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End User License Agreement
by Dennis T. Jaffe
Borrowed from Your Grandchildren
Cover
Foreword: Rice Paddy to Rice Paddy
Preface
Long-Lived Business Families
My Journey
The Research Perspective
Overview of the Book
To the Reader
Notes
PART ONE: The Wisdom of Generative Families
CHAPTER 1: Learning from the Best
What Is a Family Enterprise?
Beyond the Fourth Generation
Generative Families: Continual Cross-Generational Value Creation
What My Research Team and I Did
Describing the Families in This Study
Notes
CHAPTER 2: Creating a Great Family
A Great Family Is the Core of Family Enterprise
The Hybrid Family/Business Social System
Sustaining and Renewing Shared Purpose and Values
Family Capital: Fulfilling the Promise of Family Wealth
Two Parallel Organizations of Generative Family Enterprise
Taking Action in Your Own Family Enterprise
Notes
CHAPTER 3: The Social History of Family Dynasties
Prehistory of Extended Family Formation
Asian Origins of Thousand-Year Family Enterprises
Traders and Financiers: Accumulating and Sustaining Vast Family Fortunes
Paternalistic Industrialization: The Company Town
The Gilded Age in the New World
Managerial Capitalism: The Rise of the Modern Corporation and the Eclipse of Family Business
Hidden Champions: Family Business Quietly Enters the Modern Era
“Refamiliazation”: Family Advantages Reemerge in a Wired but Short-Term World
Notes
PART TWO: The Evolution of the Resilient Family Enterprise
CHAPTER 4: The First Four Generations
G1: Legacy of the Wealth Creator
G2: Collaborating Siblings
G3: A Community of Related Households
G4: Business Renewal and Family Reengagement
Large Legacy Companies
Taking Action in Your Own Family Enterprise
Notes
CHAPTER 5: Business Resiliency
Surviving a Crisis
Continual Reinvention
Turning Points: Four Major Transformations of Generative Families
“Diversifying” from Single Business to Portfolio
“Grounding”: Family Offices as Centers for Governance and Family Identity
Taking Action in Your Own Family Enterprise
Notes
CHAPTER 6: The Generative Alliance
Craftsmen and Opportunists: Two Business Success Strategies
The Generative Alliance of Stakeholder Groups and Interconnected Paths
How the Generative Alliance Creates a Distinctive Family Enterprise Culture
Legacy Elements: Long-Term Commitment and Extension of Family Values into the Business
Craftsman Elements: A Disciplined, Professional Business and a Deepening of the Talent Pool
Opportunistic Elements: Professional Family Leaders and Entrepreneurial Focus for Each Generation
Taking Action in Your Own Family Enterprise
Notes
CHAPTER 7: Corporate Social Responsibility
Corporate Mission and Social Values
CSR: Building Block for Sustainable Success and Long-Term Growth
Impact Investing
Impact Investing as a Tool of Next-Generation Engagement
Corporate Foundations
Enriching the Community
Taking Action in Your Own Family Enterprise
Defining Family Impact Vision and Values
Notes
CHAPTER 8: Owners' Mindset
Beyond Self-Interest: Becoming Stewards
Transparency and the Voice of the Family
Designing a Professional Board of Directors
Taking Action in Your Own Family Enterprise
Note
PART THREE: Inside the Family: Family Governance to Create a Great Family
CHAPTER 9: The Family Tribe
Building a Great Family Tribe
Sustaining Legacy Identity
The Family Assembly
Cross-Generational Engagement: Role of Older and Younger Generations
Taking Action in Your Own Family Enterprise
Notes
CHAPTER 10: Governance
The Purpose of Family Governance
What Ignites Shared Family Governance?
Building Blocks of Family Governance
Linking Family and Business/Ownership Governance
Weaving Family and Business Governance
Taking Action in Your Own Family Enterprise
Best Practices for Multigenerational Family Enterprise
Notes
CHAPTER 11: The Family Council: Conducting the Work of the Family
Emergence of the Family Council
Building a Family Council
Organizing the Council
Taking Action in Your Own Family Enterprise
CHAPTER 12: The Family Constitution: Governing Document of the Generative Family
The Constitution Defines Business and Family Culture and Organization
Moral Agreements: Elaborating on Legal Documents
What Does a Constitution Do for a Family?
Elements of the Constitution
Writing the Constitution
Mission and Values: A Call to Action
Code of Conduct: Encouraging Respectful Communication and Behavior
Taking Action in Your Own Family Enterprise
Legacy Letters (or Videos)
Finding the Meaning and Practical Relevance of Legal Documents
Convening a Family “Constitutional Convention”
Notes
PART FOUR: The Rising Generation: Sustaining the Future
CHAPTER 13: Releasing the Potential of the Rising Generation
The Developmental Path of the Young Family Member
Learning About Business and Work
Skills for the Rising Generation
Developing a Positive Work Ethic
Educational Programs
Taking Action in Your Own Family Enterprise
Notes
CHAPTER 14: Family as a Cross-Generational Learning Community
Next Generation Activities
The Rising Generation Is Called to Service to the Family
Taking Action in Your Own Family Enterprise
CHAPTER 15: Family Philanthropy
Service to the Community
The Moral Imperative of Philanthropy
Old Versus New Philanthropy: A More Strategic and Collaborative Approach
Engaging the Next Generation Around Shared Purpose with Moral, Reputational, and Educational Goals
Giving Circles and the Search for Individual Identity Through Philanthropy
Philanthropy as a Shared Family Activity
Taking Action in Your Own Family Enterprise
Notes
CHAPTER 16: Reflections on the Economic and Social Future of Family Enterprise
Global Context for the Future
Family Enterprise as a Safe Refuge from Global Instability and an Opportunity to Make a Difference
Will There Be a Next Generation for Generative Families?
Who Can Learn from This Research?
Taking Action in Your Own Family Enterprise
Note
APPENDIX Tools for Families (and Advisors)
Defining Personal, Family, and Business Values:
Family Enterprise Assessment Tool (FEAT®)
Family Balance Sheet: Measuring Capital of the Family Enterprise
About the Author
Publications and Tools
Current Activities
Previous Activities
Pioneering Work in Values-Based Organizations and Holistic Health
About the Research Team
About Wise Counsel Research Associates
Acknowledgments
Index
End User License Agreement
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