I only read a short portion of this book before it expired. I did like what I read, but I could not really get a good feel for the book because I only had it for a short period of time.

THE HBR FAMILY BUSINESS HANDBOOK

Several years back, likely around the time he was finishing up an advanced management program there, my dad told me that Harvard had programs for family business owners that I should consider taking in the future.

While I never quite got around to look into it, the suggestion stuck with me because it was...different. A program for family business owners seemed very specific. Why single them out? Certainly, any younger generation taking the reins of a family business could use some structured learning to better equip them (especially if they lack exposure to business itself); but I found it hard to believe that such a thing would merit the attention of the braintrust at Harvard. Besides, I’d always felt that the key to successfully running a family business to make sure that it runs more like a business and less like family.

Fast forward to today and I’ve had the opportunity to read The Harvard Business Review (HBR) Family Business Handbook by authors Josh Baron and Rob Lachenauer. To the extent that it’s a condensed version of what those courses must be like, now I know what I’ve been missing—and have to say that this is a must-have book for anyone working in or carrying on with a family business.

Baron and Lachenauer make excellent work of capturing what sets family businesses apart from those that aren’t owned or run by families. It’s precisely the existence of interfamilial relationships that introduces an added layer of complexity in how businesses are run and what they can achieve. While the authors debunk the common notion that few family businesses survive past the third generation, they rightly point out that business families have extraordinary influence to either create or destroy value in the businesses they own or run. As such, it’s incumbent upon them as well as those who work with or for them to understand the dynamic roles, relationships, and responsibilities in family businesses.

In that sense, I was right: from reading the book, having appropriate governance and corporate structures in place will contribute a lot to a family business’ continuing success. But it turns out that I was also wrong: such governance and structures must coexist with underlying family relationships and therefore can only go so far, more so since not all family members may have a “business” or “corporate” orientation themselves.

In that regard, the HBR Family Business Handbook lives up to its title as a valuable resource for anyone in a family business. Owners will gain useful insight on topics such as how to design/structure a family business, whether or not to recruit younger generations or in-laws to the business, and how to go about succession planning. The book will also put a lot of things into perspective for those who just happen to work with or for someone else’s family business; at the very least, they’ll have a better idea of what to expect.

Whenever I introduce myself at work, I like to quip that I’ve been with the family business all my life. Thus, it goes without saying that there’s a lot about being in a family business that I take for granted. In the HBR Family Business Handbook, Baron and Lachenauer distill that experience to its essential, allowing readers to view the complexities of a family business with fresh eyes.

This handbook is full of insights, practical advice, and comprehensive discussion on how to handle the challenges unique to family businesses. The authors shared their expertise on dealing with family members/owners as well as the non-family leaders.

This book also provided many pieces of wisdom in communicating within the family businesses.

This book is higjly recommended to those who have family businesses as well as those who work for them.

The Harvard Business Review Family Business Handbook by Josh Baron and Rob Lachenauer is the fourth book in an HBR series for business leaders and entrepreneurs. This book helps people navigate the family business relationship through practical guidance and easy to apply frameworks. The addition of real-world stories helps the reader relate to the material in a more synthesized way.

***** I received an ARC from NetGalley, the publisher, and the authors for my honest review. *****