多维教程熟谙-Unit-2-段落大意-summary

1、 Unit Two Family Business: the Next GenerationDavid Zaudtke Doug AmmermanTeaching aims: It is expected that after learning the lesson, the S.s will 1. understand the main idea of the text: the necessary qualities and abilities that make a good family business owner or something about how to successf

2、ully transfer the wealth / business from one generation to the next 2. master the key words, esp. bold-faced words and useful expressions and collocations, correct sentence patterns 3. identify the technique of making a statement or generalization and then supporting it with specific examples or exp

3、lanations4. and do the exercises of the text to consolidate the ss learning. I. Text analysis: Macro-analysis1. Style: argumentation2. Coherence: Logical connection 1. Textual theme: The takeover / succession of family business 2. Structure/Plan of the textPart 1: (para.s 1- 4: introduction) Introdu

4、cing the idea of the wealth transfers in America ; Par.4: Transitional par.Part 2: (para.s 5 - 22: body) Four “must” elements of family business transfer a. (para.s 5 - 9) Plan a takeover / succession management b. (para.s 10 -15) Define family employment practices c. (para.s 16 -18) Establish and m

5、aintain family harmony d. (para.s 19 - 22) Plan the estatePart 3: (paras23-25): Par.23: Transitional par.; conclusion: Necessity to start planning for wealth transfer in a comprehensive manner right nowII. Introduction to the Text North America, Asia and Western Europe have been undergoing an entrep

6、reneurial renaissance. The world is in transition from nations of managers to nations of owners. It is also reported that the greatest intergenerational wealth transfer will take place in America in the next 10 years. Much of the wealth transfer will be in the form of family businesses. However, man

7、y of these transfers will fail. Thousands of family-owned businesses cannot be successfully handed over to the second generation, let alone to thethird generation. The reason for the unsuccessful wealth transfer lies in the lack of a comprehensive succession plan. This article presents four key elem

8、ents of a successful succession plan, no matter how different the family businesses are from one another. They are: planning for succession management, defining family employment practices, establishing and maintaining family harmony, as well as planning the estate. These are essential to successful

9、 wealth transfers. After giving instructive advice regarding each element, the authors conclude that all family business owners must deal with the issues related to wealth transfers in a comprehensive manner well before they actually take place.Text 1 America is in the midst of one of the greatest w

10、ealth transfers in the history of mankind. Over the next 20 years, an estimated $15 trillion in assets will be transferred from one generation to the next. 2 Much of this wealth transfer will be in the form of family-owned businesses. But the viability of many of these transfers is questionable. The

11、 fact is, most will fail. Typically, only one out of three businesses is successfully transferred to the second generation. Survival of a family business into the third generation is a rare occurrence. 3 Thousands of family businesses, some of the household names, will disappear over the next decade

12、. The sad part is that many of them could survive with proper planning. For many, however, it may already be too late. The proper time to start planning the succession of a family business is not one, not three, not even five years ahead. Indeed, a comprehensive succession plan, which includes sophi

13、sticated estate planning strategies, generally requires at least a 10-year horizon to be properly structured. 4 Whether large or small, high-tech or low, public or private, every family-owned business is different. But regardless of how diverse they are, four key elements must be in place before a b

14、usiness can be successfully passed from one generation to another.Plan Your Succession Management 5 Owners / founders are extremely driven and dynamic. Often they excel at more than one skill. In many cases, production experts are also marketing geniuses or skilled financiers. Replacing them may req

15、uire more than one person. Therefore, family business owners should determine exactly how the business functions by creating organizational charts. Each key member of the succession process should create his or her own chart. These charts should then be compared. The differences will point to gaps i

16、n the management structure and highlight areas of misunderstanding and differences in perception. 6 Take Judy, for instance. Judy owns a software company and has three children a computer whiz, a race car driver and one with a business degree but no interest in the company. In addition, Judy has a s

17、trong management team in place. In her case, she should consider giving ownership to her children, but continuing to have the management team run the business. 7 Finding people from within the family, or from outside, to fill those spots may not be easy, nor happen overnight. Therefore, it is vital

18、to develop an action plan and timetable early in the process in order to allow for an orderly transition of responsibilities. 8 Few businesses, even family businesses, grow without the help of loyal employees. More often than not, they hold key positions in management. Therefore, you must keep your

19、employees informed about long-range succession plans. Key managers must have a clear picture of where they stand and what their responsibilities will be in a succession-management structure. Develop a compensation and benefit structure that is sufficient to attract and retain key managers as well as

20、 to motivate them to perform in the best interests of the business and the family. 9 There is also the matter of timing. The children you hope will take over may be too young or inexperienced when you retire. In such cases, transitional management teams may be formed to provide interim management un

21、til the children are properly trained and seasoned to be in a position to manage the business successfully.Define Family Employment Practices 10 Establish a clear employment policy for family members and stick to it. Most parents believe their children should be treated equally. Company executives,

