Resource List for Successor Development
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1 Resource List for Successor Development American Management Association. A wide range of one-day seminars on finance, marketing, management, sales, and training for executives of companies with 20 to 250 employees, as well as a monthly publication, Small Business Reports. Contact: Marlene Sholod, Director, Programs for Growing Companies, American Management Association, 1601 Broadway, New York, NY (212) Babson College. Undergraduate and graduate courses in entrepreneurship and family business management, as well as a three-day residential program for owner-managers and other executives in small and growing businesses. Contact: The Arthur M. Blank Center for Entrepreneurial Studies, Babson College, Babson Park, MA (781) Canadian Association of Family Enterprise. Sponsors forums, workshops, social events, and Personal Advisory Groups of 10 to 12 executives from non-competing companies to meet and share experiences and ideas. Contact: CAFE National, 1388 C Cornwall Road, Oakville, Ontario, L6J 7W5. (866)
2 82 RESOURCE LIST FOR SUCCESSOR DEVELOPMENT Center for Creative Leadership. A wide range of training programs, seminars, and workshops at four locations, including leadership and management development, effecting change, creativity, organizational skills, working with others, and promoting teamwork. Contact: Client Relations, Center for Creative Leadership, 5000 Laurinda Drive, P.O. Box 26300, Greensboro, NC (336) Dale Carnegie & Associates Inc. Courses on self-motivation, sales, customer relations, employee development, management, executive image, and professional development. Contact: Dale Carnegie & Associates Inc., 1475 Franklin Ave., Garden City, NY (516) The Family Business Advisor. A monthly newsletter on successful business management, family relations, and asset protection. Contact: The Family Business Advisor, P.O. Box 4356, Marietta, GA (800) Harvard University. Offers owner-managers of companies with $3 million to $100 million sales a series of management courses, including case studies, in three three-week units, usually completed in three consecutive years. Contact: Owner/ President Management Program, Soldiers Field Glass Hall, Harvard Business School, Boston, MA (617) Kennesaw State College Cox Family Enterprise Center. Its Family Business Academy is a periodic, week-long program on family business management devoted specifically to helping successors become successful leaders. Its Family Business Forum is
3 RESOURCE LIST FOR SUCCESSOR DEVELOPMENT 83 a membership group for family firms offering quarterly seminars, a newsletter, and other services. Contact: Kennesaw State University, Coles College of Business, Cox Family Enterprise Center, P.O. Box 444, Marietta, GA (770) Loyola University Chicago. Meetings and small group forums especially for successors, among other programs for the entire family. A membership organization for family-owned Chicagoregion firms with at least 200 employees. Contact: Family Business Center, Loyola University Chicago, 1 E. Pearson, Suite 314, Chicago, IL (312) centers/fbc/. Oregon State University. Workshops, retreats, and educational materials on all aspects of family business management. Contact: Austin Family Business Program, College of Business, Oregon State University, Bexall Hall 201, Corvallis, OR (541) Outward Bound. Personal and professional development through challenging adventure-based programs that cultivate self-respect, compassion for others, and concern for the environment. Custom-designed management training programs available. Contact: Outward Bound USA, 100 Mystery Point Road, Garrison, NY (845) or (800) Toastmasters International. Programs to help participants overcome the fear of public speaking by giving impromptu speeches to small groups. Training materials and other support provided. Contact: Toastmasters International, Arroyo
