We are pleased to announce that
Paul A. Toby
Account Executive
Center Brings Family
Businesses Together
has joined Dean Witter,
one of the nation's largest and most
respected financial services firms,
and we would like to join Paul in wishing the
community a healthy,
Happy New Year!
100 West Big Beaver
Suite 500
Troy, MI 48099
(810) 680-2200
(800) 776-8282
F
0), p DEAN WITTER
©1995 Dean Witter Reynolds Inc. Member SIPC
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Over 30 Years Combined Experience
(810) 646-0535
271 MERRILL • BIRMINGHAM
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or a whopping 90 percent of
all businesses in the metro
area, it's all in the family,
according to Oakland Uni-
versity's Center for Family Busi-
ness.
That usually means plenty of
bickering over money, authority
and the very future of the com-
pany.
It can also mean the difference
between the vitality of a charita-
ble organization or its demise.
The Center for Family Busi-
ness, a new offshoot of Oakland
University's School of Business
Administration, hopes to teach
businesses that are family con-
trolled or operated how to keep
the ship on an even keel, even
through the roughest waters, and
make sure they survive a long
voyage.
Robert Kleiman, a West
Bloomfield resident and associ-
ate professor of finance at the
university, says the average fam-
ily-owned or operated business
survives 24 years, or the lifetime
of the founding entrepreneur.
Today's "big box" retailers like
HQ present a bigger threat to the
family-owned business, making
adaptability to the market even
more critical, Mr. Kleiman says.
"It's not enough to be success-
ful just for the first generation.
You have to anticipate the chang-
ing market, changing demo-
graphics," he says.
The Center, of which Mr.
Kleiman serves as director, will
offer seminars and quarterly
newsletters that address topics
PHOTO BY BI LL HANSEN
JULIE EDGAR STAFF WRITER
Robert Kleiman: Director of Oakland
University's Center for Family Business.
ranging from leadership to estate
planning and will provide infor-
mation about topics specific to the
family-owned business. The
membership fee is $500 yearly.
Mr. Kleiman says the chang-
ing market is part of the reason
less than 30 percent of family
businesses end up in the hands
of a son or daughter.
"It's a lack of succession plan-
ning," he explains. "The founder
may not let go, or fail to ade-
quately groom successors in the
enterprise."
Family businesses are inti-
mately tied to philanthropic pro-
jects, specifically in the Jewish
community, Mr. Kleiman points
out. He cites the many Jewish
LEADING ISRAELI STOCKS
TRADED ON U.S. EXCHANGES
Symbol
Name
Exchange
Sept. 8 Sept. 15 Change
SCIXF
Scitex
NASDAQ
'20.38
'20.31
-50.07
ECILF
NASDAQ
'20.50
'22.52
'2.02
TEVIY
ECI Telecom
Teva Pharm
NASDAQ
'37.06
98.88
'1.82
IEC
PEG Israel
NYSE
'26.00
'26.00
ELBTF
BM Computers
NASDAQ
'23.00
'21.25
ELT
Elscint LTD
NYSE
'2.75
'2.88
'0.13
ELRNF
Elron Electronics
NASDAQ
'12.00
'11.13
) 0.88
TAD
Tadiran
NYSE
'24.00
'23.38
-30.63
CMVT
Comverse
NASDAQ
'22.63
'21.75
LANTF
Lannet Data
NASDAQ
'25.13
'25.69
'0.57
I SL
First Israel Fund NYSE
'11.75
'11.63
-s0.13
Source: Allen Olender, Prudential Securities,
West Bloomfield.
.