22、however, must be selected on ability. Selection should be made on the needs of the business rather than on the needs of the children. 11For example, Jim owns an electric company. He treats his three children equally all three work for the company and receive the same salary. All three, however, do n

23、ot work equal hours, nor are they all dedicated to the business. Instead of benefiting from the equality, there is discord and resentment in the company because only one child really works. 12 Parents can pass on their legacy to their children without necessarily giving them control of a company. Wh

24、en the children are not suited to take over the business about 30 percent of the time other methods can be found for them to share in the family wealth. 13 However, if you do determine that a child will carry on the business, you should be sure your choice is capable. Ensure that he or she will rece

25、ive the right education and business experience. 14 Outside job experience is extremely useful for children who will one day assume control. Working outside the family business can give them valuable experience, expose them to differing management styles and give them the confidence to know that the

26、ir successes are their own. Often they will receive better mentoring and more opportunities to take responsibility than they would in the family business. Proving themselves outside the family business also gives children greater credibility with employees when they do eventually take control of the

27、 family business. 15 For those families that insist their children begin their careers at the family business, children should start at the level that their education and experience justify even if it means sweeping floors, operating a machine on the factory floor, etc. The experience will be invalu

28、able. In addition, working their way up from the bottom will increase their respect among employees and management. In our experience, children who develop in this manner are twice as likely to succeed as children who assume unearned executive positions.Establish and Maintain Family Harmony 16 Rival

29、ries and jealousies can be extremely time-consuming, not to mention destructive. Once children have grown, married and have children of their own, they are considered a separate family with different and sometimes conflicting ideas. If the business is large enough, consider seating an outside board

30、of directors to ensure that the interest of the family and business are properly balanced. 17 Develop a family business vision document to make certain family members as well as employees, suppliers and customers understand the future of the company. Use family council meetings to communicate to all

31、 family members about the company and issues facing it now and in the future. 18 Companies and families that communicate often, honestly and on a timely basis increase their probability of surviving and prospering.Plan Your Estate 19 Poor estate planning has led to the demise of more family business

32、es than any other cause. In many of these cases, the liquidity needs caused by estate taxes due on the value of the family business are far greater than the business can absorb. 20 In most cases, life insurance may be an effective way to cover estate taxes. However, the cost of life insurance for a

33、business reinvesting most of its capital in growing the business usually makes the insurance an impractical solution for the entire estate-tax dilemma. In most cases, there is a need to utilize other planning techniques to minimize estate-tax costs. 21 That was the case for a grocery store owner who

34、 spent all of his capital on expanding the business and not buying insurance. Unfortunately, he died after completion of the renovations. There was nothing left to pay estate taxes, so the family had to sell the business. 22. With the help of your advisors, find ways to reduce or manage the transfer

35、 taxes. Again, it is important to start the process as early as possible. 23. These are the four must elements. However, underlying all of them is a willingness to make difficult decisions and do what is best for the business and the family. 24. Dealing with succession issues may cause you discomfor

36、t or even great pain. However, if not addressed early in the succession process, these very same issues will come up later when it may be impossible to deal with them. Remember, your ultimate goal is the survival of the company so that your children, employees and community continue to derive the be

37、nefits your company provides. 25. The best way to assure the existence of the family business into future generations is to deal with issues in a comprehensive manner well before the final succession is to take place. For the overwhelming majority of family businesses, that means now.III. Language p

38、oints:Para. 1America is in the midst of one of the greatest wealth transfers in the history of mankind. (lines 1-2 ): America is in the process of handing over wealth to the younger generation on a very large scale in human history. 美国正处于人类历史上最重大的财富交接时期之一。Over the next 20 years, an estimated $15 tri

39、llion in assets will be transferred from one generation to the next. (lines 2-3 ): Over the next 20 years, about 15 trillion dollars worth of property will be handed over from one generation to the next.在未来二十年中，大约有十五兆美元的资产将从这一代人的手中转到下一代人的名下。1. asset: n. 1. (pl.) possessions; all the money and proper

40、ty which a company or person owns, and which they may sell or use if necessary e.g. On his death, Mr. Barry Caine wants all his to go to his wife. With of just under ￥ 1 million, the family business is still relatively small. The bank has assets of over five million pounds. Pyramid is one of valuabl

41、e national assets of Egypt. 2. sb. / sth. that is considered useful and helpful e.g. Good health is a good . An outgoing personality is a definite to a salesman. Having our best player, Fan Zhiyi, back on the team for Saturdays game will be a real . Ability to get along with people is an asset in bu

42、siness. The child is an asset to the state. A sense of humor is a great asset in meeting lifes troubles.2. in the midst of: (lit. or archaic) in the middle of 1. the position of being among other things or parts e.g. The boys lost their way in the midst of the forest. A little girl stood her classma

