective Governance and Decision Making Strategic
Planning for the Family and the Business Why
Enterprising Families Need a Constitution Defining
a Family Mission and Crafting the Constitution How
Clarifying Values Builds Focus for a Family Enterprise Sustaining
Connection Through a Family Council A
Good Board Can Save the Business—and the Family—from Itself The
Independent Family Board Part III. Building
Communication and Resolving Family Conflict Conflict,
Emotions, and Family Dynamics Openness
and Transparency: Informing Family Stakeholders Clear
Boundaries Make All the Difference for Family Business Repairing
Short Circuits in the Family-Communication Process Moving
Beyond Emotional Reactions to Effective Family Communication Preventing
Family Feuds The
Disruptive In-law Advisers:
How to Get Out of the Middle How to Hold an Effective
Family Meeting Part IV. The Rocky
Transition from First to Second Generation Navigating the Inevitable Transitions in a Family Enterprise Succession Begins on the First Day of Work Minority Family Owners: Creating a Family Marketplace Should I Sell the Family Business? Becoming an Enterprising Family Surviving the Sale of the Family Business After Crisis Comes Growth: Family Resiliency and Rebuilding
Trust Part V. The
Personal Challenges of Succession Dutiful Sons: How to Succeed as Heir to a Great Entrepreneur When Succession Crosses Genders Making the Right Choice for a Family Successor Nonfamily Executives: Augmenting the Family Talent Pool Founders Succeeding in Middle Life: Letting Go and Moving On Part VI.
Developing Leadership and Teamwork in the Next Generation Knowledge Should Come Before Power in Succession Nurturing Talent Across Generations Leadership and Career Development for the Next Generation Creating Effective Management Teams How Brothers and Sisters Can Build a Second-Generation Family
Team Working for Yourself, Not Your Family Part VII.
Creating Stewardship of Family Wealth The Burdens of Wealth The Dilemmas of Acquired and Inherited Wealth From Conflict to Clear Life Purpose: Coming to Terms with Family
Wealth Overcoming Entitlement and Raising a Responsible Next Generation The Power of Giving as a Shared Family Activity The Serious Business of Family Philanthropy |
What others have said: Dennis Jaffe is a life-long
learner in the domain of serving families. His journey of learning and the
wisdom it has spawned is now available within for all families and those who serve
them to be enlightened by. Devour this great book heartily and your family
will flourish for three more successful generations. James
Hughes, author, Family Wealth: Keeping
it in the Family Stewardship in Your Family Enterprise takes a realistic look at the challenges
involved in leading a family enterprise through life's inevitable
transitions and outlines the strategies for success that every family should
consider. Dennis reminds us that success requires commitment, communication
and considerable investment in every family's greatest asset - its human
capital. Sara
Hamilton, Founder and CEO, Family Office Exchange Wealth is an amplifier. The larger the family, the
more crucial communication and governance becomes not only for the business,
but also for the family. Dennis Jaffe does a wonderful job addressing the
challenges and outlining the tools and techniques needed to help families
sustain wealth across generations. Dirk Jungé,
4th Generation Family Member, Chairman & Chief Executive
Officer of Pitcairn Dennis Jaffe has always had
the knack of delivering real wisdom about families that is actionable and
results oriented. This book is organized in a way that allows the reader to
go directly to the topic at hand to learn what they need and apply it
immediately. It will be on nightstands of many family leaders. Kaycee Krysty, President and
CEO, Laird Norton Tyee Many books in this field
dwell on 'horror stories': family wars and failure. Dennis Jaffe provides a
welcome focus on what works, with decades of practical experience and
reasoned thought to back him up. You will profit returning to these pages
again and again, no matter what size your family enterprise is. Keith
Whitaker, Managing Director, Family Dynamics, Wells Fargo Dennis Jaffe has devoted his career to helping business
and wealth owning families have it both ways –
enjoying meaningful, enduring, relationships as members of a cohesive family
and being responsible stewards of their assets. For families wanting to
prosper emotionally and financially over generations, Dennis shares his
wisdom and his faith in our ability to work together and be successful
regardless of the challenges. Lansing
Crane, former Chairman and CEO of Crane and Company, 5th generation
family business |
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Additional endorsements: Jaffe's
book is an inspirational journey of understanding and hope for all of us
connected to a family enterprise – whether as a member in a family
enterprise or as an advisor. Jaffe's genius is in taking a complex subject
matter and presenting the material in such a way as to make each reader feel
smart. Stewardship in Your Family
Enterprise captures the magic and possibilities of shared family wealth.
My only regret is that this book was not published 20 years ago. James Olan
Hutcheson, Founder, ReGENERATION Partners and
Recipient of Richard Beckhard Practice Award,
Family Firm Institute Dennis
Jaffe has been at the forefront of innovative thinking for a generation of
academics and consultants who study and work with families and their
businesses—helping them govern in better ways, work in better ways and
love in better ways. Stewardship in Your Family Enterprise represents the culmination of
Jaffe's learnings on this multi-faceted topic.... He has pulled all of the
insights he has gathered together himself and written about so many times
over the years and he has joined those insights with much of the knowledge
others have added to the field in the last 25 years into this single
guidebook for families, for business owners, and for the consultants who serve
them. This single volume brings together the best thinking about
families and what helps to make them successful as they move from one
generation to the next, as managers of successful businesses and as stewards
of the many treasures that make up each family. For anyone who cares
about family businesses and how they successfully move from one generation to
the next, Stewardship in Your Family Enterprise is now the essential first stop. It is Family Business 101, 201
and 301 all rolled into one place. This
book is a must read for families who want to develop both their wealth and
relationships. Especially next generation family members will hugely benefit
from it. Jozef Lievens, Managing Director, Institute for Family
Business and FBN Belgium,
Professor, HU
Brussels |
Many of the concepts and
issues identified strikes a chord with the current generation of Asian
business owners who needs support and guidance on how to tackle these issues.
One would get a much better understanding and how to move forward after
reading the book Thomas
Ang, Credit Suisse, Singapore Dennis Jaffe has written a
"must-read" book that serves as a comprehensive guide and invaluable
resource for family members striving to understand the dynamics and
impact of wealth in the context of a family enterprise. Stressing the
principles of leadership, teamwork and stewardship within a family
structure, Mr.. Jaffe leverages his unique background to suggest
practical tools which help families better
understand and communicate their values, and overcome challenges
and barriers that stand in their way. Concise, articulate, and
profound, this book can help families of all kinds learn from past
mistakes and enable them to proactively construct a stable and focused
foundation for the growth of future generations. Allison Taff, Director,
Family Office Services, Silver Bridge Advisors A comprehensive and
in-depth discussion of the real issues families face as their family business
matures and subsequent generations become employees and owners. I am
deeply impressed with Dennis's approach to governance issues, resolving
business conflicts and developing future family leaders. Required reading
by a truly exceptional counselor and consultant in the family business field. Bill
Messenger, President, Aureus Inc All
wealthy families can benefit from the generous wealth of advice and
information in this book. Dennis Jaffe has been a pioneer in this emerging,
complex field, and has organized the topics: each stands alone, making it
immediately useful to a family wanting to learn how to cope better with a
specific challenge--or just to read a topic of interest. Barbara Hauser, family
advisor, author of International Family
Governance Its clarity and comprehensive
scope will appeal to business-owning families, but there's considerable food
for thought for family business practitioners as well. Amelia
Renkert-Thomas, Principal, Withers Bergman |