The Family Business Book: A roadmap for entrepreneurial families to prosper across generations

Alfredo De Massis is a Professor of Entrepreneurship & Family Business who serves as adviser to family enterprises and policy maker, affiliated with IMD Business School (Switzerland) – where he holds the Wild Chair in Family Business, the Free University of Bozen-Bolzano (Italy) – where he leads the Research Cluster in Entrepreneurship, Innovation & Management and serves as the Founding Director of the Centre for Family Business Management, and Lancaster University Management School (UK). He also serves as Chairman of the Board of Zhejiang University's Institute of Family Business and Institute for Entrepreneurs, in China. As one of the leading family business academics globally, Alfredo has been included in Family Capital's list of Top 100 Family Business Influencers in February 2022, for the strong influence of his thought leadership on the global shaping of the family business field.   Emanuela Rondi is Assistant Professor at the University of Bergamo (Italy), she has been working on family business research for more than 10 years. PhD from Lancaster University Management School (UK), with a thesis on the role of family relationships for family firm innovation. Since 2017 she is member of the Centre for Family Business Management of the Free University of Bozen-Bolzano (Italy).

• Developing a strategy for entrepreneurial families to prosper and thrive across generations Creating and managing family firms  Nurturing the family while germinating families Being and growing responsible family owners Managing family wealth and running the family office Engaging the family in philanthropic and other social initiatives Engaging with the Nextgen and handling succession

“Combining the spiritual and entrepreneurial, this book provides a holistic approach to family wealth management and business success, bringing socioemotional wealth issues at the family galaxy level. This is a must read for anyone interested in family businesses and specifically the protection and enhancement of socioemotional wealth in these organizations.” Prof. Luis Gomez-Mejia, Regents' Professor and Weatherup, Overby Chair in Leadership, Arizona State University, US “Written by two leading experts in the family business space, this book is a must-have for any family business owner. The book delves into the intricacies of family dynamics, offering actionable solutions.” Prof. Thomas M. Zellweger, Managing Director of the KMU Institute and the Center for Family Business at the University of St.Gallen, Switzerland “This book superbly blends the practical aspects of running a family enterprise with the “willingness” and “ability” elements that keep the entrepreneurial family at the center of the metaphorical galaxy. The authors describe how the Entrepreneurial Family Galaxy is surrounded by diverse stakeholders that gravitate around it. This innovative book offers a fresh perspective on family firms, prompting me to draw an analogy with Einstein’s General Theory of Relativity. Using this analogy and the insights from this book, I envision the family as a central mass that curves spacetime around it, creating a gravitational pull that attracts potential stakeholders towards the family and its business. The family's central mass slows down time in its favor, fostering the survival and success of the family business across generations. This book is an excellent resource for anyone eager to learn, from a NEW perspective, the secrets that enable entrepreneurial families to create lasting financial and nonfinancial wealth over time.” Prof. Francesco Chirico, Professor of Strategy and Family Business at Macquarie Business School (Australia) & Jonkoping International Business School (Sweden). Co-Director of the Innovation, Strategy & Entrepreneurship (ISE) Research Centre, and Co-Founder of the Australasian Family Enterprise Research Network (AFERN), Australia “In this highly competitive global economy, the business family must be innovative and entrepreneurial to prosper from generation to generation. This book covers the What, How, and Why of entrepreneurial families. While knowing the What and the How is very important, it is understanding the Why that will allow business families to adjust and adapt the many systems and practices to their particular situation. Only rigorous research can give us that reliable understanding. Based on their own and other's research, Professors Rondi and De Massis have written an excellent book to help us gain that understanding. Therefore, I highly recommend the book to business families, family business professionals, and family business scholars who are interested pursuing this direction of research.” Prof. Jess Chua, Faculty & Emeritus Professor of Finance and Family Business Governance at the University of Calgary, Canada; Distinguished Professor of Family Business at the University of Lancaster, UK “The art