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哪些迹象表明你失去了家族企业的控制权?

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译者:WinterZhang 原文作者:Josh Baron and Rob Lachenauer
发布:2017-04-20 15:43:34 挑错

When the non-family chairman/CEO unexpectedly told family business owners that they had to live without dividends or sell the business, Tommy leaned over and whispered in his cousin’s ear: “Do you get what’s going on? The numbers have always been terrific.

当非家族成员担任的CEO突然告知家族成员,他们既没有权利得到分红也不能出售公司时,Tommy凑近他表弟的耳朵悄悄的问:你知道发生什么事情了吗?这些数字总是如此惊人。

Despite their shock, Tommy and other family owners shared responsibility for this painful situation. For years, they’d been detached and unengaged owners. No family member worked in the company, and those who sat on the board rubber- stamped management’s decisions. The owners sat passively until faced with the reality that they were at risk of losing the business that had been in the family for three generations.

在这种艰难的情形下,Tommy和其他家族所有者除了承受打击还要共担责任。几年来,他们已成为被孤立的管理者。没有一个家族成员在公司里面工作,也没有人在公司高层掌握着决策和签字的权力。他们只能选择顺从,直到他们失去延续了三代的家族产业。

While the details vary, stories of family owners losing control of their businesses are common. Consider what happened when a relatively young patriarch died unexpectedly, leaving no succession plan in place. The children were unprepared to take over, and the widow had no business experience. She brought in a non-family CEO who treated the business as his personal fiefdom. Eventually he tried to buy the business himself at a deflated price. The experience broke the family, emotionally and financially.

尽管细节有所不同,但所有家族所有者失去家族企业掌控权的故事都是相似的。设想一下如果一位相对年轻的家族成员意外去世时没有为自己的位置安排继承人会导致什么后果?他的子女对接管公司毫无准备,他的妻子也没有任何企业管理经验,她从家族外部引进一位CEO,而这位CEO将企业纳入自己的私人管辖范围,最终以低廉的价格自己买下整个企业。这会让家族的精神和经济一起走向破裂。

Sometimes a non-family CEO plays the role of villain in these situations, the blame lies more often with the owners, who created a power vacuum for others to fill. Lacking substantive direction from the owners, these executives understandably followed their own self-interests. But even when families are fortunate enough to find that selfless, protective non-family leader – and we have seen many – owners still need to speak with a single voice about what they want. Otherwise, there is no way to ensure that their ownership interests are being served.

非家族CEO有时扮演着坏人的角色,当这种情形出现时,人们往往把责任归咎于家族企业所有者,因为他们自己创造了权力空隙,让外人一跃而入。一旦没有了家族所有者来指引方向,经理们就理所当然的被自身利益驱动。但我们也看到很多家族成员足够幸运的例子,他们找到了无私又愿意维护公司利益的非家族领导,但即便如此,企业所有者依然需要与一言堂的CEO进行沟通,声明自己的权益。否则他们在自己公司中的利益将无法得到保障。

Are there warning signs that you may be on the path to losing control of your family business? We primarily see five red flags:

哪些迹象表明你已经开始逐渐丢失家族企业控制权?主要关注以下五种危险信号:

  • Dividends never change.If you receive stable dividends year after year, then you should grow concerned. Dividend targets are fine, but the dividends of a well-run company are always uncertain and should vary depending on the company’s performance and its future opportunities. Every year there should be some discussion about the company’s profits and what to do with them. If you grow accustomed to receiving annual dividends — in the worst cases, treating them as a birthright — then you forfeit an essential mechanism for controlling the business, namely, deciding how much of your money should be reinvested annually.
  • 股息一直不变。如果你每年收到的分红都一样,那你就应该开始担心了。预期股息是确定的,但是对于一个正常运转的公司来说,股息是永远无法确定的,而且它会随着公司的运营状况和未来发展不断变动。公司每年都要围绕盈利和相关工作进行讨论。如果你已经习惯了每年都收到分红,并且你把它当做你应该拥有的权利,那这基本上就意味着你丧失了对公司的核心控制—决定你每年收益再投资数额。
  • Board meetings are a formality.A board of directors (or advisors) is essential for ensuring that the business is pursuing the owners’ objectives. At their best, independent directors bring wisdom, expertise, and a willingness to challenge management. As owners, you must see to it that the board is properly formed and empowered. Do you have a “paper board” that rarely meets or essentially rubber-stamps the recommendations of management? Is the board filled with family friends, or with the CEO and his allies? Is the board’s role murky and undefined? If you answer “yes” to any of these questions, then you’re giving away a key lever for maintaining control.
  • 召开董事会成为一种形式。一家公司要实现股东的目标,董事会(或顾问委员会)起着至关重要的作用。独立董事会充分利用他们的才智和知识,尽其所能的改变公司的管理。作为股东,你必须要看到董事会有着合理的组成结构和授权范围。你是否拥有一个假的“董事会”?他们只是一个招牌,而你很少见到董事会成员和核心管理人员?董事会中CEO团队的人员数量是否多于家族成员?董事会的角色是否含糊隐晦?如果你对以上所有问题的回答都是肯定的,就意味着你丧失了公司管控的重要抓手。

