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Type of bind: Hardcover
Dewey Decimal Number: 646.78
EAN num: 9781576600245
ISBN number: 1576600246
Label: Bloomberg Press
Manufacturer: Bloomberg Press
Quantity: 1
Page Count: 315
Printing Date: August 15, 2007
Publishing house: Bloomberg Press
Release Date: July 24, 2007
Sale Popularity Level: 284909
Studio: Bloomberg Press
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Editor's Notes and Comments:
Product Description:
The successor volume--and intellectual prequel--to Family Wealth
Why do some families thrive for generations? What accounts for the sad deterioration that other families experience? This book builds on the now widely accepted practices offered in Hughes's signature work Family Wealth and offers families the professionals who serve them a view of his panoramic insights into what makes families flourish and fail. It lays out the basis for the vision of family governance the author has developed through his work and research. His advice addressed not only what to do but how to think about the complex issues of family goveranance, growth and stability, and the ongoing challenge of nurturing the happiness of each family member.
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Rated by buyers 
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MY RATING SYSTEM:
* - if you have to chose between torture and reading this book, then you might want to consider reading the book - although it depends on just how severe the torture would be.
** - if you've lost your job and have quite a bit of free time on your hands, and don't have anything else better to do, then you might want to consider reading this book; don't expect to learn much or really be entertained. It will however, help you pass the time until your death.
*** - meh...I'm indifferent. Reading this book will not alter your life in any significant way, yet it is not so horrendously dreadful that your taking the time to read it will be a complete waste of time.
**** - Good book to great book zone here. You should probably read this book if you have some spare time. This book could be interesting, entertaining, or informative.
***** - Outstanding book! Make time to read this book - you'll learn or be entertained or intrigued. The book might even be good enough to provide original or helpful insights into the world that we live in.
REVIEW:
In his very first book, Family Wealth, James E. Hughes Jr. very first set out his belief that the goal of business families should be to enhance the human and intellectual capital of the family. While this same theme permeates throughout Family: The Compact..., Hughes' second book takes a much more round-about journey through the ideas and philosophies that contribute to the family dynamic and influence its success. While a great deal of the book contains a survey of philosophical, anthropological, and psychological ideas and how they relate to families in business and how such families can increase their likelihood of seven-generation success, there are some very important ideas that I picked up as I read. Below I'll set out some of the main themes of the book and some other valuable nuggets of wisdom that I took away from it.
Hughes continually references the idea of 'seven-generation thinking' - viewing the family as an entity that will continue to thrive for seven generations - and maintains that families who adopt this mindset and seek to ensure the well-being of the family over the very long run will improve their odds of avoiding falling prey to the 'shirtsleeves-to-shirtsleeves in three generations' proverb.
Another notion that Hughes discusses often is that of a 'family of affinity'. Hughes claims that families should be defined, not by blood only, but rather by certain bonds of affinity, and that excluding those who share those bonds because they don't share blood (think in-laws, spouses, etc.) fails to adopt the philosophy that a family should seek to enhance its human capital. While the issue of in-laws and non-blood family is often a tricky one to deal with in practice, and while Hughes doesn't offer many practical tips on how to deal with the tensions, jealousies and other difficulties that often arise in such situations, I would imagine that he would subscribe to the school of thought which holds that where a set of shared values exists among those individuals, any problems can be resolved. Not everyone needs to have the same goals, but shared values would be immensely influential in achieving a harmonious relationship.
On the issue of individual goals, Hughes highlights one of the most difficult challenges faced by families in business, especially those of the second generation - how to prioritize the goals and dreams of the second generation when they are different from those of the first. Hughes states that family members must assist in the individuation and differentiation of the second generation, and help each member of that generation to achieve his or her own personal dream. In the long run, a family comprised of members that follow their own paths in life is likely to achieve greater happiness and sucess than a family comprised of individuals who are forced or coerced into roles and lives that they would otherwise not choose for themselves. Hughes also mentions that without the emergence of a new dream from the second generation, the very first generation's dream is likely to fizzle out and the enterprise will suffer. His prescription for dealing with the 'new' dreams of the second generation is for the family leadership to recognize those dreams and the conflicts they may present and endeavor to integrate those dreams into the family's vision. As he states, "Unless [the family] incorporates the aspirations of new generations, it cannot attract them."
On the role of the family in the management and ownership of the business, Hughes observes that from his experience, most family businesses fail because of poor ownership, not poor management. Hughes introduces the role of 'steward-conservator' for members of the family, suggesting that all family members be engaged by the responsibility of ownership and ... Read More
Rated by buyers 
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With the increase in financially comfortable, well-to-do, and extremely wealthy families has come a need for literature which prepares heirs to meet the financial, human, and intellectual challenges they face as they work to develop successful, long-lasting families and legacies. Most such families are aware of and want to overcome the well-known "shirtsleeves to shirtsleeves in three generations" syndrome: from broke to broke or from little to little in three generations as family cohesivesness and motivation wane.
While much of the current literature on family sucess and legacy focuses on financial aspects, James E. Hughes concentrates on the human and intellectual issues of successful families, though he does not ignore financial concerns. Not does he limit his advice to the wealthy; all families who want to prepare their future members to develop successful legacies could find much of value in his writings.
His previous book, "Family Wealth: Keeping it in the Family," offered guidelines for conserving family assets by delineating practices, principles, and the roles of experts who can assist with these tasks, concentrating on the jobs of family members as they endeavor to develop a cohesive structure for family preservation and legacy.
This book, "Family: The Compact Among Generations," continues this discussion, but emphasizes designs and schema for family educational programs that help family leaders direct succeeding leaders and generations in their tasks. He believes that the successful family works to help family members fulfill their dreams, visions, goals, and hearts' desires as a means of enriching the expanding family and increasing its worth. He urges members to set up structures that allow this to happen. These suggestions are as specific as providing lists of psychological tests that help family members identify their hearts' desires through determining their intellectual, learning, problem-solving, work, and personality styles. The suggestions are also general enough to suggest different curricula and formats to help the various generations meet their challenges and jobs without restricting their growth.
Hughes is especially helpful to the second generation as it meets its obligations and solves its particular dilemma: keeping alive the dreams of the very first generation without slighting their own dreams and aspirations.
However, Hughes is no Pollyanna-ish softy. He knows that any educational program, no matter how carefully constructed, will never result in all family members happily meeting their potential and increasing family worth without manipulative, dominating, destructive, or self-aggrandizing types showing up. He writes about how to work with these members, too.
Most of the book provides clear, precise, easily read discussions of how to encourage successful family development and long-lasting sucess using the advice and research of historians, spiritual leaders, psychologists, and other experts on family affairs. The book becomes harder to read where Hughes is less sure, where he is still formulating his own concepts and understandings.
Persist. His insights are well worth the effort.
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