Small business management : an entrepreneur's guidebook

목차 (Table of Contents)

• CONTENTS
• PART Ⅰ THE CHALLENGE OF OWNING AND MANAGING A SMALL BUSINESS = 1
• Chapter 1 THE DYNAMIC ROLE OF SMALL BUSINESS = 2
• Profile : Trillium House : A Blue Ridge Mountain Country Inn = 3
• It's an Interesting Time to Be Studying Small Business = 5
• The Number of Small Businesses Is Growing Rapidly = 5
• Small Firms Generate Most New Private Employment = 6
• The Public Favors Small Business = 6
• Interest Growing at High Schools, Colleges, and Universities = 7
• Trend toward Self-Employment = 9
• Entrepreneurship Is Attractive to All Ages = 9
• Defining Small Business-No Easy Task = 10
• What Is Small?
• Distinguishing between Entrepreneurial Ventures and Small Businesses = 11
• Size, Sales, and Employment = 12
• Some Unique Contributions of Small Business = 12
• Encourage Innovation and Flexibility = 13
• Maintain Close Relationships with Customers and Community = 14
• Keep Larger Firms Competitive = 14
• Provide Employees with Comprehensive Learning Experience = 14
• Develop Risk Takers = 15
• Generate New Employment = 15
• Provide Greater Job Satisfaction = 15
• Some Current Problems Facing Small Businesses = 15
• Inadequate Financing = 16
• Inadequate Management = 16
• Burdensome Government Regulations and Paperwork = 16
• Some Current Trends Challenging Small Business Owners = 16
• A More Diverse Work Force = 16
• Empowerment and Team Performance = 17
• Exploding Technology = 18
• Occupational and Industry Shifts = 18
• Global Challenges = 19
• Case 1-1 The Big Wash = 20
• Case 1-2 Sue Thinks of Going into Business = 21
• Chapter 2 OPPORTUNITIES AND CHALLENGES IN SMALL BUSINESS = 22
• Profile : Bob and Mai Gu : Making It in America ! = 23
• Why People Start Small Businesses = 24
• To Satisfy Personal Objectives = 24
• To Achieve Business Objectives = 27
• Need to Mesh Objectives = 28
• Characteristics of Successful Entrepreneurs = 28
• Disire Independence = 29
• Have a Strong Sense of Initiative = 29
• Are Motivated by Personal and Family Considerations = 29
• Expect Quick and Concrete Results = 30
• Are Able to React Quickly = 30
• Are Dedicated to Their Businesses = 30
• Enter Business as Much by Chance as by Design = 30
• What Leads to Success in Managing a Small Business? = 31
• Serving an Adequate and Well-Defined Market = 31
• Acquiring Sufficient Capital = 31
• Recruiting and Using Human Resources Effectively = 31
• Obtaining and Using Timely Information = 32
• Coping with Government Regulations = 32
• Having Expertise in the Field = 32
• Managing Time Effectively = 32
• Doing an Introspective Personal Analysis = 34
• Analyzing Your Values = 34
• Analyzing Your Mental Abilities = 34
• Analyzing Your Attitudes = 34
• Where Are the Opportunities for Small Businesses? = 35
• What Are the Fastest Growing Industries? = 35
• Factors Affecting the Future of an Industry or a Business = 36
• Some Practical Ideas for Small Businesses = 36
• Growing Opportunities for Women and Diverse Ethnic Groups in Small Businesses = 37
• Increasing Opportunities for Women = 38
• Increasing Opportunities for Diverse Ethnic Groups = 39
• Some Areas of Concern for Small Business Owners = 42
• Poorly Planned Growth = 42
• Threat of Failure = 43
• Case 2-1 Judy Jones's Try J. Advertising Agency = 46
• Case 2-2 Victor K. Kiam Ⅱ-How to Succeed as an Entrepreneur = 46
• Chapter 3 LEGAL FORMS OF OWNERSHIP = 48
