Financing Family Business: Alternatives to Selling Out or Going Public
从金融从业者视角提出概念框架，分析家族企业如何平衡控制权、流动性和资本需求，并介绍多种有利于家族控制的融资策略及投资银行的作用。
Family businesses, whether private or public, constitute a major segment of the American economic system. A conceptual framework, from a financial practitioner's perspective, is presented for simplifying the conflicting objectives of the business and its shareholders with respect to the fundamental issues of control, liquidity, and capital. The investment objectives and criteria of capital markets participants are profiled, as well as various financial alternatives available to the family business, in particular, strategies that favor family control. The investment banker's role as both a capital markets intermediary and financial adviser is also discussed.