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This book includes three essays covering the ownership perceptions individuals experience in family businesses. It advances current knowledge on the organizational factors anteceding individuals' psychological ownership as well as the attitudinal and behavioral consequences. Investigating overly strong psychological ownership, the first essay provides insights into the phenomenon of aging family business owner-managers who face difficulties in 'letting go', i. e. passing on leadership to their successor(s). The second essay offers a study of family business owner-managers' leadership styles and their influence on nonfamily employees' psychological ownership of the family business as well as individuals' motivation and performance. Given the special situation of nonfamily members working in family businesses, the third essay examines the effects of employees' and nonfamily managers' justice perceptions on both the ownership experience and commitment to the family business. The works presented in this book built a basis for several publications, such as articles in the Journal of Family Business Strategy and Group & Organization Management. Furthermore, they have been presented at various international conferences, have been nominated for a "most creative paper" award, and have contributed to the Academy of Management Best Paper Proceedings. The findings not only constitute valuable additions to current research in management and organizational psychology, but can also provide benefit for those interested in family businesses. Managers, owners, and consultants working in or for family businesses would likely gain from the practical implications.
The challenge faced by family businesses and their stakeholders, is to recognise the issues that they face, understand how to develop strategies to address them and more importantly, to create narratives, or family stories that explain the emotional dimension of the issues to the family. The most intractable family business issues are not the business problems the organisation faces, but the emotional issues that compound them. Applying psychodynamic concepts will help to explain behaviour and will enable the family to prepare for life cycle transitions and other issues that may arise. Here is a new understanding and a broader perspective on the human dynamics of family firms with two complementary frameworks, psychodynamic and family systematic, to help make sense of family-run organisations. Although this book includes a conceptual section, it is first and foremost a practical book about the real world issues faced by business families. The book begins by demonstrating that many years of achievement through generations can be destroyed by the next, if the family fails to address the psychological issues they face. By exploring cases from famous and less well known family businesses across the world, the authors discuss entrepreneurs, the entrepreneurial family and the lifecycles of the individual and the organisation. They go on to show how companies going through change and transition can avoid the pitfalls that endanger both family and company. The authors then apply tools that will help family businesses in transition and offer their analyses and conclusions. Readers should draw their own conclusions from careful examination of the cases, identifying the problems or dilemmas faced and the options for improved business performance and family relationships. They should ask what they might have done in the given situation and what new insight into individual or family behaviour each case offers. The goal is to avoid a bitter ending.
The challenge faced by family businesses and their stakeholders, is to recognise the issues that they face, understand how to develop strategies to address them and more importantly, to create narratives, or family stories that explain the emotional dimension of the issues to the family. The most intractable family business issues are not the business problems the organisation faces, but the emotional issues that compound them. Applying psychodynamic concepts will help to explain behaviour and will enable the family to prepare for life cycle transitions and other issues that may arise. Here is a new understanding and a broader perspective on the human dynamics of family firms with two complementary frameworks, psychodynamic and family systematic, to help make sense of family-run organisations. Although this book includes a conceptual section, it is first and foremost a practical book about the real world issues faced by business families. The book begins by demonstrating that many years of achievement through generations can be destroyed by the next, if the family fails to address the psychological issues they face. By exploring cases from famous and less well known family businesses across the world, the authors discuss entrepreneurs, the entrepreneurial family and the lifecycles of the individual and the organisation. They go on to show how companies going through change and transition can avoid the pitfalls that endanger both family and company. The authors then apply tools that will help family businesses in transition and offer their analyses and conclusions. Readers should draw their own conclusions from careful examination of the cases, identifying the problems or dilemmas faced and the options for improved business performance and family relationships. They should ask what they might have done in the given situation and what new insight into individual or family behaviour each case offers. The goal is to avoid a bitter ending.