• Profile : Henry E. Kloss-Proprietor, Partner, and Corporate Owner = 49
• Selecting the Fight Legal Form = 50
• Factors to Consider = 50
• Relative Importance of Each Form = 50
• Why Form a Proprietorship? = 51
• Why Form a Partnership? = 52
• How a Partnership Operates = 53
• Types of Partnerships = 54
• Rights of Partners = 55
• Why Form a Corporation? = 55
• How to Form a Corporation = 56
• How a Corporation Is Governed = 57
• The S Corporation = 57
• Other Forms of Business = 58
• The Limited-Liability Company (LLC) = 58
• The Cooperative = 59
• The Joint Venture = 59
• How to Evaluate the Legal Form of Organization = 60
• Case 3-1 The Martin Family Crows a Business = 61
• Case 3-2 DB Bikes = 63
• PART Ⅱ PLANNING FOR AND ORGANIZING A BUSINESS = 65
• Chapter 4 HOW TO BECOME THE OWNER OF A SMALL BUSINESS = 66
• Profile : Ray Kroc-Father of Franchising = 67
• How to Go into Business for Yourself = 68
• Finding Your Niche by Identifying a Needed Product = 69
• How to Decide on a Product = 70
• Choosing the Business to Enter = 71
• Studying the Market for the Product = 72
• Methods of Obtaining Information about the Market = 73
• Methods Used to Study the Market = 73
• Deciding Whether to Start a New Business, Buy an Existing One, or Buy a Franchise = 74
• To Start a New Business? = 74
• To Buy an Existing Business? = 75
• To Buy a Franchise? = 76
• Growing Opportunities in Franchising = 78
• What Is Franchising? = 78
• Extent of Franchising = 79
• Types of Franchising Systems = 79
• Why Franchising Is Growing in Importance = 79
• Recent Rapid Growth = 79
• Causes of Rapid Growth = 80
• How to Tell Whether a Franchise Is Right for You = 81
• See What the Franchise Can Do for You = 81
• Investigate the Franchise = 83
• Know Your Legal and Ethical Rights = 84
• The Future of Franchising = 85
• Expected Areas of Growth = 85
• Other Areas of Expected Development = 86
• Global Franchising = 87
• Minority Ownership of Franchises = 88
• Turing Your Dream into Reality = 89
• Case 4-1 Tim Lewis Fills a Niche = 92
• Case 4-2 La-Van Hawkins : Urban Entrepreneur = 93
• Chapter 5 THE ROLE OF PLANNING IN ORGANIZING AND MANAGING A SMALL BUSINESS = 94
• Profile : Sam and Teresa Davis Do Their Homework before Launch = 95
• Why Is Planning So Important to Small Businesses? = 96
• Why Small Business Owners Need to Plan = 97
• Why Small Business Owners Neglect Planning = 97
• The Role of Stategic Planning = 98
• Mission and Objectives = 98
• Strategies = 100
• The Role of operational Planning = 101
• Setting Up Policies, Methods, Procedures, and Budgets = 101
• Planning to Operate the Business = 102
• The Role of Financial Planning = 104
• Estimating Income and Expenses = 104
• Estimating Initial Investment = 106
• Locating Sources of Funds = 106
• The Role of the Business Plan in Strategic and Operational Planning = 108
• Purposes of the Plan = 108
• What the Plan Should Include = 109
• Preparing the Plan = 109
• Who Should Prepare the Plan? = 110
• Developing Action Steps = 110
• Components of the Plan = 110
• Cover Sheet = 111
• Executive Summary = 112
• Table of Contents = 113
• History of the (Proposed) Business = 113
• Description of the Business = 113
• Definition of the Market = 113
• Description of the Product(s) = 114
• Management Structure = 114
• Objectives and Goals = 114
• Financial Data = 114
• Appendixes = 114
• Presenting the Plan = 15
• Writing the Plan = 115
• The Written / Oral Presentation = 115
• Implementing the Plan = 116