4 84 RESOURCE LIST FOR SUCCESSOR DEVELOPMENT Vista Rancho, Santa Margarita, CA (949) University of Pennsylvania. Seminars in executive education, as well as the Wharton Family Business Network program, which draws family business owners and managers for two-day management sessions four times a year. Contact: Sol C. Snider Entrepreneurial Research Center, The Wharton School, University of Pennsylvania, 426 Vance Hall, 3733 Spruce St., Philadelphia, PA (215) University of Southern California. Graduate and undergraduate courses in entrepreneurship, including entrepreneurial management, writing a business plan, and understanding the business. Contact: The Entrepreneurship Program, University of Southern California, Bridge Hall, Room 6, Los Angeles, CA (213) Vistage. An invitation-only association of business owners, presidents, and CEOs of companies ranging from $2 million to $1 billion in sales who meet to discuss business problems, exchange ideas, hear speakers, and suggest solutions to each other s problems. Contact: Membership Coordinator, Vistage International Corporate Headquarters, El Camino Real, Suite 400, San Diego, CA (800) Yale University. Offers programs in leadership, decision making, conflict resolution, interpersonal communications, and understanding management issues in the context of a global economy. Contact: Program Coordinator, Executive Education Office, Yale School of Management, 135 Prospect St., Box , New Haven, CT (203)
5 RESOURCE LIST FOR SUCCESSOR DEVELOPMENT 85 Young Presidents Organization. Groups of company presidents meet to share ideas and information. New members must be under 44 years of age and must have become president of their business before the age of 40. Members graduate at the age of 50. Contact: General Offices, Young Presidents Organization, 600 East Las Colinas Blvd., Suite 1000, Irving, TX (972) For Other Programs for Family Businesses: Contact Family Firm Institute, 200 Lincoln Street, Suite 201, Boston, MA (617)
6 Index Acceptance, earning, 75 Accountability, 10, 73 Accountants, 27 Acquisitions, 27, 41 Advisors, 31. See also Directors Anheuser-Busch Companies, Inc., 71 Aptitude testing, 25 Attitudes, 5, 22 development of, 5, 9, 11 Attorneys, 27 Authority, 37 Barach, Jeffrey A., 17, 38 Benchmarking, 35 ben Shea, Noah, 1 Bissell, John M., 55 Bissell, Inc., 55 Bleke & Boyd, P.C., 11 Board committee, 30 Board meetings, 34 Board of directors, outside, 25, 27, 31. See also Directors Boss, 26, 28 Bridge manager, 50 Budget duties, 38 Busch III, August, 71 Busch IV, August, 71 Business, rate of change in, 2 Business ceremonies, 34 Business credentials, earning, 14, 38 Business culture, 3, 19, 25, 33 34, 53 54, 69 capitalizing on, Business development stage, 6, Business history, 6, 13, Business leaders, growth and maturation of, 5 Business leadership skills, Business owners, attitudes of, 16, Business processes, 22, 34 Business strategy, 2, 33 34, revitalizing, 56 58, 70 Business traditions, 3, 54 Business Week, 71 Campbell, Joseph, 3 Career planning, 4, 59 progression, Change, importance of, accomplishing, strategic, Childhood experiences, Civic activities, 14, 34, 73
7 88 INDEX Clients, 27 Coach, 25 Coaching, 25, 32, 63 techniques for parents, 63 College, purpose of, See also Education, importance of Communication, 48, 57, 59, 70 Community leadership roles, 23, 66 Community organizations, 75 Compensation, 31 Complementary skills, developing, 26 Consultants, 63 organizational, 33 Corporate Messiah, 62 Corporate slogans, 56 Cousins, 27 Credibility, earning, 75 Customers, 22, 27, 66 Dale Carnegie courses, 44 Danco, Dr. Leon, 65 Decision making, shared, 40 Decisions, 14, Desires, conflicting, 64 Developmental experiences, Developmental resources, 22 Differences, negotiating, 48 Directors, 27, 31, 35, 43. See also Board of directors, outside Divestitures, 27 Education, importance of, 12 13, 75 Educational disciplines, 12 Empathy, developing, 14 Employee development program, 60 Employees, 5, 15, 27, 66, 76 non-family, 60 relationships with, 5, 15 Entrepreneurs, 2, 21, 51, 53, attitudes, 16 challenges to, 61 personality, 62 Entry into the business, 5, 11, considerations before, 17 participation policies for, 15, 17 Entry-level positions, 17, 40 creating, 40 Evers, Ande, 14 Evers, Tom, 14 Executive committee, 49 Expectations, shaping, Experience, outside, 5, substitutes for, Failure, 23 Family business commitment to, 16, 22 programs, 25 selling, 51 seminars, 25 Family Business Sourcebook, 17 Family Business Succession: The Final Test of Greatness, 4, 7 Family environment, 11 Family meetings, 60 Family Meetings: How to Build a Stronger Family & a Stronger Business, 60 Family relationships, 15 16, 59 60, 74 Federal Express, 35 Fiduciary responsibility, 78 Financial transactions, 27 Founders, 3, 47, 64, 74. See also Entrepreneurs conflicts in, 73 personal issues, Goals, 22, 26, 31, 62 measuring, 26 setting, 22 Guiding, 61 Heroes, creating, 3, 78 Hess, Donald, 10 Home environment, 10
