Managing For The Long Run: Lessons In Competitive Advantage From Great Family Businesses

Rating:
Summary: Deep Lessons from Successful Family Businesses
Review: This book is amazing. I know of no other book in the management literature as cogent, as provocative or as compelling as this one. No wonder family businesses outperform their publicly-held counterparts. This book challenges not only our prejudices about family businesses, but also they way we manage our own. It shows clearly why these companies have succeeded and grown over decades to become the powerhouses they are now - their competitive advantages are sustainable.

The book defies what we think of as best management practices for public companies. It reminds me of Collins's "Built to Last" and Level 5 leaders. The underlying research is THAT good.

For me, the centerpiece of it all is an elegant matrix that describes how these companies have been able to deliver on 5 core strategies through the advantages long tenure, patient capital, etc. No quick accounting fixes here. Locate your own company within this matrix and the companies they studied will offer new guidance as you make your biggest bets and make your toughest decisions.

I was dumbfounded at how short-sighted and small-minded I had become as a manager. It's not a quick read, but read it. And you will never think in quite the same way about your strategy, your core competencies, your markets, or the way you leverage/steward your current resources.

This book is both sophisticated and practical. My hat is off to Miller and Breton-Miller.