• Sample Business Plan = 116
• Appendix : A Sample Business Plan : The Business Center = 118
• Chapter 6 OBTAINING THE RIGHT FINANCING FOR YOUR BUSINESS = 142
• Profile : Toy Morgan-Pioneer in Air Medical Services = 143
• Estimating Financial Needs = 144
• Principles to Follow = 144
• Using Cash Budgets = 145
• Reasons for Using Equity and Debt Financing = 145
• Role of Equity Financing = 145
• Role of Debt financing = 146
• Types of Debt and Equity Securities = 146
• Equity Securities = 146
• Debt Securities = 147
• Sources of Equity Financing = 148
• Self = 148
• Small Business Investment Companies (SBICs) = 149
• Venture Capitalists = 149
• Angel Capitalists = 150
• Other Sources = 151
• Sources of Debt Financing = 152
• Trade Credit = 152
• Commercial and Other Financial Institutions = 153
• Small Business Administration (SBA) = 154
• Small Business Investment Companies (SBICs) = 156
• U.S. Department of Agriculture (USDA) = 156
• What Lenders Look For = 156
• Case 6-1 Ella Williams : Making It on her Own = 159
• Case 6-2 J & J Computers : Going Public = 159
• PART Ⅲ MARKETING GOODS AND SERVICES = 161
• Chpter 7 DEVELOPING MARKETING STRATEGIES = 162
• Profile : BSI : Marketing a Service = 163
• The Marketing Concept = 164
• Meeting Customers' Needs = 164
• Implementing the Marketing Concept = 165
• Seeking a Competitive Edge = 166
• Using Marketing Research to Implement the Marketing Concept = 167
• How Does Marketing Research Aid Marketing? = 168
• How to Do Marketing Research = 168
• Using Computerized Databases = 170
• Developing a Marketing Strategy = 171
• Setting Objectives = 171
• Choosing Target Markets = 171
• Developing an Effective Marketing Mix = 174
• The product Life Cycle = 174
• Stages of the Product Life Cycle = 174
• Need for a Wide Product Mix = 176
• Packaging = 176
• Pricing Your Product = 177
• Establishing Pricing Policies = 177
• How Prices Are Set by small Businesses = 179
• Other Aspects of Pricing = 180
• Strategy for Marketing Services = 181
• Nature of Service Businesses = 181
• How Services Differ = 181
• Developing Service Marketing Strategies = 182
• Implementing Your Marketing Strategy = 183
• The Introductory Stage = 183
• The Growth Stage = 183
• Case 7-1 Parkview Drug Store ; Adding the "Personal Touch" = 185
• Case 7-2 Akim's Lawn Care Service = 186
• Chapter 8 PRODUCT PROMOTION AND DISTRIBUTION = 188
• Profile : Springdale Travel, Inc. = 189
• Choosing a Distribution Channel = 190
• Factors to Consider in Choosing a Distribution Channel = 190
• Distribution Channels for Consumer Goods = 191
• Distribution Channels for Industrial Goods = 192
• Selling through Intermediaries = 192
• Brokers = 192
• Agents = 193
• Wholesalers = 193
• Retailers = 193
• Selling with Your Own Sales Force = 194
• Need for Personal Selling = 194
• Steps in the Creative Selling Process = 195
• Attributes of a Creative Salesperson = 197
• Advertising = 197
• Types of Advertising = 198
• Developing the Advertising Program = 198
• Setting the Budget = 198
• Selection Advertising Media = 199
• Developing the message = 200
• When and How to Use an Advertising Agency = 201
• Measuring the Results of Advertising-201
• Merchandising Sales Promotion, and Publicity = 201
• Merchandising = 201
• Sales Promotion = 202
• Publicity = 202
• Considering Ethnic Differences = 202
• Opportunities for Small firms in Global marketing = 203
• Importing by Small Firms = 204
• Exporting by Small Firms = 205
