Family Business By Ernesto Poza

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Family businesses, also known as family-owned or family-controlled firms, are omnipresent. How influential are they? They make up an enormous part of the economy in the United States, which include around 70% of incorporated businesses and account for 49% of US GDP, thus Family businesses are a primary engine of economic growth and vitality. As a summary based on understanding of the contents learned from class, family businesses basically obtain several features, which are competitive advantages, a central family “dream” or values and mission, heritage continuity or longevity, strategically management, emotion-based family unity.
The book I read is Family business authored by Ernesto Poza. It is a comprehensive book on various statistics, research, theory and real-life cases. The book is separated and organized into three parts. In Part 1, the author indicates the significance of family business from the economics point of view by listing tons of statistics, defining the uniqueness and pointing out the advantages and challenges of a family business. In Part 2, the author highlights the importance of performance and capability of next generation on leadership imperative and business continuity building. He also explains the CEO as the architect of governance in the strategic planning process that leads to succession. In Part 3, the author emphasizes the best practices for managing family business with a range from creating the strategy, planning the estate to define the

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