《多维教程熟谙》 Unit2.docx

《多维教程熟谙》 Unit2.docx

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《多维教程熟谙》Unit2

 Text2:

FamilyBusiness:

theNextGeneration

DavidZaudtkeDougAmmerma

Introductions:

InChinese,thereisasayingthatitisbynomeanseasyforaclantoremainitsprosperityoverthreegenerations.Itisnotcommonforaclantoremainaveryhumblesituationoverthreegenerationseither.Assuccessofafamilybusinessseemstobecheckedbymanyfactors.Indifferentgenerations,allthebackgroundleadingtosuccessorfailurewouldchange.Intermsofthesuccessiontoafamilybusiness,successisdecidedbymanyfactors.Theauthorsofthistexthavepointedoutfourfactors.Doyouagreewiththeauthors?

）

1.Americaisinthemidstofoneofthegreatestwealthtransfersinthehistoryofmankind.Overthenext20years,anestimated$15trillioninassetswillbetransferredfromonegenerationtothenext.

2.

Muchofthiswealthtransferwillbeintheformoffamily-ownedbusinesses.Buttheviabilityofmanyofthesetransfersisquestionable.Thefactis,mostwillfail.Typically,onlyoneoutofthreebusinessesissuccessfullytransferredtothesecondgeneration.Survivalofafamilybusinessintothethirdgenerationisarareoccurrence.

3.

Thousandsoffamilybusinesses,someofthehouseholdnames,willdisappearoverthenextdecade.Thesadpartisthatmanyofthemcouldsurvivewithproperplanning.Formany,however,itmayalreadybetoolate.Thepropertimetostartplanningthesuccessionofafamilybusinessisnotone,notthree,notevenfiveyearsahead.Indeed,acomprehensivesuccessionplan,whichincludessophisticatedestateplanningstrategies,generallyrequiresatleasta10-yearhorizontobeproperlystructured.

4.

Whetherlargeorsmall,high-techorlow,publicorprivate,everyfamily-ownedbusinessisdifferent.Butregardlessofhowdiversetheyare,fourkeyelementsmustbeinplacebeforeabusinesscanbesuccessfullypassedfromonegenerationtoanother.

5.

PlanYourSuccessionManagement

Owners/foundersareextremelydrivenanddynamic.Oftentheyexcelatmorethanoneskill.Inmanycases,productionexpertsarealsomarketinggeniusesorskilledfinanciers.Replacingthemmayrequiremorethanoneperson.Therefore,familybusinessownersshoulddetermineexactlyhowthebusinessfunctionsbycreatingorganizationalcharts.Eachkeymemberofthesuccessionprocessshouldcreatehisorherownchart.Thesechartsshouldthenbecompared.Thedifferenceswillpointtogapsinthemanagementstructureandhighlightareasofmisunderstandinganddifferencesinperception.

6.

TakeJudy,forinstance.Judyownsasoftwarecompanyandhasthreechildren---acomputerwhiz,aracecardriveandonewithabusinessdegreebutnointerestinthecompany.Inaddition,Judyhasastrongmanagementteaminplace.Inhercase,sheshouldconsidergivingownershiptochildren,butcontinuingtohavethemanagementteamrunthebusiness.

7.

Findingpeoplefromwithinthefamily,orfromoutside,tofillthosespotsmaynotbeeasy,norhappenovernight.Therefore,itisvitaltodevelopanactionplanandtimetableearlyintheprocessinordertoallowforanorderlytransitionofresponsibilities.

8.

Fewbusinesses,evenfamilybusinesses,growwithoutthehelpofloyalemployees.Moreoftenthannot,theyholdkeypositionsinmanagement.Therefore,youmustkeepyouremployeesinformedaboutlong-rangesuccessionplans.Keymanagersmusthaveaclearpictureofwheretheystandandwhattheirresponsibilitieswillbeinasuccession-managementstructure.Developacompensationandbenefitstructurethatissufficienttoattractandretainkeymanagersaswellastomotivatethemtoperforminthebestinterestsofthebusinessandthefamily.

9.

Thereisalsothematteroftiming.Thechildrenyouhopewilltakeovermaybetooyoungorinexperiencedwhenyouretired.Insuchcases,transitionalmanagementteamsmaybeformedtoprovideinterimmanagementuntilthechildrenareproperlytrainedandseasonedtobeinapositiontomanagethebusinesssuccessfully.

10.

DefineFamilyEmploymentPractices

Establishaclearemploymentpolicyforfamilymembersandsticktoit.Mostparentsbelievetheirchildrenshouldbetreatedequally.Companyexecutives,however,mustbeselectedonability.Selectionshouldbemadeontheneedsofthebusinessratherthanontheneedsofthechildren.

11.

Forexample,Jimownsanelectriccompany.Hetreatshisthreechildrenequally---allthreeworkforthecompanyandreceivethesamesalary.Allthree,however,donotworkequalhours,noraretheyalldedicatedtothebusiness.Insteadofbenefitingfromtheequality,thereisdiscordandresentmentinthecompanybecauseonlyonechildreallyworks.

12.