  • Too much or too little information is provided.As an equity owner, you should receive information about business performance in a timely and appropriate way. Either fifteen-minute updates (“The business is great!” “Enjoy your dividend!”) or 200-page “summaries” should set off alarm bells. If you don’t work in the company, you are already at a disadvantage, lacking first-hand knowledge of what’s happening. When management either skimps or drowns you in details, it’s very difficult to understand your business’s performance and potential.
  • 知道的信息太多或太少。适当、及时的知晓公司运营情况是所有者应该享有的权益。无论是每15分钟更新一次的公司动态还是200页的运营汇报都应该让你提起警惕。如果你不在公司里面工作,无法获取第一手信息,那你已经处于劣势了。如果管理者遗漏或者向你隐瞒细节,你就无法知道公司的真实情况和将要发生事情。

  • The CEO seems irreplaceable.There are business leaders who can run your business and deliver outstanding results, while also cultivating proper family engagement. Do what you can to keep these people. Watch out, however, if you (and they) talk and behave as if they are irreplaceable. Respect and appreciation for a job well done are healthy. Fear and dependency are not._Irreplaceable_executives can begin to make decisions independently, believing they know better than you do. They may even refer to you as “the kids.” If your family ownership group walks on eggshells around your non-family CEO, your behavior may signal a dangerous imbalance of power.
  • CEO不可取代。如果有管理者能够做到出色的管理你的公司,同时又能让家族成员参与到公司管理中,那你一定要尽你所能留住这种人。但当他们变得不可替代,你要格外当心。对已完成的工作应该表示尊重和赞许,而不是担忧和依赖。一个难以由他人取代的经理能够独立决策,并且相信自己比你做的更好。他们甚至可能把你当成“小朋友”看待。如果公司中的家族成员面对非家族CEO时总是小心翼翼谨言慎行,这就表示你的所作所为导致了权力失衡。
  • Family members are shut out of the business.Sometimes family owners lose control of the business because the previous generation has shut the door to them during the succession process. There is either a real or perceived lack of talent among the next generation — or fear about the dangers of family conflict — and employment policies are put in place that either prevent or make it very difficult for family members to work in the business. There are times when this “professionalization” of the family business may make sense. But be aware that the family’s direct link to the operations of the company will be severed. You don’t need to run the business. But having owners employed there helps the family to keep a finger on the company’s pulse.
  • 家族成员被排挤在公司之外。家族成员失去对公司的控制有时是由上一代导致的,他们在公司交接继承的过程中向下一代关上了大门,这样做的原因要么是感觉到下一代没有商业天赋,要么就是担心家族内部产生矛盾,这种观念直接体现在公司的招聘政策中—阻止或妨碍家族成员进入公司工作。有时这些所谓的“专业化能力”也许会在家族产业中起到一定作用,但我们需要意识到的是家族血脉与公司实际运营之间的关系可能会因此而切断。你不需要亲自参与运营管理,但是家族所有者的参与能够保持家族对公司的监控。

When you realize that you’ve lost some or most of the control over your company, then it’s time to ask yourselves whether or not you wish to continue to own your family business. You may decide it’s time to sell. But if you choose instead to become an active owner, then you must first reclaim active ownership. This decision doesn’t mean that you suddenly have to start micromanaging executives or meddling in operational decisions.

当你意识到你已经失去一部分或者大部分公司控制权的时候,你需要问问你自己是否还想继续拥有你的家族产业。也许你认为是时候把它卖掉了,但如果你选择继续做一个真正的所有者,你必须首先拿回自己的主动权,但这并不意味着你要立刻开始事必躬亲。

What_does_active ownership mean? To grapple with this and other important questions, the first step is to create a place where you and other owners can meet (without non-family executives or board members) to talk about your role and your aspirations for the business. We often call this place an Owner Council. It’s a forum where you can decide your priorities as owners and discuss how to speak to the board and management about these priorities in a united voice.

