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Managing the Family business At least as able as any non-family member and work at least as hard as Equally simple - inside outsider To staff key position with non-family professionals Full citizenship Entrust the succession decision to an outsider Family managed business is not family It has to be business. Levi Strauss a century and half ago DuPont since 1802 Rothschild the world premier private bank Public own and professionally managed company the courses are about No differences between Survive and prosper At least as able as any non-family member and work at least as hard as. Pay cheaper not to come to work Family members are always Resented by non family co-workers Capable non family people will not stay The left ones are courtiers and toadies Most CEO knows this to be too clever The title is mere formality her mother Everybody knows you are in charge including him You will work directly with me This makes worse Mediocre Authority and responsibilities Intrigues and politicking DuPont way - entitle to an entrance job Five or six years 4- 5 seniors review - eased out Equally simple - No matter how many, how effective - one top job is always filled by an outsider Financial executive or Research head - technical matter Marketing or Personnel Levi's CEO - non family member is COO Stay away example - who never mixed family and business The world's oldest - Mafia - Sicily and US - Godfather The consigliere - the lawyer - the second most powerful - non family member Full citizenship Rothschild - a million dollar - to partnership - Georges Pompidou - Charles de Gaulle The former three is meaningless if - management succession - Business needs and family needs collide Two brothers - many examples - Entrust the succession decision to an outsider - no part of family and business Benjamin Disraeli, the great Tory prime minister, Rothschild in 1880 Don't be too late Faints from Italy Ownership and management The controlling word in family business is not family it has to be business