While family businesses have existed for millennia all over the world, it is only in the past few decades that professional consultants have been utilized to help them function more effectively. This engaging, up to the minute volume explores the varied and complex world of family enterprises as they now exist in the third decade of the 21st century. Attention is given to the factors unique to family businesses in their attention to perpetuating family values, traditions, loyalties and their legacy to future generations. Consultants may be drawn from law, finance and accounting, organizational psychology, or family psychology (with its special emphasis on understanding the family relationship system). The book describes methods of assessment and how to effectively communicate the results as well as techniques of consulting and provides an invaluable description of what is necessary to be and become a family business consultant. Readers will benefit from explorations of A new model featuring 8 inter-related business domains Cybersecurity issues and how to handle them Working collaboratively with financial and legal professionals Comprehensive coverage of research based assessment instruments Given that over 85% of the businesses in the world, from small to multinational in size and scope are family businesses, the enormous amount of information conveyed in this volume can be extremely valuable to professional consultants and those in the C Suite (CEO’s, CFO’s, COO’s) in helping businesses operate at maximum efficiency, productivity, profitability and satisfaction to all involved. "Throughout this well organized and well written book, the authors raise the pivotal questions that form the basis for becoming and being an exceptional family business consultant. Psychologists can learn to transform family business conundrums into healthy interactions between the family members of the enterprise before, during, and after transitions of the company. The various aspects of serving as a consultant are fleshed out in the carefully-researched chapters. Case studies show the patterns of behavior that can lead to continuing multigenerational successes or hard dissolutions. Their new model entitled “The Dynamic Interactive Multifactorial Family Enterprise Ecosystem Model” constitutes a major contribution to the field. The best part of the book remains its celebration of the importance and richness of family businesses across generations that will inspire any reader." G. Andrew H. Benjamin, JD, PhD, ABPPPast President, American Academy of Couple & Family Psychology Past President, American Board (ABPP) of Couple & Family Psychology Clinical Professor of Psychology & Affiliate Professor of Law, University of Washington /div/div
Businesses owned and operated by families constitute the vast majority of firms around the world. These firms are found in all industrial segments, from retail and service establishments to heavy manufacturers. Their sizes and revenues range from the smallest venture of a husband and wife roadside food stall in rural India to the largest multinational, highly diversified corporations in the United States and Europe. Many challenges, such as competition, regulation, environmental concerns, access to capital, and macroeconomic factors confront family and nonfamily firms alike. In addition, family and closely-held firms grapple with such issues of succession, continuity, conflict resolution, identity and organizational roles, estate and financial planning that are idiosyncratic to them; when psychological, social, and emotional factors are in play, constantly changing familial relationships influence the strategic and financial choices they make. Yet, there has been comparatively little theoretical or empirical research undertaken on family firms, relative to entrepreneurship and strategic management. This book addresses gaps in the literature by presenting a holistic, multi-disciplinary approach to the study and practice of family business that draws from such fields as psychology, anthropology, sociology, strategy, family therapy, family studies, wealth management, and international business. An international array of experts addresses both macro issues (including the role of family businesses in new business creation and economic development, influences of culture on family business, public policies that can encourage or threaten family business) and firm management (strategic and financial decision making, governance, entering and exiting). Featuring case studies from firms in a variety of industries, Understanding Family Businesses not only offers provocative new insights on family business dynamics, but outlines an agenda for future research.
[This book] is a practical tool that families can use ... [to] ask the questions posed by the authors and apply them to their own situation ... backed by rigourous study ...
This is a guide for business owning families and their professional advisors. The authors argue that the single most important factor to the success of any business is relationship intelligence. The book aims to demonstrate how improved relationships translate into more effective leadership, ownership and ethics in business.
Successful ownership transition requires effective decision making at the top Engaged Ownership is the definitive owner's guide to the family enterprise. Whether you're taking over a family business, family office, or trust, this book shows you how to work effectively with the management and board to keep the enterprise moving in the right direction. The first guide of its kind written from the owner's perspective, this book is designed to help owners who are truly committed to growing all forms of capital be successful in their role. You'll learn the time-tested process that helps you 'unstick' decision-making, become engaged and effective, and manage the transfer from owner control to shared ownership while minimizing risk. Improve communication and relationships with the board, and ensure that every stakeholder understands your strategies and vision for the future. You'll allay the fears that frequently accompany ownership transfers, and inspire a sense of teamwork that leads to sustainable success generation after generation. As the Baby Boomers retire, business founders and entrepreneurs worldwide are transferring ownership of privately held enterprises to their children in record numbers. It can be a complex and difficult-to-navigate time for everyone involved. This book helps you smooth the way to a successful transition, and transcend the owner's traditionally passive role. Learn to work effectively with management and the board Get everyone on the same page in terms of vision and direction Build relationships that lead to forward-thinking decision making Succeed in the ownership role by bringing your expertise to the fore Ownership transfer often triggers a radical change in family enterprise, and if poorly managed, can turn a business in the wrong direction. Engaged Ownership shows you how to build a dynamic and effective partnership with trustees, board, and management, and become a successful steward of the family's financial, human, social, and operational capital.
Provides real world studies of the family in business, by observing typical firms rather than dynasties. It looks at how the nature of family business is changing in our times and provides insight into the lessons we can learn from this. The book focuses on the impact for the professional non-family manager.
"What good fortune to have all of Kaye's thoughtful, insightful and provocative articles in one volume! No one describes the conflictual patterns in family enterprise better and no one better addresses how family advisors can intervene to build trust." --Fredda Herz Brown, Managing Partner, The Metropolitan Group "A manual that demystifies family business relationships and a survival guide for business consultants working with them. A must read!" --Phillip Colon, Optimal Resolutions, Inc. "Ken Kaye has been one of the best thinkers and writers in the field. I often return to his articles for sound theory and practical suggestions. Finally, they're all in one book!" --Jane Hilburt-Davis, President, Family Firm Institute "If there is one core issue facing family business it is how to overcome conflict and establish the trust that is vital in effective working relationships. Ken Kaye has been the key theorist/practitioner in bringing clear principles into play for working with families." --Dennis Jaffe, Saybrook Graduate School "For thinking outside the box, insightful understanding and innovative techniques, Kaye's book will be indispensable for those who care about the family enterprise." --Jerry Kleiman, Optimal Resolutions, Inc. "Ken Kaye's articles are full of great illustrations that apply theory to practice. His engaging, provocative writing makes for a delightful read about solutions to the biggest challenges faced by business families. Keep a copy close to your desk." --Stephen McClure, Family Business Consulting Group "Ken Kaye's seminal work on the function of conflict in the business family is core knowledge needed by every practitioner." --Mark Voeller, Dialogue Solutions, Inc.