Product Description

From the local dry cleaner to the nations largest breweries, family businesses make up 90 percent of the 15 million businesses in the United States. Yet only one-third make it to the second generation, and only 10 percent to the third. As he prepared to retire after 30 years at the helm of a successful business, Marshall Paisner set out to develop a resource that would outline a comprehensive set of principles to help business owners establish a strong foundation and manage transitions successfully. Drawing from his own extensive experience, new primary research, and examples from a wide range of family businesses, Paisner offers practical recommendations for handling conflict, establishing professional management structures, setting strategic goals, making the most of outside directors, preparing heirs to take the reins, proactively setting tax and estate priorities, and making wise selling decisions.

Product Details

• Amazon Sales Rank: #551598 in Books
• Published on: 2000-04-28
• Original language: English
• Number of items: 1
• Binding: Paperback
• 214 pages

Customer Reviews

well worth your time
The dreary statistics are familiar to all of us who work with family businesses: family businesses make up 90% of the 15 million operations in the United States. Only one-third make it to the second generation. And only 10% make to the third.

Given such depressing numbers, isn't it only logical that owners can easily be convinced by industry consolidators to turn their ownership into cash?

Marshall Paisner takes strong objection to this view.

Accountants can only consider market value when making pricing decisions. Family business owners need to take market value into account, but they also need to consider family values. In the long run, family value is more important. The goal of a family business is to live a desired lifestyle and give the next generation the opportunity to do the same thing.

And if you don't like Paisner's "soft" view of business, he argues that the return on a successful family business is almost always greater than the after-tax return of an estate produced by the sale of such a business.

Much of what Paisner says has been said elsewhere. This book is worth reading because Paisner is the Chairman of Scrub-A-Dub Auto Wash Centers, Inc., one of the world's largest car-wash chains. Founded in 1965, he has successful transitioned the business to his two sons. And we can personally attest that Scrub-A-Dub is one of the best consumer products marketing companies we have ever seen! And we have seen many.

SUSTAINING THE FAMILY BUSINESS is a "How I Did It" book plus an integration of published research plus an integration with other family businesses around the country.

Topics include: Creating a Family Culture, Managing Family Conflict, Developing Tax Strategies, Developing Estate Strategies, When Selling Makes Sense, Navigating a Successful Sale.

For those of who serve on Boards of family businesses, Paisner speaks positively about the use of true outsiders to serve on his Board of Advisors, how he selected them, and how he compensated them.

He has a section on what actions to take when spouses' perceive that their mates are being unfairly treated. Such perceptions can poison both the business atmosphere and the family atmosphere. Paisner has a cogent prescription for what those steps ought to be.

I cried....
I have only read half of this book. It had me in tears because it was all so familiar, so true.

I was contracted to restructure a family business and ultimately, to sell it's assets. My job went onto organize the distribution of the cash and to keep every one happy. Easy, eh? Fat chance! When I started reading this book it was like he - Marshall Paisner - had been watching my every move. Absolutely spot on.

I read upto a point where he was going to be predicting my future and I just didn't want to know what was in store! I closed the book, put it down, closed my eyes and breathed deeply for a little while. Well, until the the sweats stopped anyway.

It's all here. Blood lines, arguments between dependants spouses, ego's, emotional drivers, dysfuctional family members, sibling rivalry, 'my parents wealth is my disposable income' - you name it, he's got it covered. So much to look forward to!

I would recommend this book to anyone who is about to join or deal with a family business because it lays it on the line. Plain and simple. It's not all bad news though, we also get shown all the high spots and benefits too - there is nothing more satisfying than a well run family business.

Read it and learn. Or weep. Whatever.

I bought 500 copies.... What more do I need to say?
This book really gets at the heart of the issues that surround the succession of a family business. I was so impressed that I bought 500 copies to give to my clients and their personal advisors. What more do I need to say?