Product Description
Family businesses epitomize the best of the American Dream: you work hard, you’re your own boss, you leave a lasting legacy to your children — or do you? Statistics show that only 30% of family businesses survive to the second generation, and a paltry 10% survive to the third generation. Family businesses are in trouble, and their survival is crucial to us all. Their success ensures our country’s success — and their failure can drastically affect our economic he… More >>
#1 by Alice Wu on April 8, 2010 - 11:41 pm
Depending upon the health of your family (and family business) most of this book does not really apply. The author also openly states that. However, he does say that it only takes one of the “7 sins” to take down a family business and it does allow for some forewarning of things that should be avoided.
He does cover a lot of ground, including immigrant businesses, a good section on succession of the business, and touches on both small and large family businesses.
I found quite a bit of it to also be his sales pitch, implying that every family business should hire, in the foreground or background, a consultant, a lawyer, an accountant, and possibly a therapist =D
Overall, it’s an okay book covering topics which hopefully most people are aware of and warning you about things you may not be. If you are facing problems, this book may help you either diagnose it yourself or he suggests things to look for in an outsider to help you diagnose it.
Good luck!
Rating: 4 / 5
#2 by Margit Willems Whitaker on April 9, 2010 - 12:13 am
This book is a “healthy” reflection of time bombs unique to a family business. As a coach to family businesses, I can’t stress enough that what can go wrong will go wrong at the time least expected.
The book’s title is somewhat a turn off – in my opinion, these are not sins, but human nature at work – something most people are aware of, but avoid to address – and hope they will magically resolve themselves and go away. Further, there could also be a lack of knowing how to avoid them – or they simply do not apply.
However, I highly recommend the book based on it’s content and for the topics covered. It is an easy read, and bargain investment, to figure out if your family business has committed, or is on the road to committing, one or several of the “seven sins”.
Rating: 5 / 5
#3 by Cynthia A. Farr on April 9, 2010 - 2:40 am
I wish I’d had this book years ago! My husband’s family business was recently in bankruptcy and was bought out by another company. They committed practically all of these “deadly sins”. The information is practical, appliable, and very real life advice. Heed his warnings!
Rating: 5 / 5
#4 by Scott Adams on April 9, 2010 - 3:23 am
This book, in a very neutral way, captures where families can go wrong, in the family business. Must read for all generations, both in and out of the business. Even if things are going great right now, read this book!
Rating: 5 / 5
#5 by Patricia A. Frishkoff on April 9, 2010 - 6:03 am
This is the book that I wish I had written! It covers the REAL relationship issues of family business in the easiest-to-read style of any family business book I’ve seen (and I’ve read lots). Be warned. This author has the audacity to call it like it is — about owners, family, and even about lawyers and other consultants. A lot of the book has a more negative focus, looking at the problems caused by family baggage. Use this part to open serious discussions. But, be sure to stick with it until Part V. Pages 41-43 are a must. In paperback, this is bargain priced. We’re using it as prizes for our Family Business 2000 Conference in May.
Rating: 5 / 5