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‘Business transfer’ refers to the transfer of ownership and leadership from one or more outgoing owner-manager(s) to one or more incoming owner-manager(s). Apart from all the company's material assets, it presupposes that information, relationships, know-how and social capital are also transmitted from one to the other. While much of the research on entrepreneurship has focused on new business ventures, few studies have considered business transfers as an alternative way of embarking on entrepreneurial activities. Business Transfers, Family Firms and Entrepreneurship provides the international community with a more comprehensive state-of-the-art of business transfer studies, which will enrich readers’ understanding. The business transfer is examined through different prisms: family businesses, internal business transfers to employees, external business transfers, and woman in business transfers. This book deals with business transfer as a whole, following a logic of continuity and sustainability for the transferred firm. It offers a refreshing point of view on business transfers, in terms of both the process and the actors, and from both the seller’s and the buyer’s sides. It presents the research on all types of business transfer including internal and external transfers and will be of interest to researchers, academics, and students in the fields of entrepreneurship, small business management, family business, and strategic management. It can also be instructive for practitioners and stakeholders involved in a business transfer.
This book provides an extensive overview of family business-related topics such as context and uniqueness, lifecycle and ownership configurations, conflict management, corporate governance, succession challenges, internationalization, innovation, and socioemotional wealth. Each chapter features clear learning objectives, key concepts and terminology, and dedicated case studies to demonstrate the main messages. The book not only considers the day-to-day dynamics in family businesses, but also places substantial emphasis on the entrepreneurial skills needed for these businesses to survive and thrive, today and tomorrow. In addition, it elaborates and discusses a number of best practice examples, which offer valuable guidance not only for scholars, but also for students who wish to study these challenges.
Introducing a new concept in family businesses Transgenerational Entrepreneurship addresses how these businesses achieve growth and longevity through entrepreneurial activities. It focuses on the resources, capabilities and mindsets that families develop and draw upon in order to be entrepreneurial across generations, and presents findings from an international research collaboration between family business researchers and practitioners. In addition to a comprehensive conceptual chapter, the editors include a unique set of empirical case-based research papers that investigates transgenerational entrepreneurship in different European contexts. They bring together and integrate frontier research on entrepreneurship and family business, as well as provide a basis for future research. Academics, teachers and students in business and management, entrepreneurship and family business will find this path-breaking book of value, as will libraries, policy makers and consultants.
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.
Deals with the issue of entrepreneurship and family business. This title considers the issues, problems, contexts, or processes that make a family firm more entrepreneurial. It covers topics such as the emergence and growth of family businesses, and the use of entrepreneurial policies, practices and strategies by family firms.
This outstanding book provides you with a detailed look at family businesses, the most prevalent form of business in the world. Whether you are a business student, or a member of a family who owns a business, you will definitely benefit from this book, which leads with an introduction to the unique nature of family businesses. Inside, the author explores the many differences between a family-owned business and a nonfamily-owned business. He discusses the major family business theories and shows how family firms make business decisions. This book also defines the significant issues prevalent in family firms and explores the most problematic issue: the succession or the transfer of ownership to the next generation. If you are a professional advisor to family firms—such as accountants, attorneys, bankers, insurance providers, and financial services—you’ll undoubtedly develop a better understanding for your clients.
Combining the expertise of two consultants and academics from East and West, this book provides an international guide for family businesses, showing how to identify and implement the best governance strategies. Packed with case studies and interviews, this is the ultimate guide for family businesses wanting to achieve long-term success.
Japanese family businesses are among the oldest in the world and many of them prove a history record of 200 years and more. Research on several case studies of century old firms (‘shinise’) in Japan reveal three factors as secrets of their longevity: (1) the Japanese family system (‘ie’) favours the eldest son for succession; (2) the option for adopting a capable successor; (3) the inclusion of the relationships with employees, customers, and members of the local community into the strategic decision making. The analysis deals with the succession process in Japan compared to the WIFU Model of Succession in German family firms, and rounds off with perspectives on how to deal with the challenges the Japanese family businesses face regarding the recent changes in the Japanese society.
The ageing of society does not stop at company owners. More and more companies have to be handed over to the new generation. This process is a challenge for all parties involved. The support of business transfer assistance is just as essential for the European economy as the promotion of start-ups because both are critical to the development of the European economy. Over 450.000 firms with over two million jobs are transferred to a new owner in the EU-28 each year. Around one-third of these transfers fail, and the companies are closed. The future growth and sustainability of innovative companies in the Baltic Sea Region are severely limited by failed business transfers. Furthermore, due to a lack of available and appropriate successors, many firms are liquidated rather than transferred. This publication is part of the project INBETS (www.inbets.eu), highlights the background to the current situation of business transfers in the Baltic Sea Region, and proposes a policy program to promote business successions and open up new target groups of potential successors. Part-financed by the European Union (European Development Fund and European Neighbourhood and Partnership Instrument) within the INBETS project. This publication does not necessarily reflect the opinion of the European Commission.
Entrepreneurship is a key factor in economic growth, innovation, & the development of firms & businesses. Written by leading scholars, this book presents a comprehensive review of the research in entrepreneurship.