Description
Book SynopsisCrossroads of Family Businesses in China: Succession and Transformation studies the intergenerational succession in family-owned businesses, specifically in the Chinese mainland. With the succession of family businesses over time, transformation is required as it needs to correspond to the world's development to successfully sustain the company. There is a multitude of factors that play their roles accordingly to perform a prosperous accession.Hence, this book highlights common issues such as the challenges for both succession and transformation of the company, the interest of the second generation, introducing the second generation to the business before fully passing on, family culture and morale, the distinction between wealth inheritance and business succession, the unorthodox tradition of mother-to-daughter succession and opening management to professionals. These topics are substantiated by case studies of Chinese family businesses, such as Neoglory Group, Midea, Red Collar, Fotile and even more. The book offers theories, practices and models for strategic transformations during succession.Readers will be able to enjoy insights into a critical evaluation of the intersection between succession and transformation. They will also discover how the different methods of succession utilized by real-life Chinese family-owned businesses affect the businesses' performance. This book will be their first step in constructing a thought on this topic, while indulging in an incredible learning experience.
Trade Review"With numerous research and original cases studies, this book explains business essentials in simple terms, uncovers the mystery of Chinese family business inheritance and conducts targeted studies in a systematic manner. It offers valuable lessons, experience and best practice for businesses to learn. Using (Man) as a mirror, one understands one's errors or failures. Using history as a mirror, one knows of its rise or fall. Using this book as a mirror, one knows when to advance or retreat."; Chan Yue Kwong; Former Chairman of Cafe de Coral; Chairman of Hong Kong Management Association; Honorary Chairman of the Legacy Academy Institution; "How to promote business transformation with inheritance of wealth, career and entrepreneurial spirit? How to eliminate obstacles of inheritance with successful transformation? This book not only provides a concise and powerful analysis framework to help family businesses recognize themselves, but helps two generations find the right direction with in-depth analysis of typical cases."; Chen Ling; Associate Dean; Professor and Doctoral Supervisor; School of Management; Zhejiang University; "This book offers a unique perspective and interprets the connection between family inheritance and corporate transformation. It demonstrates elements that lead to the '3Ts' of successful family inheritance, namely Trust, Talent and Technology."; Annie Koh; Vice President of Business Development; Professor of Finance Practice and Academic Director of Family Business School; Singapore Management University; "This book is one of the few books worth recommending in the field of Chinese family business. It has both theoretical framework and a practical point of view. The book employs rich and vivid stories to discuss transformation and inheritance of family businesses."; Allen Cai Hongqing; Founder of Taiwan Institute of Directors;
Table of ContentsChallenges to Family Business; Richness Stands for Willfulness? — Why Does the "Wealthy Second Generation" Prefer Financial Investment Industry?; "Family Culture": The Evergreen Cornerstone of Family Business; "1.5 Generation" Entrepreneurial Succession; Common Agreement of Xu Family; Family Fortune: Dividing the Family and Assets; From "De-familization" to "Building a Family-based Culture"; Family CEO or Professional CEO?; Succession of Professional Managers; Mother-to-daughter Inheritance in Boosting Brand Internationalization; Daughter Succeeds Father as the Pioneer of Strategic Transition; When Succession Meets with Transformation; Still on the Way;