• Distribution = 209
• Storing = 209
• Order Processing = 209
• Transportation = 209
• Credit Management = 210
• Methods of Payment = 210
• Setting Credit Policies = 212
• Carrying Out Credit policies = 212
• Classifying Credit Risks = 212
• Investigating Customers' Creditworthiness = 212
• Establishing Collection Procedures = 213
• Case 8-1 Taking Your Store to Your Customers = 215
• Case 8-2 Clark Copy International Corporation's China Experience = 215
• PART Ⅳ ORGANIZING AND MANAGING THE BUSINESS = 217
• Chapter 9 MANAGING HUMAN RESOURCES AND DIVERSITY IN SMALL FIRMS = 218
• Profile : Mary H. Partridge and Michael Levy : Even Small Companies Merge ! = 219
• Planning for Human Resource Needs = 220
• Determining Types of Employees Needed = 221
• Developing Sources from Which to recruit Potential Employees = 222
• Recruiting and Selection Employees = 224
• Methods of Recruiting Employees = 224
• Methods of Selection the Fight Person for the Job = 224
• Training and Developing Employees = 229
• Ways of Training Nonmanagerial Employees = 229
• Outside Help with Training = 230
• Selecting and Developing Managers = 231
• Selecting Managers = 231
• Developing Managers = 231
• Complying with Equal Employment Opportunity (EEO) Laws = 231
• Laws Providing for Equal Employment Opportunity Enforcing EEO Laws = 232
• Compensating Employees = 235
• Legal Influences = 235
• Setting Fates of Pay = 235
• Using Money to Motivate = 235
• Compensating Managerial and Professional Personnel = 237
• Providing Employee Benefits = 237
• Legally Required Benefits = 238
• Some Other Popular Benefits = 240
• Flexible Approach to Benefits = 241
• Protecting Employees' Health and Safety = 241
• Factors Influencing Workers' Health and Safety = 241
• The Role of the Occupational Safety and Health Act = 242
• Environmental Protection = 243
• Case 9-1 Supreme Plumbing and Heating Company : Where Are the Workers? = 245
• Case 9-2 The Case of Sam Sawyer = 246
• Chapter 10 MAINTAINING RELATIONSHIPS WITH YOUR EMPLOYEES AND THEIR REPRESENTATIVES = 248
• Profile : Cathy Anderson-Giles : Master Motivator = 249
• Setting Up the Organizational Structure = 250
• Some Basic Organizational Concepts = 250
• Some Organizational Problems in Small Firms = 251
• Some Ways of Organizing a Small Business = 252
• Preparing an Organization Chart = 253
• Using Team Management to Improve Performance = 254
• Good Human Relations Is Needed in Small Firms = 255
• Exercising Effective Leadership = 255
• Communicating with Employees and Others = 256
• What Happens When You Communicate? = 256
• Barriers to Effective Communication = 257
• How to Improve Communication = 258
• Motivation Employees = 258
• What Is Motivation? = 259
• Why Motivate Employees? = 260
• How to Motivate Employees = 261
• Some Practical Ways to Improve Motivation = 261
• Does Money Motivate? = 262
• Motivation Is More than Mere Technique = 262
• Appraising Employees' Performance = 263
• Counseling Troubled Employees = 264
• Job-Related Areas Needing Counseling = 264
• Personal Problems Needing Counseling = 265
• Handing Employee Complaints = 266
• Imposing Discipline = 266
• Encouraging Self-Discipline = 267
• Using Positive Discipline = 267
• How to Discipline Employees Legally = 267
• Dealing with Unions = 267
• Laws Governing Union-Management Relations = 268
• What Happens When the Union Enters = 268
• Negotiating the Agreement = 269
• Living with the Agreement = 271
• Terminating Employees = 271