of family entrepreneurship, especially entrepreneurship that sustains across generations, has always been an enigma for practitioners and scholars alike. This book, written by two esteemed scholars and practitioners who specialize in assisting family businesses, demystifies this enigma through nuanced explanations of the factors contributing to family entrepreneurial success. Covering a wide range of topics from family spirituality to wealth management, this book offers a holistic approach to practicing family entrepreneurship across generations, making it an indispensable resource for any family business.” Prof. Tulsi Jayakumar, Executive Director, Centre for Family Business & Entrepreneurship and Professor of Finance & Economics, S. P. Jain Institute of Management and Research (SPJIMR), India “This book is an invaluable tool for enterprising families that want to build and sustain a holistic family galaxy with the aim of preserving family heritage for generations to come.”  Prof. Peter Vogel, Director of the IMD Global Family Business Center and author of the Family Office Navigator, Switzerland “An essential read for family entrepreneurs and family business students, this book delves into wealth management, next-generation leadership, and the importance of family museums, family foundations, academies and trust companies. If you want to preserve your family’s legacy and enhance your business skills, this comprehensive guide provides invaluable knowledge and strategies for success.” Prof. Massimo Baù, Senior Associate Professor at Jönköping International Business School (JIBS) and Director of the Centre for Family Entrepreneurship and Ownership, Sweden “De Massis and Rondi challenge outdated beliefs as they take you on a trip to the family galaxy. Placing entrepreneurial families at the center of their galaxy model, the authors explain that multiple planets – from family foundations over family firms to family offices – can orbit each galaxy. Effectively discussing common planets' unique characteristics and how to prepare the next generation for living on them, De Massis & Rondi created an insightful masterpiece that is fun to read.” Prof. Peter Jaskiewicz, Family Enterprise Legacy Institute (FELI) Founder and Director; University Research Chair in Enduring Entrepre- neurship, University of Ottawa, Canada “The two global experts offer a deep dive into the family entrepreneurial universe, offering innovative strategies for managing family wealth, family businesses and family cohesion. A must read for any family business owner, manager, student, or professional.” Prof. Adnan Maaloui, Professor of Entrepreneurship, Mohammed Bin Salman College for Business and Entrepreneurship (MBSC), Saudi Arabia “This book masterfully combines the wisdom of family spirituality with practical strategies for wealth management, creating a comprehensive manual for transgenerational family success.” Prof. Cistina Cruz, Professor of Entrepreneurship at IE Business School and Director of the IE Center for Families in Business, Spain “An essential reading for navigating the complex world of family offices, firms, foundations, museums and academies, this book offers expert advice on how to maintain family unity and financial prosperity across generations.” Prof. Kimberly A. Eddleston, Editor-in-Chief of FamilyBusiness.org, Senior Editor of EIX, Schulze Distinguished Professor of Entrepreneurship, D’Amore-McKim School of Business, Northeastern University, and Academic Scholar, Cornell University, US “I'm excited to recommend this outstanding book by two scholars who are true authorities in their field. I've had the privilege of working with them for over a decade, and this book testifies their dedication to nurturing the success of entrepreneurial families around the world. This book is engaging and insightful, a must-read for anyone interested in the dynamics of entrepreneurial families and their networks. I highly recommend it!” Prof. Josip Kotlar, President of the International Family Enterprise Research Academy and Professor of Family Business and Strategy, Polimi Graduate School of Management, Italy “A compelling look at the evolution of entrepreneurial families, filled with research-led practical insights on engaging the nextgen, designing effective governance, building a solid ownership structure, defining a family social impact plan, managing family wealth, dealing with conflict and fostering family cohesion across generations.” Prof. Marleen Dieleman, Peter Lorange Chair in Family Business, IMD Business School, Singapore “By shining a light on the entrepreneurial family and its galaxy of creations, this brilliant book provides practical insights of how to prosper generation after generation. The concept of family creators is particularly intriguing as these individuals design the family galaxy. A must-read for those aspiring for trans-generational longevity.” Prof. Pramodita (Dita) Sharma, University Distinguished