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'Bringing the family and its related complexity back into the discussion of how to build healthy and long-term oriented relationships in business families, Annika Hall's book is both comprehensive and profound. It's a must-read for every family member involved in a family business, whether as owner, manager, potential successor, or as a family member of a business family.' – Sabine B. Rau, WHU-Otto Beisheim School of Management, Germany 'A crisp thought provoking book in which Annika Hall deftly brings to life the multiple dimensions and rationalities in family enterprises. She skilfully interprets these complexities in the fascinating story of the Indiska Magasinet AB (Indiska), a third generation Swedish retail enterprise of the Thambert family, from the pre-founding years until the beginning of the 21st century. Scholars and practitioners alike will enjoy gaining a richer perspective and deeper understanding of family enterprises.' – Pramodita Sharma, University of Vermont, US and Editor, Family Business Review This engaging book reveals how and why family relations influence the dynamics of family owned businesses. The author examines the relevance of role and identity to the strategic development and the succession process of family businesses. She explores the individual and organisational implications of these roles and identities at different stages in the family and business life cycles. Annika Hall highlights that family businesses have inherent dynamics, rooted in family relations, that might advantage business development assuming that the family is able to meet the inherent challenges of role transition. The book connects micro, socio-psychological aspects to more macro business outcomes, with the purpose of elaborating how and why these connections are made. Expertly integrating a detailed case study and by concluding with concrete advice, the closeness to practice is explicit and therefore strongly appealing to practitioners. By also integrating the practice with theory, the book will prove essential for academics and students of interpretive methodology and/or family business.
Family businesses—the predominant form of business organization around the world—can make numerous, critical contributions to the economy and family well-being in both financial and qualitative terms. But dysfunctional family businesses can be difficult to manage, painful experiences at best, and they can destroy family wealth and personal relationships. This book explores the dynamics of family business management, in the context of constantly changing market conditions and the role that knowledge management plays in strategic planning and adaptation. Integrating the literature from family business, entrepreneurship, industrial psychology, and knowledge management, and with illustrative examples from a variety of enterprises, the authors address such topics as: •How family businesses can compete in the new knowledge economy •How to manage a family business when knowledge is its main asset •How to transfer knowledge (and how to keep it alive) through family generations Within this framework, the authors argue that effective resource management—especially intangible resources—is central to enabling a family-run organization to maintain a sustainable competitive advantage over time. They note that families often develop systemic, intuitive, or tacit knowledge that transcends rational decision making and needs to be recognized and nurtured as a distinctive asset. The authors demonstrate that trans-generational value is achieved when the family firm innovates and adapts itself to changing external and internal conditions. This kind of entrepreneurial performance requires dynamic capabilities and processes designed to acquire, exchange, combine and even shed knowledge and practices; and, in turn, dynamic capabilities result from mechanisms of knowledge sharing, collective learning, experience accumulation, and transfer.
"Written for current and next-generation owners and utilizing multiple, firsthand stories of family business dos and don'ts, Dirty Little Secrets of Family Business gives you the top success strategies that you can use to build a better functioning family business"--
Generation to Generation will help managers understand the special dynamics & challenges that family businesses face as they move through their life cycles. It explains how to handle succession, & the role of non-family professionals.
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.
This edited collection analyses the unexplored concept of the family business group, evaluating the opportunities and advantages that it creates for entrepreneurs. Raising a number of important questions, the authors construct a new research agenda for the complex topic of the family business group, which will ultimately assess its contribution towards the economy and society in general. The chapters provide a core understanding of the phenomenon and cover its formation, nature and complexities, as well as offering a holistic perspective and exploring factors such as scale, size and regional contexts. A useful tool for those researching small businesses, organisation, and business strategy, this book highlights the key advantages of family business group structures in both developed and developing countries, and local and national contexts.
The authors explore how effective planning and communication helps business families around the world address growth challenges as they strive to become high performing multi-generation family enterprises. This book shows family businesses working together at their best.
Family businesses are a breed unto themselves. Though they share many features in common with other business models, they possess unique traits that clearly differentiate them. Similarly, though consultation to family buisnesses is in many respects what other businesses experience when seeking assistance, those features that set family business consultation apart are so distinctive that failure to honor and understand them can (and does) too often lead to disaster. The needs of those family members seeking consultation share a portrait in some ways similar to those in non-FOBs, but in a majority of situations are so distinctive and potentially explosive that disaster lurks on the edges, ready to appear if not respected. The audience of this book are both consultants to family businesses and family members who are looking for such assistance. Both require knowledge of each other's spheres of experience and perspective for effective consultation to occur - for the consultant, an awareness of family dynamics as intertwined with family business; for family members, a clarification of what can be expected and delivered. In addition to the interface between family dynamics and the family's business, we will explore the key tasks in family business consultation: succession planning, selection of the successor, conflict resolution, defining the role of family members in the business, how to involve the management team in succession planning, determining what happens after succession and building a board of advisors.
Family Business Conflict Archetypes, Frames, Roles, and Tactics are discussed in this book with a view toward educating readers to the common conflict cycles that family businesses encounter. More specifically the book will address twelve conflicts that are common in family owned businesses, how to spot them and how to resolve them.
This book explores the unique characteristics and complexities of family businesses in India. It examines the intersection of family dynamics, cultural norms, and business practices to offer valuable insights on how family businesses evolve, develop, grow, and sustain over time. With a focus on leadership and positioning for the future, this book illustrates how the family enterprise can achieve sustained growth and continuity through generations. Covering a wide range of topics essential for understanding the Indian family business landscape, this volume: Studies succession planning and governance, managing family conflicts and harnessing innovation Analyses the various strengths and weaknesses of family businesses Shares insights on top-performing family businesses alongside the oldest businesses in India and across the world Emphasises and extensively discusses the role of women in the contemporary Indian business landscape Insightful and engaging, this book will be useful to students, researchers, and teachers in the fields of business management, commerce, and economics. It will also be an invaluable resource for present or potential family business owners, managers, professionals, and business consultants.