主动权意味着什么?要解决与此相关的一系列重要问题,首先要创造一个能够与其他所有者(不包括非家族成员以及董事会成员)会面的场合,你们要共同探讨一下你的角色以及你对公司的期许。我们通常把这种场合叫做“业主委员会”。在这种论坛上你可以决定你的所有者特权,同时联合其他股东,共同探讨如何向董事会和管理团队谈判,争取这些特权。

After creating an Owner Council, you can then begin to set your objectives for the company. It’s the owners’ responsibility to put in place clear financial policies for dividends and debt levels, as well as to set financial and non- financial guardrails, such as setting a return on investment target or banning investments in, say, tobacco. One of your most important jobs is to manage the process of selecting board members. You may, of course, solicit advice from others, such as a nominating committee, but the ultimate decision rests within the ownership group. It’s then up you as owners to hold the board accountable for choosing a high performing CEO who supports your owner agenda.

成功组建“业主委员会”后,你可以开始为公司设定目标了。所有者的责任包括依据公司的股息和债务水平制定清晰的财务政策,同时设定公司的财政和非财政门槛,例如设置目标投资回报或者规定禁止投资的领域,比如烟草。你最重要的工作之一是设定董事会成员的选举程序。当然,你也许要向他人(比如提名委员会)征求意见,但是最终的决定权在所有者团队。接下来你将作为公司所有者来控制董事会,选取一个能力出众并且与你站在同一立场的CEO。

Keeping control of your family business isn’t easy. For a start, ownership is not typically a full-time job, but is rather peripheral to your everyday work and lives. You can also feel ill-equipped to exercise your rights thoughtfully when the financials of the business can seem impenetrable. You may never become an expert on, say, return on invested capital, which only underscores the importance of structures that let you rely on the knowledge of people who appreciate your values and follow your agenda. By becoming more active and effective owners, you can let go of many decisions without losing control of your family business.

维持对家族企业的控制并不是一件容易的事。首先,控制权不是一个全职的工作,而是日常生活与工作之外的次要工作。你永远也无法精通某些领域,比如计算投资资本回报,因为投资资本回报仅仅强调组织结构的重要性,而公司的组织结构反过来决定了你只能向那些认同你价值和立场的人学习投资资本回报的相关知识。成为一个更加积极高效的所有者,你将逐渐学会在放权的同时保持对家族企业的控制。





相关译文来自无觅插件
共计8条评论
WinterZhang发表于:2017-04-20 15:48:33

几点疑问:
1.第一段中,“the numbers have always been terrific.”应该如何理解?
2.第六段中,“deciding how much of your money should be reinvested annually”该如何翻译
3.第七段中,Do you have a “paper board” that rarely meets or essentially rubber-stamps the recommendations of management? “paper board”该如何理解?
4.倒数第二段中financial guardrail如何翻译更恰当?
5.倒数第一段这两句话无比纠结,求大神帮忙:You can also feel ill-equipped to exercise your rights thoughtfully when the financials of the business can seem impenetrable. You may never become an expert on, say, return on invested capital, which only underscores the importance of structures that let you rely on the knowledge of people who appreciate your values and follow your agenda.

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良风有意发表于:2017-04-20 17:02:30

1,CEO告诉他们要么不分红,要么出售资产,  那兄弟俩 才会窃窃私语“为毛财务情况总是如此糟糕!”
2,then you forfeit an essential mechanism for controlling the business, namely, deciding how much of your money should be reinvested annually.我觉得您翻译的有点不太明确。
公司的利润大体上有两个用处,一个是dividend一个是reinvestment。本来决定多少利润用来分红,所少利润用来在投资到公司用于扩大生产的权利是家族所有者的。  现在CEO把这种股东拥有的主动权利变成了被动接受的固定分红。  反映出,股东的权利被架空了。
您看这样翻译 怎么样:“那样,您控制公司的一项重要权利被剥夺了,也就是决定多少利润用来作为留存收益的权利”。

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WinterZhang发表于:2017-04-21 10:09:24
良风有意:1,CEO告诉他们要么不分红,要么出售资产,  那兄弟俩 才会窃窃私语“为毛财务情况总是如此糟糕!”
2,then you forfeit an essential mechanism for controlling the business, namely, deciding how much of your money should be reinvested annually.我觉得您翻译的有点不太明确。
公司的利润大体上有两个用处,一个是dividend一个是reinvestment。本来决定多少利润用来分红,所少利润用来在投资到公司用于扩大生产的权利是家族所有者的。  现在CEO把这种股东拥有的主动权利变成了被动接受的固定分红。  反映出,股东的权利被架空了。
您看这样翻译 怎么样:“那样,您控制公司的一项重要权利被剥夺了,也就是决定多少利润用来作为留存收益的权利”。