• Case 10-1 Personnel Policies Help Intermatic Grow = 273
• Case 10-2 Carlos Expands His Business = 273
• PART Ⅴ OPERATING THE BUSINESS = 275
• Chapter 11 LOCATING AND LAYING OUT OPERATING FACILITIES = 276
• Profile : Oakwood Inn : It's Location, Location, Location ! = 277
• Developing Operation Systems = 278
• What Are Operating Systems = 279
• How Operating Systems Work = 279
• How to Begin Operations = 280
• Choosing the Right Location = 280
• Why Choosing the Right Location Is So Important = 281
• Some Important Factors Affecting Location Choice = 281
• Location Retail Stores = 283
• Types of Stores = 283
• Types of Locations = 284
• Locating Manufacturing Plants = 287
• Planning Physical Facilities = 287
• Determine Product to Be Produced = 287
• Identify Operations and Activities to Be Performed = 287
• Determine Space Requirements = 287
• How Telecommuting Affects Physical Facility Needs = 288
• Decide on the Best Layout = 288
• Implement Your Plans = 292
• How to Improve Operations = 292
• State the Problem = 292
• Collect and Record Information = 292
• Develop and Analyze Alternatives = 292
• Select, Install, and Follow Up on New Methods = 293
• Setting and Using Performance Standards = 293
• Case 11-1 Telecommuting in the Rockies = 294
• Case 11-2 Nell Hill's : An Adventure in Shopping = 295
• Chapter 12 PURCHASING, INVENTORY, AND QUALITY CONTROL = 296
• Profile : Anders Book Stores : Dealing with Hundreds of Suppliers = 297
• The Importance of Purchasing = 298
• What Purchasing Involves = 298
• Why Purchasing Is So Important = 299
• Assign Responsibility for Purchasing to One Person = 300
• Selecting the Right Supplier = 300
• Types of Suppliers = 301
• Use Few or Many Suppliers? = 301
• Investigating Potential Suppliers = 301
• Evaluating Supplier Performance = 302
• Establishing an Effective Purchasing Procedure = 302
• Requisitioning Goods or Services = 302
• Making and placing the Purchase Order = 303
• Paying a Satisfactory Price = 304
• Receiving the Items = 305
• Using Computers to Aid Purchasing and Inventory Control = 305
• Controlling Inventory = 305
• The Role Played by Inventory = 305
• Types of Inventory = 306
• Inventory Mix = 307
• Costs of Carrying Inventory = 307
• Determining When to Place an Order = 307
• Determining How Much to Order = 308
• Operations Planning and Control = 308
• Handing Variations in Demand = 308
• Scheduling Operations = 309
• Controlling Operations = 309
• Quality and Its Control = 309
• What Is Quality? = 310
• Improving and Controlling Quality = 311
• Case 12-1 Universal Fleet Services, Inc. (UFS) : Selling a Unique Service = 315
• Case 12-2 Eddie & Company : Exceeding the Relevant Range = 317
• PART Ⅵ FINANCIAL PLANNING AND CONTROL = 319
• Chapter 13 PLANNING FOR PROFIT = 320
• Profile : What Is Profit? = 321
• What Is Profit Planning? = 322
• How a Business's Financial Position Changes = 323
• Tracing Changes in a Company's Financial Position = 323
• Importance of Accounting = 324
• What Is the Financial Structure of a Business? = 325
• Assets = 325
• Liabilities = 327
• Owners' Equity = 327
• Profit-Making Activities of a Business = 328
• Revenue and Expenses = 328
• Profit = 329
• How to Plan for Profit in a Small Business = 329
• Need for Profit Planning = 329
• Steps in Profit Planning = 329
• Need for Realism in Profit Planning = 330
• Profit Planning Applied in a Typical Small Business = 330
• Step 1 : Establish the Profit Goal = 330
