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Sink or Swim: How Lessons from the Titanic Can Save Your Family Business
Author(s): Priscilla M. Cale (Author), David C. Tate (Author)
- Publisher: Praeger
- Publication Date: September 22, 2011
- Language: English
- Print length: 264 pages
- ISBN-10: 0274989263
- ISBN-13: 9780274989263
Book Description
This powerful study of the threats to business survival draws compelling parallels between the Titanic and family firms, serving to motivate family business stakeholders into corrective action before it’s too late.
Family-owned businesses are the backbone of the U.S. economy, responsible for 65 percent of wages paid, adding 78 percent of all new jobs, and contributing over half of the nation’s GDP. Unfortunately, less than one-third survive the transition from first to second generation of family ownership.
Now more than ever, many family businesses are in danger of going under as rising health care costs, lack of access to capital, and increasing costs of doing business shrink profit margins. Sink or Swim: How Lessons from the Titanic Can Save Your Family Business provides critical strategies for identifying and managing risks―obvious and hidden―that threaten family business survival. In part 1 of the book, the authors relate the design, construction, and operation of the ill-fated Titanic to the challenges facing family-owned businesses today. Part 2 examines the five fatal flaws that contributed to Titanic‘s sinking and reveals how family firms can have the same vulnerabilities. The final section supplies guidance that will help family-run businesses avoid unanticipated tragedy.
Editorial Reviews
Review
– Cynthia Bigelow; President, R.C. Bigelow, Inc.
“Intriguing, motivational, and innovative , Sink or Swim offers important lessons in family and business management. All family businesses, whether large or small or in manufacturing or service industries, can learn a great deal from this book.”
– William Waseleski; President, Century Spring Manufacturing Company“A comprehensive, insightful review of best practices in managing and governing a family business. Should be read by and pored over by all generations of family members who are owners of a family business.” – Robert J. Lyons, Jr.; CEO, The Bilco Company
“Sink or Swim provides a fresh, fascinating lens through which to view family enterprise challenges and solutions. This powerful metaphor will leave a strong impression in the minds of business owners, advisors, consultants, researchers and educators in the field.”- Judy Green, PhD; Executive Director, The Family Firm Institute
About the Author
David C. Tate, PhD is a licensed clinical Psychologist, Assistant Clinical Professor at Yale University, and Founder & Principal of Tate Consulting Group in New Haven, Connecticut.In his consulting practice, he works with family businesses and other organizations around the issues of leadership development, conflict resolution, team building, succession planning and organizational culture. In his clinical practice, he works with individuals, families, and groups around issues concerning health, relationships, and life transitions.
Both having grown up in family businesses, Cale and Tate have presented to various industry associations and international groups regarding leadership, coaching, and the complexities of family business governance.
