Book Description
Emulating the Success Strategies of Enduring Family Businesses Fidelity, Hallmark, Michelin, and Wal-Mart are renowned industry powerhouses with long leadership track records. Yet these celebrated companies are united by another factor not generally equated with competitive success: They are all family-controlled businesses. While many view the hallmarks of family businesses-stable strategies, clan cultures, and unencumbered family ownership-as weaknesses, Danny Miller and Isabelle Le Breton-Miller argue that it is these very characteristics that create formidable competitive advantages for many such firms. Managing for the Long Run draws from a worldwide study of enduring, family-run organizations-including Cargill, Timken, L.L. Bean, The New York Times, and IKEA-to reveal their unconventional success strategies and how these strategies can be adopted and applied in any organization. Miller and Le Breton-Miller show how four driving passions of family-run firms-command, continuity, community, and connection-give rise to a set of practices that defy modern management thinking yet ensure a company's long term competitive advantage. Outlining how these practices can enhance strategic efforts from operations to brand leadership to innovation, this book shows what every company must do to manage for the long run.
About the Author
Danny Miller is a Professor of Strategy at HEC Montreal and Chair in Family Enterprise & Strategy at the University of Alberta. Isabelle Le Breton-Miller is a human resources consultant and Senior Research Associate at the Center for Entrepreneurship and Family Enterprise at the University of Alberta.
Managing for the Long Run: Lessons in Competitive Advantage from Great Family Businesses FROM THE PUBLISHER
"In Managing for the Long Run, Danny Miller and Isabelle Le Breton-Miller argue that the same attributes that have long been vilified as weaknesses of family businesses - stable strategies, clan cultures, lifetime tenures - have actually created formidable competitive advantages for many of these firms. The authors have identified more than forty large, family-controlled businesses that not only dominated their markets for twenty to one-hundred-plus years but did so by defying most aspects of modern management practice." Based on an in-depth, multiyear research study, Managing for the Long Run draws from the experiences of family-run firms - including Hallmark, Timken, L. L. Bean, the New York Times Company, and IKEA - to reveal four unorthodox business priorities that any firm, family or not, can use to drive successful strategies.
Art & Photography
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