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• W289408760 abstract "When your Parents Sign the Paychecks: Finding Career Success Inside or Outside the Family Business by Greg McCann 2007. Indianapolis, IN: JIST Publishing 256 pages, $19.95, Softcover Intended Audience(s): A, B, C, D, F, G, H Major Headings from the Table of Contents: Understanding Your Family Business Issues; Meeting the Lifelong Challenges in a Family Business; Facing the Challenges as a Young Adult in the Family Business; Confronting the Ongoing Challenges in Your Career; Becoming a Professional How Is the Book Most Useful for Its Intended Audience? It is one of the few resources available for the younger generation struggling with life decisions; specifically if/when it is right to enter the family business, and what that means for the future. The Top Five Things You Learned from Reading this Book: More than 80 per cent of all businesses in North America are family businesses. One out of every 10 households owns a business. During the next 20 years, almost all family-owned businesses will lose their primary owner to death or retirement. These losses will lead to the largest intergenerational transfer of wealth in U.S. history. The average CEO of a large publicly traded company stays at the company less than 6 years, but the average CEO of a family business is in charge for 24 years! For the CEOs of family businesses, their positions are not just jobs-they are their lives, identities, and missions. Author's definition of social intelligence: While you are in school, more than 80 per cent of your success is determined by your technical competence, and less than 20 per cent is determined by social intelligence. Beginning the day you graduate, that equation reverses itself. On the job, about 80 per cent of your success is determined by your social intelligence, and only 20 per cent is determined by your technical competence-but no one tells you this! Out of every 100 family businesses started, only 33 or so are still owned by the family in the second generation. Of the family businesses that do make it successfully to the second generation, only 30 per cent of those successfully transition to the third generation. Family businesses tend to fail for two main reasons: lack of planning and lack of preparing. Author's definition of success: Success is having a career that aligns who you are and what you value with the best benefits the market has to offer. When Your Parents Sign the Paychecks is a thorough resource for any students struggling with decision-making about the future. Reading the book is a start, but the real professionals will invest the necessary 20-40 hours to complete the McCann Action Plan for Life Outline (MAP for Life) in the Appendix. McCann has readers work through eight challenges young people face when deciding to enter the family business: Improving social intelligence; Handling wealth and power; Earning credibility; Writing your own script; Planning your career; Including the family business in your education; Gaining marketability; and Getting objective feedback. …" @default.
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