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Exploring family business. Culture and values as a competitive advantage

Exploring family business. Culture and values as a competitive advantage
Author: Iaroslava Blyshchuk
Publisher: GRIN Verlag
Total Pages: 155
Release: 2017-03-10
Genre: Business & Economics
ISBN: 3668413908
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Master's Thesis from the year 2016 in the subject Business economics - Offline Marketing and Online Marketing, grade: 1,1, TU Bergakademie Freiberg, language: English, abstract: Family businesses significantly contribute to the economy, employment rate, and development of every country around the globe. However, academic research on family businesses is relatively young and diversified. Therefore, this thesis conducts a report on the literature-based analysis on family business issues with a focus on culture and values in a strategic management perspective. The aim of this paper is to examine family businesses characteristics and to recognize their uniqueness in terms of culture, values, and behaviour. The main themes of the research are the following: in-depth analysis of prior family business research on family business definition issues, key family business features (in the contrast to non-family businesses), family business system characteristics, family business influence, family business organizational culture, and the influence of national culture on family business performance. The research methodology employs qualitative research including selection, discussion, and comparing relevant family business theoretical and empirical studies. The findings are used to extend the insights of the family business research on fundamental management and communication theories, and to provide a concept of family business organizational culture on the micro and macro level of analysis for potential future research in the family business practice.

Understanding the Family Business

Understanding the Family Business
Author: Keanon Alderson
Publisher: Business Expert Press
Total Pages: 185
Release: 2011
Genre: Family-owned business enterprises
ISBN: 1606491695
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The purpose of this book is to provide readers with an introductory overview of family business, the most prevalent form of business in the world. The differences between family and nonfamily businesses are emphasized in this book. There are several key audiences: As a supplemental text for university undergraduate or graduate level courses such as small business management, introduction to business, entrepreneurship, or family studies. Members of family businesses will benefit from the book as an introduction to the unique nature of family businesses. Professional advisors to family firms such as accountants, attorneys, bankers, insurance providers, and financial services professionals may develop a better understanding of their clients. Suppliers to family businesses will gain insight to this important business customer. Much of the literature on family business is from the United States; an attempt has been made to present relevant international information, as well. Chapter one defines a family business and provides an overview of family business. Chapter two explores the many differences between a family owned business and a nonfamily owned business. Chapter three explores the major family business theories. Chapter four discusses how family firms make business decisions. Chapter five explores the significant issues prevalent in a family firm. Chapter six explores the most problematic issue in family firms: succession or the transfer of ownership to the next generation. Chapter seven explores the many differences among the generations of a family firm. Chapter eight presents information on family business strategic planning. Chapter nine focuses on effective family business governance and use of advisors and boards. Chapter ten explores key success tips for long lasting family firms. Chapter eleven discusses trends in family business. Chapter twelve contains key points for family business professionals and suppliers who target or service family firms. Chapter thirteen presents areas for future research to advance the study of family business.

Harvard Business Review Family Business Handbook

Harvard Business Review Family Business Handbook
Author: Josh Baron
Publisher: Harvard Business Press
Total Pages: 231
Release: 2021-01-26
Genre: Business & Economics
ISBN: 1633699064
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Navigate the complex decisions and critical relationships necessary to create and sustain a healthy family business—and business family. Though "family business" may sound like it refers only to mom-and-pop shops, businesses owned by families are among the most significant and numerous in the world. But surprisingly few resources exist to help navigate the unique challenges you face when you share the executive suite, financial statements, and holidays. How do you make the right decisions, critical to the long-term survival of any business, with the added challenge of having to do so within the context of a family? The HBR Family Business Handbook brings you sophisticated guidance and practical advice from family business experts Josh Baron and Rob Lachenauer. Drawing on their decades-long experience working closely with a wide range of family businesses of all sizes around the world, the authors present proven methods and approaches for communicating effectively, managing conflict, building the right governance structures, and more. In the HBR Family Business Handbook you'll find: A new perspective on what makes family businesses succeed and fail A framework to help you make good decisions together Step-by-step guidance on managing change within your business family Key questions about wealth, unique to family businesses, that you can't afford to ignore Assessments to help you determine where you are—and where you want to go Stories of real companies, from Marchesi Antinori to Radio Flyer Chapter summaries you can use to reinforce what you've learned Keep this comprehensive guide with you to help you build, grow, and position your family business to thrive across generations. HBR Handbooks provide ambitious professionals with the frameworks, advice, and tools they need to excel in their careers. With step-by-step guidance, time-honed best practices, and real-life stories, each comprehensive volume helps you to stand out from the pack—whatever your role.

