Step one of the FOMB planning starts with the owner's plan, which clarifies and analyses the feasibility of the owner's objectives.
The next chapter introduces the second step of the FOMB planning, the family plan.
Step three of the FOMB planning involves the company plan.
The last step in the FOMB planning process is the succession plan, where all of the components of FOMB planning are integrated together.
While the first section of the book outlines the process for FOMB planning the second section focuses on the tools for planning.
Finally, in the last section the author summarises the potential challenges that any FOMB may face (offering guidance as to how these challenges should be handled) such as: deciding whether to sell; dealing with conflict in the family business; utilising the potential of family members; minority owners, sons-in-law and daughters-in-law and FOMB valuation.
FOMBs have been praised for their ability to nurture a sense of loyalty, long-term commitment and pride in the `family' tradition.
The total planning approach in FOMBs involves four components: the owner's plan, the family plan, the, company plan and the succession plan.
Such an entity cannot be the FOMB, with its emphasis on repaying the debt, nor should it come about from PREPA or the local government.
Under any of the possible futures, and regardless of the final policy directions given by either Congress, the FOMB and/or the local government, the incipient state regulator CEPR, or whatever entity substitutes it, needs to be supported and strengthened.