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- Herausgeber: Business Book Summaries
- Kategorie: Lebensstil
- Sprache: Englisch
The must-read summary of Danny Miller and Isabelle Le-Breton-Miller's book: "Managing for the Long Run: Lessons in Competitive Advantage from Great Family Businesses".
This complete summary of the ideas from Danny Miller and Isabelle Le-Breton-Miller's book "Managing for the Long Run" shows how in every systematic study, Family Controlled Businesses (FCBs) have been shown to outperform public companies in terms of revenue growth, market valuation increases, return on assets, return on equity and other factors. However, this is not the result of some kind of magic formula: every company can emulate the FCB strategies and characteristics. In their book, the authors reveal the secrets behind the success of these companies, known as the four Cs: command, continuity, community and connections. This summary explains each of these features and how you can implement them into your own business.
Added-value of this summary:
• Save time
• Understand key concepts
• Expand your knowledge
To learn more, read "Managing for the Long Run" and find out how you can learn from the best family businesses and follow their strategies for success.
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Seitenzahl: 37
Veröffentlichungsjahr: 2014
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Book Presentation: Managing For The Long Run by Danny Miller and Isabelle Le-Breton-Miller
Book Abstract
About the Author
Important Note About This Ebook
Summary of Managing For The Long Run (Danny Miller and Isabelle Le-Breton-Miller)
1. The track record of FCBs
2. The four driving priorities of FCBs
3. The five key strategies FCBs use
Book Presentation: Managing For The Long Run by Danny Miller and Isabelle Le-Breton-Miller
Book Abstract
MAIN IDEA
Prevailing wisdom suggests a family-controlled business (FCB) – a public or private company in which a family holds the largest block of shares and has at least one family member in a key management position – can never be as competitive as a business with professional managers. However, in every systematic study, FCBs have actually been shown to outperform other public companies in every measure imaginable – in revenue growth, market valuation increases, return on assets, return on equity, etc.
So what is it FCBs and their family appointed leaders are doing right? Their success is built on a foundation of “the four C’s”:
Take command – FCB leaders are decisive, speedy and innovative when it comes to running their firms.Ensure continuity – they plan on being there for the long haul, and therefore correctness rather than expediency is stressed.Create a community – where everyone working for the firm is integrated into a close-knit extended family culture.Build connections – FCBs strive to build long-term relationships rather than opting for opportunistic transactions with others.Based on that foundation, FCBs then use one of five specific strategies better than their peers:
Build the brand – Family-controlled businesses create perceptions of their products and services that last generations.Act like a craftsman – FCBs go to great extremes to build quality products they should be and are proud of.Operate efficiently – Great FCBs find original ways to add value more efficiently than all their competitors.Keep innovating – These family-controlled businesses live to push the edge of the envelope outwards.Be a proficient deal maker – FCBs that spot opportunities early and structure deals that put them ahead of everyone else.“The only way to sustain good performance is to act in the long-run interests of the company and all its stakeholders. First, boards and top managers must be motivated to be courageous and farsighted stewards. Second, they need to concentrate on and invest deeply in a substantive, enduring mission. Third, they must assemble a unified, value-driven staff that uses its initiative for the interests of the whole firm. Finally, they must form enduring, win-win relationships with external partners. People may object that in all these respects, great family-controlled business will be difficult to emulate. Patient shareholders are rare, as is family-like trust among top managers and the board. Our recommendations, therefore, may fall on deaf ears. That does not, however, make them any less valid. We know that the path is steep and the difficulties many. But if we look at what these great family businesses have accomplished, the trip seems to be worth it, for owners, employees, clients and partners, and for society as a whole. Maybe the current economic difficulties Americans are facing, as well as the crisis in corporate confidence, will awaken all of us to the weaknesses of the short-term approach and to the promise of a different way.”
– Danny Miller and Isabelle Le-Breton-Miller
About the Author
DANNY MILLER is research professor of strategy at HEC Montreal and research chair in strategy and family enterprise at the University of Alberta. He has published more than 500 articles and written five books including Organizations: A Quantum View, The Neurotic Organization and The Icarus Paradox. Dr. Miller has consulted with major U.S. and Canadian companies for over 20 years.
ISABELLE LE-BRETON-MILLER is a senior research associate at the University of Alberta’s Centre for Entrepreneurship and Family Enterprise. She is also president of her own consulting firm, Organizational Effectiveness Research.
Important Note About This Ebook
This is a summary and not a critique or a review of the book. It does not offer judgment or opinion on the content of the book. This summary may not be organized chapter-wise but is an overview of the main ideas, viewpoints and arguments from the book as a whole. This means that the organization of this summary is not a representation of the book.
Summary of Managing For The Long Run (Danny Miller and Isabelle Le-Breton-Miller)
1. The track record of FCBs
