Building Family Business Champions provides a theoretically sound and practical framework for understanding the challenges that family businesses face. Drawing on three decades of consulting with more than 250 companies, their own experience running a family-owned firm, and sound research, Eric G. Flamholtz and Yvonne Randle explain that the success of these companies hinges upon the dual management of family functionality and the company's infrastructure. They present a set of managerial tools for planning, structuring the business, measuring performance, and managing culture.
After laying this groundwork, they attend to issues that uniquely pertain to these companies, such as succession and the challenges of familial dysfunction. Finally, the book offers a set of short self-assessments that can be used in any family business. Richly illustrated with stories of companies at various stages of growth from around the globe, this book provides a comprehensive guide for building businesses that thrive from generation to generation.
About the author
Eric G. Flamholtz is President of Management Systems Consulting and Professor Emeritus at the UCLA Anderson School of Management. Yvonne Randle is Executive Vice President of Management Systems Consulting and Lecturer at the UCLA Anderson School of Management. Owners of their own family business founded in 1978, they are the authors of Corporate Culture (Stanford, 2011) and Growing Pains (5th edition, 2016).
"Eric Flamholtz and Yvonne Randle's Building Family Business Champions confronts the challenge of family business succession head on, providing concepts and managerial tools to help achieve this ambitious undertaking. If anyone fully understands the pitfalls of the family business, it's these two. This book delivers a very compelling, in-depth, and practical solution to all things family and business."
—Tyler Barth, President, Young Investors Organization
"Building Family Business Champions offers an innovative new approach to managing family-operated firms. Using in-depth practical examples, it provides a systematic framework for evaluating their success. This book will be of tremendous use to family business practitioners and consultants alike."
—Michael Preston, Columbia Business School