8 INDEX 89 Identity, developing, Independence, 75, 76 Industry associations, Industry contacts, 24 Industry futurists, 35 Industry seminars, 34, 43 Industry trends, knowledge of, 22 Initiative, 22, 71 Innovations, 38 Jacob the Baker: Gentle Wisdom for a Complicated World, 1 Job offer, formal, 16 Job positions, 17 creating, 40 Journal of Small Business Management, 17, 38 Lansberg, Ivan, 38 Leadership development stage, 5 7, 27, Leadership skills, 12, 22, Learning, importance of, 77 Learning opportunities, 24 Legitimacy, earning, Letting go, 62 Levinson, Harry, 65 Limits, setting, Lipke, Dr. Ken, 18 Listening, 61 Management abilities, 12 criteria, philosophy, quality, 40 team, 39, 48 Managers, non-family, 50, 51 Mentors, 22, 25, 28, 30, 35, 63, 75 Mission, shared, 53 Mistakes, learning from, 12 Multiple jobs, holding, New venture, New York Times, 66, 78 New York Times Company, 10, 39, 66 Non-family manager, 50 Non-family successor candidates, 52 Objectivity, maintaining, 44 O Toole, Patricia, 62 Outside activities, Outside directors. See Directors Outside review, 22 Outside work experience, 5, 13 14, 75 substitutes for, Parents, 9 13, 26, 28, 32, 62 63, 65, 67, 69, 73 Parisian, 10 Participation policies, 15 Pay standards, 15 Peer groups, 22, 75 Peers, 27, 34 People skills, 76 Performance appraisals, 63 Performance standards, 15 Personal development plan, 5, 14, 22, 51, 63 paths, 51 writing, 25 Personality, entrepreneurial, 62 Personal responsibility, 22 Power, 37 Professional advisors, 27, 28 Professional group activities, 14 Profit center, creating, Profit center responsibility, 22 Profit-loss responsibility, 27 Promotions, criteria for, 38 Psychological groundwork, 11 Psychologists, 11 industrial, organizational, 65 Purchasing responsibilities, 27
9 90 INDEX Relationships, 9 Responsibility, 22, 76 increasing, 38 view of, 11 Retirement, 9 Role models, 24 Selection criteria, 48 Self-assurance, 76 Self-knowledge, 75 Self-reliance, developing, Shareholder communications, 31 Shareholders, 55, 57, 66, 78 inactive, 59 Siblings, Skill development, 75 Staff assignments, 65 Staff positions, 40 Stewardship, 22, 76 Strategic planning, 22, 34, 56 Strategic vision, 58 Successor/business needs, balancing, Successor-development programs, 3 4, 5 benefits of, 3 4 stages of, 5 7 suggestions, 65 team-building skills in, 7 trade-offs, Successors, 3, 5, 6, 9 challenges to, 2, definition of, 5 developmental years, 4 5 dilemmas, 73 frustrations, 13 growth and maturation of, 5 7 multiple, 7, 40 41, non-family, 52 preparation, 9 recruiting, 39 roles, selection, 4, 7 strengths, play to, 44 teams of, 4 weaknesses, working on, 44 Sulzberger family, 10 Sulzberger Jr., Arthur Ochs, 39, 66 Sulzberger Sr., Arthur Ochs, 66 Supervisors, 27 developing skills, 37 Suppliers, 66 Task forces, opportunities, 45 responsibility, 45 Teaching, art of, 62 Team approach, 4, 47 Team building, 39 Team leader, 77 Teamwork, building, 28, Toastmasters Club, 44 Trade association activities, 14 Tradition, preserving, 54 Transition, 40 stage, 7 Travel, Values, 9, 23, 34, 54, 70 Vision, 22, 70, 77 Vistage, 75 Work experience, outside, 5, 13 14, 75 Work habits, 9, 10 Xerox, 35 Yale University, 38 Young Presidents Organization, 75
10 The Authors Craig E. Aronoff is Co-founder, Principal Consultant, and Chairman of the Board of the Family Business Consulting Group, Inc.; Founder of the Cox Family Enterprise Center; and current Professor Emeritus at Kennesaw State University. He invented and implemented the membership-based, professional-serviceprovider-sponsored Family Business Forum, which has served as a model of family business education for universities world-wide. John L. Ward is Co-founder of the Family Business Consulting Group, Inc. He is Clinical Professor at the Kellogg School of Management and teaches strategic management, business leadership, and family enterprise continuity.
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