Description Family businesses can be found in every sector of the economy, in all shapes and sizes. Regardless of size, however, running a successful family business brings unique challenges which can affect its chances of survival and the transition to the next generation. Irish family firms face increasingly complex issues that affect not only the future of the business, but also those of the proprietor, their family and employees. How does a proprietor reconcile their own and their family’s aspirations with the commercial goals of the firm? Can they motivate family and non-family employees alike? Should they try to solve problems themselves, or should they take independent advice? When should they start addressing and planning for the major issue of succession, and who should they choose? Other key issues include whether to sell, raise external finance, diversify, merge, and bring in more family members or more outside management. Featuring case studies and checklists of key steps to take, this book addresses: the conflict between the more emotional aspects of family life and the objective view required by business management; the critical importance of having a family strategic plan; integrating outside employees and family employees; the value of an independent board of directors; and succession problems and relinquishing control. Kieran McCarthy brings together the key strands of his in-depth understanding of family businesses, across a whole range of issues from the commercial to the emotional.