Parentscanpassontheirlegacytotheirchildrenwithoutnecessarilygivingthemcontrolofacompany.Whenthechildrenarenotsuitedtotakeoverthebusiness-about30percentofthetime-othermethodscanbefoundforthemtoshareinthefamilywealth.

13.

However,ifyoudodeterminethatachildwillcarryonthebusiness,youshouldbesureyourchoiceiscapable.Ensurethatheorshewillreceivetherighteducationandbusinessexperience.

14.

Outsidejobexperienceisextremelyusefulforchildrenwhowillonedayassumecontrol.Workingoutsidethefamilybusinesscangivethemvaluableexperience,exposethemtodifferingmanagementstylesandgivethemtheconfidencetoknowthattheirsuccessesaretheirown.Oftentheywillreceivebettermentoringandmoreopportunitiestotakeresponsibilitythantheywouldinthefamilybusiness.Provingthemselvesoutsidethefamilybusinessalsogiveschildrengreatercredibilitywithemployeeswhentheydoeventuallytakecontrolofthefamilybusiness.

15.

Forthosefamiliesthatinsisttheirchildrenbegintheircareersatthefamilybusiness,childrenshouldstartatthelevelthattheireducationandexperiencejustify-evenifitmeanssweepingfloors,operatingamachineonthefactoryfloor,etc.Theexperiencewillbeinvaluable.Inaddition,workingtheirwayupfromthebottomwillincreasetheirrespectamongemployeesandmanagement.Inourexperience,childrenwhodevelopinthismanneraretwiceaslikelytosucceedthanchildrenwhoassumeunearnedexecutivepositions.

16.EstablishandMaintainFamilyHarmony

Rivalriesandjealousiescanbeextremelytime-consuming,nottomentiondestructive.Oncechildrenhavegrown,marriedandhavechildrenoftheirown,theyareconsideredaseparatefamilywithdifferent-andsometimesconflicting-ideas.Ifthebusinessislargeenough,considerseatinganoutsideboardofdirectorstoensurethattheinterestofthefamilyandbusinessareproperlybalanced.

17.Developafamilybusinessvisiondocumenttomakecertainfamilymembers-aswellasemployees,suppliersandcustomers-understandthefutureofthecompany.Usedfamilycouncilmeetingstocommunicatetoallfamilymembersaboutthecompanyandissuesfacingitnowandinthefuture.

18.Companiesandfamiliesthatcommunicateoften,honestlyandonatimelybasisincreasetheirprobabilityofsurvivingandprospering.

19.PlanYourEstate

Poorestateplanninghasledtothedemiseofmorefamilybusinessesthananyothercause.Inmanyofthesecases,theliquidityneedscausedbyestatetaxesdueonthevalueofthefamilybusinessarefargreaterthanthebusinesscanabsorb.

20.Inmostcases,lifeinsurancemaybeaneffectivewaytocoverestatetaxes.However,thecostoflifeinsuranceforabusinessreinvestingmostofitscapitalingrowingthebusinessusuallymakestheinsuranceanimpracticalsolutionfortheentireestate-taxdilemma.Inmostcases,thereisaneedtoutilizeotherplanningtechniquestominimizeestate-taxcosts.

21.

Thatwasthecaseforagrocerystoreownerwhospentallofhiscapitalonexpandingthebusinessandnotbuyinginsurance.Unfortunately,hediedaftercompletionoftherenovations.Therewasnothinglefttopayestatetaxes,sothefamilyhadtosellthebusiness.

22.

Withthehelpofyouradvisors,findwaystoreduceormanagethetransfertaxes.Again,itisimportanttostarttheprocessasearlyaspossible.

23.

Thesearethefour"must"elements.However,underlyingallofthemisawillingnesstomakedifficultdecisionsanddowhatisbestforthebusinessandthefamily.

24.

Dealingwithsuccessionissuesmaycauseyoudiscomfortorevengreatpain.However,ifnotaddressedearlyinthesuccessionprocess,theseverysameissueswillcomeuplaterwhenitmaybeimpossibletodealwiththem.Remember,yourultimategoalisthesurvivalofthecompanysothatyourchildren,employeesandcommunitycontinuetoderivethebenefitsyourcompanyprovides.

25.

Thebestwaytoassuretheexistenceofthefamilybusinessintofuturegenerationsistodealwithissuesinacomprehensivemannerwellbeforethefinalsuccessionistotakeplace.Fortheoverwhelmingmajorityoffamilybusinesses,thatmeansnow.

 TranslatethefollowingparagraphsintoChinese:

1.Owners/foundersareextremelydrivenanddynamic.||Oftentheyexcelatmorethanoneskill.Inmanycases,productionexpertsarealsomarketinggeniusesorskilledfinanciers.||Replacingthemmayrequiremorethanoneperson.||Therefore,familybusinessownersshoulddetermineexactlyhowthebusinessfunctionsbycreatingorganizationalcharts.||Eachkeymemberofthesuccessionprocessshouldcreatehisorherownchart.Thesechartsshouldthenbecompared.||Thedifferenceswillpointtogapsinthemanagementstructureandhighlightareasofmisunderstandinganddifferencesinperception.

2.Fewbusinesses,evenfamilybusinesses,growwithoutthehelpofloyalemployees.||Moreoftenthannot,theyholdke