• Step 2 : Determine the Planned Sales Volume = 331
• Step 3 : Estimate Expenses for Planned Sales Volume = 331
• Step 4 : Determine the Estimated Profit = 333
• Step 5 : Compare Estimated Profit with Profit Goal = 333
• Step 6 : List Possible Alternatives to Improve Profits = 334
• Step 7 : Determine How Expenses Vary with Changes in Sales Volume = 334
• Step 8 : Determine How Profits Vary with Changes in Sales Volume = 335
• Step 9 : Analyze Alternatives from a Profit Standpoint = 336
• Step 10 : Select and Implement the Plan = 336
• Case 13-1 Eillen Dorsey and Walter Hill, Jr., Use Financial Planning = 338
• Case 13-2 The Need for a Cash Budget = 338
• Chapter 14 BUDGETING AND CONTROLLING OPERATIONS AND TAXES = 340
• Profile : Herman J. Russell : On Time and Within Budget 340
• What Is Involved in Control? = 342
• The Role of Control = 342
• Steps in Control = 342
• Setting Performance Standards = 343
• Characteristics of Effective Control Systems = 343
• Using Budgets to Communicate Standards = 343
• Types of Budgets = 343
• Preparing the Operating Budget = 344
• Preparing the Cash Flow Budget = 344
• Procedure for Planning Cash Needs = 345
• Using Budgetary Control = 345
• Controlling Credit, Collections, and Accounts Receivable = 347
• Other Types of Budgetary Control = 347
• Using Audits to Control the Budget = 347
• Obtaining and Using Performance Information for Control Purposes = 348
• Obtaining the Information = 348
• Comparing Actual Performance with Performance Standards = 348
• Determining Causes of Poor Performance = 348
• Evaluating the Firm's Financial Condition = 349
• Some Important Ratios and Their Meanings = 349
• Are Profits Satisfactory? = 349
• Are Assets Productive? = 349
• Can the Business Pay Its Debts? = 350
• How Good Are the Business's Assets? = 351
• Is Your Equity in the Business Satisfactory? = 351
• Ratios Are Interrelated = 351
• The U.S. Tax System = 352
• Who Pays the Taxes? = 352
• How Taxes Affect Small Businesses = 352
• Get Professional Help ! = 353
• Types of Taxes = 354
• Taxes Imposed on the Business = 354
• Taxes and Fees Paid to Operate the Business = 354
• Excise and Intangible Property Taxes = 354
• State and Local Sales and Use Taxes = 354
• Federal, State, and Local Income Taxes = 355
• How the Form of a Business Affects Its Taxes = 356
• Treatment of Federal Corporate Income Taxes = 356
• Employment-Related Taxes = 357
• Income Tax Withholding = 357
• Social Security / medicare Taxes = 358
• Unemployment Compensation Insurance = 358
• Workers' Compensation = 359
• Personal Taxes Paid by owners = 359
• Taxes on Amounts Withdrawn from the Business = 359
• Taxes on Amounts Received from Sale of the Business = 359
• Record Keeping and Tax Reporting = 360
• Maintaining Tax Records = 360
• Reporting your Taxes = 360
• Case 14-1 Theme Restaurants = 361
• Case 14-2 How to Deal with Cash Flow Problems = 362
• Chapter 15 USING COMPUTER TECHNOLOGY IN SMALL BUSINESSES = 364
• Profile : Tom Williams Is Off to a Heady Start in Computers = 365
• The Role of Information in Small Business = 366
• Elements of a Management Information System (MIS) = 367
• What Information Is Needed? = 367
• Timing of Information Flow(s) = 369
• Choosing an MIS = 370
• The Role of Computers in Business = 370
• Early Business Use of Computers = 370
• The Microcomputer-The Small Business Computer = 370
• The Laptop, or Notebook, Computer = 374
• Strengths and Weaknesses of Computers for Small Firms = 374