Professor and Schlesinger-Grossman Chair of Family Business, Grossman School of Business (GSB), University of Vermont, US “Discover the secret to resilient family empires with this guide that weaves together wealth management, spirituality, and entrepreneurial wisdom.” Prof. Kurt Matzler, Professor of Strategic Management, Co-Author of Open Strategy and Author auf The High Performance Mindset, University of Innsbruck, Austria “With a focus on resilience and evolution, this book provides a new, actionable roadmap for family businesses looking to thrive in an ever-changing economic landscape. The research-based insights offered by the authors are very important for entrepreneurial families in China.” Prof. Ling Chen, Director of the Institute for Entrepreneurs and Professor of Family Business and Business History, Zhejiang University, China “A groundbreaking exploration of family entrepreneurship, this book is a must-read for anyone involved in the intricate dance of family business and wealth management.” Prof. Eric Clinton, Director of the Dublin City University (DCU) National Centre for Family Business “A comprehensive guide to the family firm, the family office, and beyond, this book is essential for families looking to manage their wealth and business with wisdom and foresight.” Prof. Nadine Kammerlander, Chair of Family Business and Director of the Institute of Family Business and Mittelstand, WHU - Otto Beisheim School of Management, Germany “An enlightening journey through the world of family entrepreneurship, this book offers a new lens and practical wisdom on wealth management, family and business governance, and how to foster family prosperity and well-being.” Prof. Gonzalo Gomez-Betancourt, CEO of Legacy & Management Consulting Group and Legacy School of Ownership, Colombia, Latin America “An insightful guide to the family entrepreneurial galaxy, offering valuable lessons on resilience, succession, mechanisms fr legacy building, and the unique dynamics that drive family-run enterprises.” Prof. Miruna Radu-Lefebvre, Professor of Entrepreneurship and Holder of the Chair of Family Entrepreneurship & Society at Audencia School of Management, France “This book offers a novel and unique perspective on the journey undertaken by entrepreneurial families across generations, emphasizing the importance of spirituality and financial and socioemotional wealth for long-term success, and examining the pivotal role played by a number of organizations besides family firms such as family offices, academies, foundations and trusts.” Prof. Winnie Qian Peng, Director Roger King Center for Asian Family Business and Family Office, Director of Education for Hong Kong Family Office Association, and Associate Professor of Business Education, The Hong Kong University of Science and Technology (HKUST), Hong Kong “De Massis and Rondi offer a refreshing perspective by advocating for family members to carve out their unique paths and visions for the family enterprise. This empowering approach, combined with comprehensive insights and practical tools, not only illuminates the path to sustained generational success but also enables families to transform their business legacy into a thriving dynasty.” Ramia M. El Agamy, Editor-in-Chief of Tharawat Magazine and Co-Founder of Women in Family Business, Switzerland “From family office management to fostering next-generation leaders, this book is a must-read for anyone involved in family business dynamics.” Prof. Celina Smith, Professor of Entrepreneurship, EM Lyon, France and visiting Fellow at Imperial College Business School, UK “A vital resource for understanding the complexities of family wealth and business management, blending spirituality and academic rigour with practical advice.” Prof. Elmarie Venter, Director of the Nelson Mandela University Family Business Unit, South Africa “A recommended book for families and their advisors seeking to understand the interdependence of family business and family wealth management, with practical tools on how to preserve wealth and foster growth across generations.” DIFC Family Wealth Centre, Dubai International Financial Centre (DIFC), United Arab Emirates “A definitive guide in the landscape of family entrepreneurship, this book adeptly navigates the complexities of establishing enduring family legacies and the nuances of succession planning. A must-read for those invested in the prosperity of family-run enterprises across generations.” Dr. Feranita, Founding Director of International Family Enterprise Centre, Senior Lecturer, Taylor’s University, Malaysia “This book offers an in-depth look at family dynamics in business, providing new concepts and tools to assist family businesses navigate the challenges they face, such as engaging the next generation, handling the succession process, achieving social impact, and building a resilient family enterprise.” Dr. Martin Kemp, Head of Research, Family Business Research Foundation, UK