J. Richard Emens and Beatrice E. Wolper, husband and wife and law partners with Chester, Willcox & Saxbe LLP, created the term to “describe the unique entity and dynamics created when family members are connected in a family-owned business.”
The two use the term widely in their new book, “Family Business Basics: The Guide to FamilyBusiness Financial Success,” which explains issues of strategic, succession, estate and long-term planning, as well as the sale of a business. While many of the book’s features — including checklists for executives to evaluate their own companies — could apply to any business owner, Emens and Wolper address the specific issues that arise when family members are involved.
“Some people believe that FamilyBusiness is too confining, too close, because there is little or no space between ‘family’ and ‘business.’ We believe just the opposite,” they write. “It is this very connection that strengthens and fortifies a FamilyBusiness.”
How to reach: AASF Publications, 889-8999; e-mail [email protected]. For more on family business dynamics at work, check out SBN‘s September, October and November 1998 “Family matters” series at www.sbn-online.com. In the search function, select “Columbus” and use “Emens” for the keyword.