Understanding the Family Business

Understanding the Family Business
Author: Keanon J. Alderson
Publisher: Business Expert Press
Total Pages: 193
Release: 2018-05-08
Genre: Business & Economics
ISBN: 1631575740
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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.

The Family Edge

The Family Edge
Author: Gibb Dyer
Publisher: Abrams
Total Pages: 244
Release: 2019-07-01
Genre: Business & Economics
ISBN: 1641702036
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What's the most important asset any entrepreneur or business owner needs to succeed? After more than thirty years consulting for Fortune 100 companies, international organizations, and family businesses around the world, Gibb Dyer confirms that the secret ingredient to business and entrepreneurial success is not an MBA from a great school, a fantastic marketing plan, or even a blue ocean strategy. It's access to three types of capital: financial, social, and human. Dyer's three decades worth of research and data conclude statistically that the most effective and successful entrepreneurs have immediate access to these three—all within their family. A groundbreaking book for any business owner, family business, or budding entrepreneur, The Family Edge provides clear evidence and powerful tools to help you leverage the asset you need but have probably not paid enough attention to: family capital.

Reputation Management and Family Business

Reputation Management and Family Business
Author: Zdzisława Dacko-Pikiewicz
Publisher: Routledge
Total Pages: 148
Release: 2021-10-31
Genre: Business & Economics
ISBN: 1000509508
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Corporate reputation is important in gaining long-term competitive advantage and building company value. Thus, the author points out the need to manage reputation, which, due to its complex nature and multidimensional character, is a serious and difficult challenge. The author develops a strategic model for family business reputation management. The book presents the review, systematization and synthesis of views on the notion of reputation and its role in building company value, the determinants of reputation; the identification of the characteristics and distinguishing factors of family businesses, areas of reputation building and resources involved in family business reputation building processes; and the description of determinants, components and processes in the field of corporate reputation management, and the identification of key links between them. It also identifies the key elements of the concept of family business reputation management and the relationship between them and practical recommendations for the use of reputation management concepts in improving the functioning of family businesses. The developed model can undoubtedly be seen as a pioneering contribution to research into the competitiveness of enterprises. The book will therefore be useful to researchers, students and managers who are interested in decision-making in family businesses, entrepreneurship and small business management, and leadership studies.

10 REASONS AND BENEFITS FOR STARTING A FAMILY BUSINESS

10 REASONS AND BENEFITS FOR STARTING A FAMILY BUSINESS
Author: VICTORIA OMA WHITEMAN
Publisher: VICTORIA OMA WHITEMAN
Total Pages: 83
Release: 2024-07-12
Genre: Family & Relationships
ISBN:
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10 Reasons and Benefits of Starting a Family Business - Building Success Through Family Unity** In "10 Reasons and Benefits of Starting a Family Business," Victoria Oma Whiteman, also known as Chicpreneur, explores the unique advantages and compelling reasons why families should consider venturing into business together. This insightful book provides practical insights, expert advice, and inspirational stories of successful family enterprises, offering a roadmap for leveraging familial bonds to achieve entrepreneurial success. **Harnessing the Power of Family Unity** "10 Reasons and Benefits of Starting a Family Business" is a comprehensive guide for families looking to capitalize on their strengths, values, and shared vision through entrepreneurship. This book highlights the transformative impact of familial collaboration in business, emphasizing the advantages of working closely with loved ones to build a lasting legacy. **Key Themes and Insights** - **Advantages of Family Dynamics**: Explores how familial relationships can foster trust, collaboration, and long-term commitment essential for business success. - **Shared Vision and Values**: Illustrates the importance of aligning family values with business goals to create a cohesive and purpose-driven enterprise. - **Entrepreneurship as a Family Endeavor**: Provides strategies for overcoming challenges unique to family businesses, such as succession planning and conflict resolution. - **Building a Legacy**: Guides families on preserving and passing down entrepreneurial ventures to future generations, ensuring continuity and growth. - **Innovation and Adaptability**: Examines how family businesses can innovate and adapt to market changes while maintaining their core values and traditions. - **Financial Benefits**: Discusses financial advantages such as tax benefits, shared resources, and reduced operational costs associated with family-run enterprises. - **Success Stories and Case Studies**: Showcases inspiring examples of families who have successfully navigated the complexities of entrepreneurship, achieving both personal and professional fulfillment. **Expert Guidance and Practical Advice** "10 Reasons and Benefits of Starting a Family Business" combines expert guidance from successful family business owners with practical advice on effective management, growth strategies, and sustaining harmony within the family unit. Each chapter offers actionable insights and strategic approaches for leveraging familial strengths in business. **Inspiring Family Unity Through Entrepreneurship** At its core, "10 Reasons and Benefits of Starting a Family Business" celebrates the potential of family unity to drive entrepreneurial innovation and success. Whether you are considering launching a new venture with loved ones or seeking to enhance an existing family business, this book equips you with the knowledge and inspiration to build a thriving enterprise grounded in shared values and collective vision. ** Keywords** Family business advantages, starting a family business benefits, reasons for family business success, family business entrepreneurship, benefits of family-owned businesses, family business legacy, advantages of working with family, starting a business with family members, family business challenges and solutions, family business sustainability, family business leadership, family business dynamics, entrepreneurship in family businesses, family business planning, family business growth strategies, family business values, family business teamwork, succession planning in family businesses, family business innovation, managing family business conflicts.