@良风有意:感谢建议

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lxdhk发表于:2017-04-21 20:50:27
良风有意:1,CEO告诉他们要么不分红,要么出售资产,  那兄弟俩 才会窃窃私语“为毛财务情况总是如此糟糕!”
2,then you forfeit an essential mechanism for controlling the business, namely, deciding how much of your money should be reinvested annually.我觉得您翻译的有点不太明确。
公司的利润大体上有两个用处,一个是dividend一个是reinvestment。本来决定多少利润用来分红,所少利润用来在投资到公司用于扩大生产的权利是家族所有者的。  现在CEO把这种股东拥有的主动权利变成了被动接受的固定分红。  反映出,股东的权利被架空了。
您看这样翻译 怎么样:“那样,您控制公司的一项重要权利被剥夺了,也就是决定多少利润用来作为留存收益的权利”。

@良风有意:分析得基本對,但 be reinvested這個詞不應譯作留存收益,而是「再投資」。mechanism 譯成「權利」也不太妥,它的意思是「機制」,當然中文不说【剥夺~机制】,这里可以理解为“被排除在管控公司的核心机制之外”

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lxdhk发表于:2017-04-21 21:46:01
WinterZhang:几点疑问:
1.第一段中,“the numbers have always been terrific.”应该如何理解?
2.第六段中,“deciding how much of your money should be reinvested annually”该如何翻译
3.第七段中,Do you have a “paper board” that rarely meets or essentially rubber-stamps the recommendations of management? “paper board”该如何理解?
4.倒数第二段中financial guardrail如何翻译更恰当?
5.倒数第一段这两句话无比纠结,求大神帮忙:You can also feel ill-equipped to exercise your rights thoughtfully when the financials of the business can seem impenetrable. You may never become an expert on, say, return on invested capital, which only underscores the importance of structures that let you rely on the knowledge of people who appreciate your values and follow your agenda.

@WinterZhang

3.paper board 指的是管理层只发paper(文件)通报董事公司的决定,而难得召集董事局开会,即便开会也难得讨论公司决策,只要求董事会对管理层的建议盖章如仪。你可以综合译作“只发文件不碰头的董事会”

4.财务护栏,或财务屏障

5.
For a start, ownership is not typically a full-time job, but is rather peripheral to your everyday work and lives.
ownership不是"控制权",它指的是“当企业主”这回事

You can also feel ill-equipped to exercise your rights thoughtfully when the financials of the business can seem impenetrable. You may never become an expert on, say, return on invested capital, which only underscores the importance of structures that let you rely on the knowledge of people who appreciate your values and follow your agenda.
在看不透经营的财务前景时,你可能会感到自己的学识不足以完全行使你的权利。你也许永远成不了投资回报方面的专家,但那只是强调出公司结构的重要性,让你依靠那些认同你的价值观、追随你的议程的有知识的人。

By becoming more active and effective owners, you can let go of many decisions without losing control of your family business.

作为一个更加积极高效的持股企业主,你将可以放手把很多决定让别人去做而不会失去对家族企业的控制。

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lxdhk发表于:2017-04-21 22:09:58

这一段的翻译也颇有问题

Despite their shock, Tommy and other family owners shared responsibility for this painful situation. For years, they’d been detached and unengaged owners. No family member worked in the company, and those who sat on the board rubber- stamped management’s decisions. The owners sat passively until faced with the reality that they were at risk of losing the business that had been in the family for three generations.

在这种艰难的情形下,Tommy和其他家族所有者除了承受打击还要共担责任。
==>虽然他们很吃惊,但落到这种可悲的境遇,Tommy和其他的家族企业东主们都有责任。

几年来,他们已成为被孤立的管理者。
==>多年来,他们是超然物外、对公司事务不闻不问的东主

没有一个家族成员在公司里面工作,也没有人在公司高层掌握着决策和签字的权力。
==>没有一个家族成员在公司里面工作,而那些坐在董事局的人只是充当管理层决定的橡皮图章。


他们只能选择顺从,直到他们失去延续了三代的家族产业。
==>东主们消极无为,直到已延续三代的家族产业一朝失去的危机现实地摆在面前。

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良风有意发表于:2017-04-22 09:43:23
lxdhk:@良风有意:分析得基本對,但 be reinvested這個詞不應譯作留存收益,而是「再投資」。mechanism 譯成「權利」也不太妥,它的意思是「機制」,當然中文不说【剥夺~机制】,这里可以理解为“被排除在管控公司的核心机制之外”

@lxdhk:恩,学习了。。呵呵。 谢谢你

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良风有意发表于:2017-04-22 09:49:10
lxdhk:@良风有意:分析得基本對,但 be reinvested這個詞不應譯作留存收益,而是「再投資」。mechanism 譯成「權利」也不太妥,它的意思是「機制」,當然中文不说【剥夺~机制】,这里可以理解为“被排除在管控公司的核心机制之外”

@lxdhk:恩, 我查了一下 , 留存收益是 retained earning,   谢谢啦

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