Monday, November 28, 2022
HomePress ReleaseEIN PresswireNew book offers practical tips to help family businesses work together for...

New book offers practical tips to help family businesses work together for success

The Family Business Book

Not a psychology or family science textbook this book is a guide for anyone involved in family businesses. It stimulates thoughts and provides guidelines.

The best gift family business members could give each other… it may save relationships and millions in legal fees.”

— John Saunders – GP & CEO of Fleishman Hillard Inc.

CORK, IRELAND, February 3, 2022 / — Practical tips to help family businesses work together for success

There are over 160,700 family businesses in Ireland, which makes up 64% of all businesses, in addition, there are 137,000 farms in Ireland 99.7% of which are family farms. Many of these businesses have been affected by lockdowns and changes in their business practices which may have thrown the worlds of business and family into conflict. To help these businesses in navigating the challenges ahead family business advisor, Paul Keogh, has published, The Family Business Book: Practical tips to help family and business work well together. Paul advised, ‘there are many books written on how to run a family business, however, I have always felt that they don’t give consideration to issues that arise in the family and the family dynamics.’

Paul believes that his book is a uniquely accessible and engaging insider look at how family businesses work. That it will empower owners, employees and family members with expert tips, guidance, and advice so their businesses can survive, thrive, prosper, and grow long into the future. The Family Business Book: Practical tips to help family and business work well together, is not a psychology or family science textbook. It is intended as a guide for anyone involved in family businesses. Its aim is to stimulate thought on family issues rather than business issues and to give some guidelines on how to approach everyday situations that arise in family businesses from a people perspective.

The book takes you through the life cycle of a family business, starting with the founder stage, then through to the crucial stage when family members join the business and on through next generations. Many family businesses don’t last past the third generation. Only a small percentage of all family businesses get to the fourth generation and beyond. In general, success for a family business is determined by issues within the family unit rather than business issues. Key to understanding success and priorities is to ask: are decisions made based on what is right for the business or are decisions made on what is best for the family? It also looks at family dynamics and some of the issues that arise in families that will ultimately affect the success or otherwise of a family business. Family conflicts are inevitable. How conflict gets resolved is the differentiator and effective communication in the family is the key.

Combining family and business is a complex process. Families are complex in themselves, and no two families are the same. Each one has its own idiosyncrasies shaped by history, personalities, and relationships – family dynamics are a key ingredient in the likely success of a family business. Business is similarly complex and full of challenges – they are different to the complexity and challenges in the family environment. Families need to talk about the implications of being a family running a family business. If it is planned properly, a family business has many advantages over non-family ones. If you get it wrong, a badly structured family business can ruin the family or the business or both.

Drawing on Paul Keogh’s expertise and decades of work with family businesses of all sizes this book will help business owners, family members and employees feel informed and equipped to make the right decisions and navigate the difficulties, successes, and disappointments.

Published by SRA Books, The Family Business Book: Practical tips to help family and business work well together, is available on and from 03 February 2022. ISBN 9781912300587 RRP £14.99

– ends

Notes to Editor

For additional information, request a reading copy or arrange an interview with the author please contact, Deirdre Roberts, 00353 87 2633011

Suggested media angles

● Of the 2.4 million people employed in Ireland – 1.2 million people are employed in family businesses – 50% of the total workforce in Ireland. In comparison, there are 257,000 people employed in the multinational sector (foreign direct investment FTI) -11% of the total workforce.

● Juggling the demands of work and family.

● Handling conflict and intricate dynamics.

● Putting effective communication first.

● Building clear structures and governance.

● Making critical decisions and managing change – in the family and the business!

● Talking about money and planning succession.

● Expert and real-world – Paul Keogh is an expert in his field who has worked in, with and alongside family businesses for decades.

● Meeting needs – Many family business owners are reticent about seeking help and advice outside the family network.

● Future-focused – The potential for family businesses to fail after the second generation is of huge concern to owners. The book helps mitigate these worries, supporting in developing longer-term strategies that will maximise survival into the 3rd generation and beyond.

● Family members joining a business that do not have either the right experience or qualifications, which creates tensions within the business.

About the author

Paul Keogh has worked in senior management positions for many prominent international and entrepreneurial business-owning families, in a diverse range of industries from alcoholic beverages, the music business, construction equipment, and property development. Paul now puts his vast knowledge, experience, and expertise to use advising family businesses, alongside his role as a popular keynote speaker at conferences and business events where he speaks about the unique challenges faced by families in business.

Deirdre Roberts
Deirdre Roberts
+353 87 263 3011
email us here
Visit us on social media:

Source link


Most Popular