43、tes/crowds, crying. 2. the state of being engaged in e.g. Evidently Afghanistan / the country is an economic crisis. work cf. in the middle of sth / doing sth: in the course of or busy with sth /doing sth emphasis on the central point in time or spacee.g. I was in the middle of reading when she tele

44、phoned. They were caught in a storm right in the middle of the ocean. c.f. in / during the course of: duringe.g. Did you visit London in the course of your travels? During the course of the flight we shall be serving drinks. 3transfer: 1. v. (fromto): give the ownership or control of sth. to another

45、; move sth. from one place to another; move officially from one job to another; change from one vehicle to another syn.: hand over, transmit, change, convey e.g. Mr. Smith intends to transfer the property to his son. The head office has been transferred from New York to ChicagoThe military governmen

46、t is refusing to power to a democratically elected civilian government. It took 2 trips to all Toms furniture to her new flat. The manager has decided to me to a new post in Pudong Development Zone. To get there, you can from the No. 119 trolley bus to the subway. 2. n. handing over the possession o

47、r control of sth; the move of sth from one place to another; the act of moving from one job to another syn.: shift, move, relocate, transposee.g. The authors believe there are 4 elements playing a large part in the successful of family business. This footballer wants a transfer to another club. The

48、of the ships cargo onto the pier was halted by a severe storm. My sister was fed up with the job in Hefei and she asked for a to Shanghai.Para. 2But the viability of many of these transfers is questionable. (line 2 ): But it is doubtful whether many of these transfers can be successfully realized. 但

49、是许多企业交接后的生存能力值得怀疑。Typically, only one out of three businesses is successfully transferred to the second generation. (lines 3-4 ): Usually, only one-third of all the family businesses are successfully handed over to the next generation. 通常只有三分之一的企业能成功的转交到第二代人手中。Survival of a family business into the

50、third generation is a rare occurrence. (lines 4-5 ): It is not common that a family business survives long enough to be transferred to the third generation. 家族企业能在第三代人手上幸存下来的现象比较罕见。4. questionable: a. open to question or dispute; doubtful; uncertain syn.: doubtful, dubious, fishy, suspicious; disput

51、able, controversial, debatable, arguablee.g. The conclusion of the survey is because the research is based on a very small sample of people.5. survival: u. n. state of continuing to live or exist in spite of accidents, illness or being in great difficultye.g. If there is a nuclear attack, our chance

52、s of are not good. c.f. survive: v. e.g. The plane crashed and caught fire; none of the 130 passengers d the crash.6. viability: u. n. 1. workability e.g. The executive directors are currently investigating the of the proposal youve put forth. 2. capability to exist or survive e.g. The of the newly-

53、created government is out of question. c.f. viable: that can be done and will succeed; able to exist or survivee.g. We are in favor of the program, but we want strong assurance that it is .7. in the form of: in the shape, structure or manner ofe.g. The cookies were all stars. Much of Mr. Smiths weal

54、th transfer was money.Para. 3 Thousands of family businesses, some of the household names, will disappear over the next decade. (lines 7-2 ): Thousands of family businesses, some of which have become very well known, will disappear in the next ten years.成千上万的家族企业，包括一些家喻户晓的企业，将在未来十年中消失。The sad part i

55、s that many of them could survive with proper planning. (lines 2-3 ): The sad thing / what is sad is that many family businesses could continue to exist if their owners would make suitable plans. 令人悲哀的是，如果规划适当的话，许多企业本应能够幸存下来。Indeed, a comprehensive succession plan, which includes sophisticated estat

56、e planning strategies, generally requires at least a 10-year horizon to be properly structured. (lines 6-8 ): Actually, business owners need to start properly forming an overall succession plan at least 10 years ahead of time, which includes complex and careful estate planning strategies, (or: Actua

57、lly business owners need to form an overall 10-year future plan for succession, including complex and careful planning strategies.) 确实，要完善地构造一项全面的承接计划，包括复杂的不动产规划策略，大概需要至少十年的时间。8. comprehensive: 1. a. very thorough, esp. because it is important that nothing is left out and that every possible problem

58、 is dealt with syn.: all-embracing, all-inclusive, sweeping, wide e.g. This is the largest and most study ever made of the citys social problems. 2. n. = comprehensive school in Britain ( large secondary school in which children of all abilities are taught together ) ；= comprehensive examination 9.

59、sophisticated: a. very advanced, and more cleverly designed or skillfully made than other things of the same type; having a lot of knowledge and experience of clever fashionable things and showing this by the way one talks and behaves; having lost natural simplicity syn.: advanced, highly-developed;

60、 complex, complicated, intricate; worldly e.g. The company has spent millions of dollars developing this electronic equipment. “Management Review” is a monthly magazine that appeals to the businessmen. Jane has become a girl with tastes since she went to live in Paris.Para. 4But regardless of how di