The family business is a vital force in the American economy. About 90 percent of all U.S. businesses are family owned or controlled. They range in size from the traditional small business to a third of the Fortune 500 firms. It is estimated that family businesses generate about half of the country's Gross National Product and half of the total wages paid.
CONTENTS
INTRODUCTION
UNDERSTANDING THE FAMILY BUSINESS
- What is a Family Business?
Issues in the Family Business
Who Are the Actors?
BALANCING FAMILY AND BUSINESS GOALS
- Business Strategic Planning
Family Strategic Planning
The Family Retreat
CHOOSING A SUCCESSOR
- Initiation
Selection
Education
Transition
Letting Go
Board of Directors
Making Succession Work
Summary
ESTATE PLANNING
- Transfer Tax Deferral Techniques
Transfer Tax Exclusion Techniques
SUMMARY
REFERENCES
APPENDIXES
- A. Family Business Assessment Inventory
B. Strategic Plan Checklist
C. Pre-Retreat Planning
D. Assessment of Candidates
E. Information Resources
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Transferring Management in The Family-Owned Business
