Learn what makes a family business unique, and how to develop a business plan that enhances family functionality and helps your business grow and flourish.
- [Narrator] Did you know that only 16% of all family businesses survive to the third generation? This means you have a 16% chance of success and an 84% chance of failure. Some of you may not be surprised, others may be alarmed. Why only 16%? The answer's pretty simple, family businesses are more complicated to manage than other businesses. Why are they more complicated? Because there are special family issues that must be resolved in family businesses.
To help address those issues, you need to develop a family business plan. My name is Eric Flamholtz, I'm Professor Emeritus in the Anderson School of Management at UCLA, and I've received a PHD in management from the university of Michigan. I've been working with family businesses since 1976. I've also worked with companies like Starbucks, Neutrogena and Amgen. I've written a book on building successful family businesses. I created this course to help you increase your chances of having a successful family business to the second, third, fourth, fifth and future generations.
In this course, I will identify the special issues facing every family business, explain why a family business plan is necessary, explain what a family business plan is and how to create it. We've got a lot to cover, so let's get started.
- Recognize the two kinds of family business issues.
- Define values in terms of a family business.
- Identify the six key areas of family dynamics.
- Summarize how to manage a business when the business leader and the family leader is not the same person.
- Recall the steps for creating values for a family business.
- Examine the importance of family business plan objectives.