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valuation measuring and managing
Managing The Family Business Theory And Practice 1st Edition Thomas Zellweger - Solutions
=+Develop a familiness profi le for your fi rm (for an example, see Figure 6.9).
=+3. How does the family impact these resources: positively, neutrally or negatively?
=+2. What are the resources needed to achieve this goal?
=+1. What is the central strategic goal of the fi rm?
=+Can we partner with or acquire new resources?
=+ What obstacles do we face?
=+z How can we overcome negative familiness?
=+ What are the obstacles along the way?
=+ What strategies can we use to turn positive familiness into a competitive advantage?
=+z How can we exploit positive familiness?
=+ Where do we have positive, neutral and negative familiness?
=+z How does the family impact these resources?
=+z What are the critical resources in our firm now and in the future?
=+6. Would you buy Ford stock?
=+5. Overall, is the Ford family’s control a curse or a blessing for the firm?
=+4. What are the advantages and disadvantages of the Ford family’s control?
=+3. How should the various agency problems impact Ford’s performance?
=+2. What agency problems do you recognize?
=+1. How does the Ford family control and influence the firm?
=+z What family and ownership governance mechanisms should we put in place to align the interests of all family owners?
=+z What are the obstacles against concerted action and what are the viewpoints of family blockholders?
=+z How aligned are the interests and views of different family blockholders?
=+z What are the eventual pros and short-term and long-term cons of extracting private benefits of control?
=+z Are they acceptable in light of the success of the firm, the size of the firm and in comparison to competitors?
=+z What is the type and level of private benefits of control we extract from the firm?
=+z Does the family use its power for the benefit of all shareholders and other stakeholders, or just to enrich itself?
=+z How do we avoid excessive risk taking by managers?
=+z How do we incentivize our managers?
=+z As owners, do we have the necessary skills to assess strategic decisions in the firm?
=+z As owners, are we in the position to challenge the views of the management and to dismiss unsatisfactory managers?
=+z Do we have access to all information about the firm?
=+z How tight is the control of the family over the firm?
=+z How do we make sure that our firm is seen as a great place to work?
=+z How do we make sure that managers can have a career in our firm?
=+z Do we keep our promises vis-à-vis our employees?
=+z Do we run our firm applying professional management practices?
=+z Do we have to put in place some sort of monitoring and incentive scheme(e.g., performance-based pay, stock ownership plan) for family members working in the firm?
=+z Do we appoint managers really based on their capabilities or based on family ties?
=+z Are parents free riding on the goodwill of children?
=+z Are children free riding on the goodwill of parents?
=+it undermine the professional working relationship between family members engaged in the firm?
=+z While altruism is an important aspect of familial relationships, does
=+z Is there a trusting atmosphere that ensures that the interests of family members in ownership and management will be aligned?
=+3. What organizational processes drive family firm performance? (process perspective).
=+2. Under what conditions is family influence good for firm performance?(contingency perspective).
=+1. To what degree is family influence good for firm performance? (degree perspective).
=+Please lay out a process model about how you would work with the family toward completing the charter.And what are the issues to be addressed in the charter?
=+12. A business-owning family with multiple members owning a small portfolio of companies and assets approaches you because of your expertise in family governance. You are asked to advise the family in developing a family charter. How would you approach the task?
=+11. Please describe the typical content of a family charter.
=+10. What is the overarching goal of setting up a family charter?
=+up a share compensation scheme for the nonfamily top managers. As a family owner, what advantages and disadvantages do you see in this proposal?
=+9. Over the last few years, Miller Ltd., a private manufacturing company, has grown significantly.The nonfamily CEO and CFO approach the family owners regarding the possibility of setting
=+8. What are the pros and cons of placing family wealth in a trust or foundation?
=+7. Should in-laws be included in ownership, or should they be excluded? Why?
=+6. What are the advantages and disadvantages for next-generation family members when entering the family business at the shop floor, and what are the advantages and disadvantages of entering in a top management position?
=+the opportunity to appoint one person to the board. What are the potential advantages and disadvantages of this structure?
=+5. Some family firms apply a branch structure to their decision making. For instance, when selecting family members for the board of directors, they give each branch of the family tree
=+ 4. Provide an example of how family governance problems may trickle down to the ownership level and finally impact the managerial level.
=+3. Explain the dynamic evolution of governance regulations in a family firm that moves successively through the following stages of corporate governance: owner-manager, sibling partnership, cousin consortium and, finally, family enterprise.
=+2. What are the central domains of family, ownership, corporate and wealth governance?
=+1. What are the four typical agency problems in family firms?
=+3. Under which legal and cultural conditions might such a family seed fund be particularly successful?
=+2. Why is the seed fund not directly monitored by the family council?
=+1. What are the pros and cons of setting up such a seed fund?
=+4. How should the family organize the process of building a better governance structure to ensure that the outcome is supported by the family shareholders involved?
=+3. What governance bodies are needed, and what should their respective responsibilities be?
=+what are the advantages and disadvantages of the proposed solutions?
=+2. What is your advice concerning the election of the CEO? Who should become CEO, and
=+what do you think of the two camps’ suggestions?
=+1. What should the election process of the supervisory board look like? More specifically,
=+3. How does the Jacobs family try to counter owner-manager and double-agency costs that might arise from this complex asset and family structure?
=+2. How does the governance structure mitigate the potential for diverging interests within the family?
=+What are the respective roles of the various boards/organizational entities in the organizational chart?
=+1. How does the Jacobs family keep control over its assets?
=+6. Looking at U-Haul today: how does the family control the firm today?
=+5. What elements of this extreme case can be observed in other business families?
=+4. What could have been done to avoid the conflict?
=+3. What type of agency problems do you recognize in this case?
=+2. How does the family conflict impact the firm?
=+1. What is the underlying reason for the family conflict about the control of the firm?
=+z Is there something like a family internal capital market and, if yes, how is it organized?
=+z Can a trust hold stock for the benefit of the family or others?
=+z What happens with children from first and second marriages regarding ownership?
=+z What is the base percentage that the family as a whole should own?
=+z What is the base percentage that the CEO should own?
=+z Can nonfamily managers own stock?
=+z Can in-laws be owners?
=+z Must family members meet certain requirements to be owners?
=+z When and how do family members become owners?
=+z Why might the individual be willing to become a board member? Ideally, he or she should not be motivated primarily by money or status.
=+z Is the individual knowledgeable about the family’s dynamics and the challenges of the business?
=+z Does the individual have the necessary managerial skillset?
=+z Can the individual communicate with managers on equal footing?
=+z Does the individual have the skills, knowledge and time to do the board job?
=+11. Why is a shared identity and strong family cohesion not always beneficial for business families and their firms?
=+10. What do we mean when we say that family firms have ‘bivalent’ attributes?
=+9. Name some attributes, decision-making criteria and norms usually attributed to the family that might be beneficial for the firm. In what ways are they advantageous?
=+8. In what ways are family and business logics opposed? In what ways are they complementary?
=+7. Some argue that, over time and generations, family orientation (concern for harmony and continuity) overtakes entrepreneurial orientation (concern for innovation and growth). Put differently: family orientation will eventually suffocate entrepreneurial orientation. Do you agree? Why or why
=+6. What does ‘role ambiguity’ mean in the context of family firms? Why is it a typical weakness of family firms?
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