• And Now-the Internet ! = 375
• What Is the Internet? = 375
• How to Use the Internet = 376
• The World Wide Web = 376
• Entrepreneurship on the Net = 377
• Some Potential Problems with Computer Technology = 379
• Computers Require Added Security = 380
• The Y2K Problem or "Millenium Bug" = 380
• Resistance of Some Owners to Use Computer Technology = 381
• Choosing Software, Hardware, and Employee Training = 382
• The Accounting System as MIS = 383
• Sales = 383
• Cash Income and Outgo = 384
• Accounts Receivable = 384
• Accounts Payable = 384
• Inventory = 384
• Expenses = 385
• Financial Statements = 386
• Case 15-1 Herman Valentine : Customizing Computers for Military Use = 387
• Case 15-2 Let Your Fingers Do the Walking-to Lunch = 388
• PART Ⅶ PROVIDING PRESENT AND FUTURE SECURITY FOR THE BUSINESS = 389
• Chapter 16 RISK MANAGEMENT, INSURANCE, AND CRIME PREVENTION = 390
• Profile : Dr. Jeffrey F. Van Petten : A Unique Entrepreneur = 391
• Risk and Its Management = 392
• Types of Risk = 392
• Ways of Coping with Risk = 393
• Using Insurance to Minimize Loss Due to Risk = 394
• Types of Insurance Coverage = 394
• Guides to Choosing an Insurer = 397
• Crime Prevention to Protect People and Assets = 398
• Armed Robbery = 399
• Theft = 400
• White-Collar Crime = 402
• Document Security = 405
• Safeguarding Employees with Preventive Measures = 405
• Case 16-1 Beware of "Softlifting" = 407
• Case 16-2 When Inventory and Sales Don't Balance = 407
• Chapter 17 BUSINESS-GOVERNMENT RELATIONS AND BUSINESS ETHICS = 408
• Profile : Zeiner Funeral Homes = 409
• Understanding the Legal Environment = 410
• Some Basic Laws Affection Small Business = 411
• The Uniform Commercial Code = 411
• Torts = 411
• Bankruptcy = 412
• Government help for Small Businesses = 412
• Small Business Administration (SBA) = 412
• U.S. Department of Commerce = 413
• Other Government Agencies = 413
• Handing Government Regulations and Paperwork = 413
• Dealing with Regulatory Agencies = 414
• Some Benefits of Government Regulation = 414
• Some Problems with Government Regulation = 415
• How Owners of Small Firms Can Cope with Government Regulations = 417
• Dealing with Private Regulators = 417
• Choosing and Using a Lawyer = 418
• Choosing the lawyer = 418
• Maintaining Relationships with Lawyers = 419
• Socially and Ethically Responsible Behavior = 419
• Social Responsibility = 420
• Business Ethics = 422
• Case 17-1 "Hannadowns.." = 425
• Case 17-2 What to Do? = 426
• Chapter 18 FAMILY-OWNED BUSINESSES : PLANNING FOR THE FUTURE = 428
• Profile : Jan Weiler-Showing Tourists the Sites = 429
• Role of the Family-Owned Business = 431
• The Family and the Business = 431
• Family Interactions = 432
• Family Limitations = 433
• Family Resources = 435
• Preparing the Next Generation = 435
• Preparing for Management Succession = 436
• Why Succession Is a Problem = 436
• An Overlooked Problem = 437
• Plan Ahead ! = 437
• Sudden Departure = 437
• Planned Departure = 437
• Selling to Family Members = 439
• Selling to Outsiders = 439
• Making the Transition Easier = 440
• Tax and Estate Planning = 440
• Tax Planning = 440
• Estate Planning = 440
• Estate Planning to Minimize Taxes = 442
• Estate Planning Issues = 442
• Estate Planning Techniques = 442
• Case 18-1 The Son-in-Law = 444
• Case 18-2 Choosing a Successor = 445
• WORKBOOK FOR DEVELOPING A SUCCESSFUL BUSINESS PLAN = 447
• GLOSSARY = 477
• ENDNOTES = 486
• PHOTO CREDITS = 502
• INDEX = 503