Managing for the Long Run

Managing for the Long Run
Author: Danny Miller
Publisher: Harvard Business Press
Total Pages: 330
Release: 2005
Genre: Business & Economics
ISBN: 9781591394150
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Fidelity, Hallmark, Michelin, and Wal-Mart are renowned industry powerhouses with long leadership track records. Yet these celebrated companies are united by another factor not generally equated with competitive success: They are all family-controlled businesses. While many view the hallmarks of family businesses—stable strategies, clan cultures, and unencumbered family ownership—as weaknesses, Danny Miller and Isabelle Le Breton-Miller argue that it is these very characteristics that create formidable competitive advantages for many such firms. Managing for the Long Run draws from a worldwide study of enduring, family-run organizations—including Cargill, Timken, L.L. Bean, The New York Times, and IKEA—to reveal their unconventional success strategies and how these strategies can be adopted and applied in any organization. Miller and Le Breton-Miller show how four driving passions of family-run firms—command, continuity, community, and connection—give rise to a set of practices that defy modern management thinking yet ensure a company’s long term competitive advantage. Outlining how these practices can enhance strategic efforts from operations to brand leadership to innovation, this book shows what every company must do to manage for the long run.

Competitiveness, Organizational Management, and Governance in Family Firms

Competitiveness, Organizational Management, and Governance in Family Firms
Author: Camisón, Cesar
Publisher: IGI Global
Total Pages: 459
Release: 2019-11-22
Genre: Business & Economics
ISBN: 1799816567
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The "family effect" remains a challenge for researchers interested in both the family firm’s organizational form and in the effects of familial ownership on a firm's strategy, structure, and performance. Governance mechanisms, management quality, ownership concentration, and family involvement all have relevant effects in terms of influencing monitoring costs, investment decisions, the development of the portfolio of resources and capabilities, and family firm competitiveness. Nevertheless, few studies to date have opened the black box of the "family effect." Competitiveness, Organizational Management, and Governance in Family Firms is an essential reference source that makes a clear distinction between the separation of ownership and management, on the one hand, and the institutional development of family governance instruments, on the other, to help uncover the asymmetric effects of these two choices. It also allows the examination as to which of the two strategies employed in family firms reinforce managerial capital that has a greater positive impact on the "family effect," thus helping to achieve better managerial capabilities. Featuring research on topics such as corporate governance, private business, and successional leadership, this book is ideally designed for managers, executives, CEOs, company owners, consultants, business professionals, entrepreneurs, academicians, and researchers interested in an in-depth understanding of the keys to success and survival of family-operated organizations.

When Family Businesses are Best

When Family Businesses are Best
Author: R. Carlock
Publisher: Springer
Total Pages: 322
Release: 2010-10-14
Genre: Business & Economics
ISBN: 0230294510
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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.