Turnaround Strategies in Established Small Family Firms

2008 ◽  
Author(s):  
John Cater ◽  
Andreas Schwab
Keyword(s):  
Family Firms ◽  
Small Family ◽  
Turnaround Strategies

Turnaround Strategies in Established Small Family Firms

2008 ◽  
Vol 21 (1) ◽  
pp. 31-50 ◽  
Author(s):  
John Cater ◽  
Andreas Schwab
Keyword(s):  
Goal Orientation ◽  
Family Firms ◽  
Organizational Crisis ◽  
Fine Grained ◽  
Study Approach ◽  
Small Family ◽  
Turnaround Strategies ◽  
External Management ◽  
Management Changes

This study employs a case-study approach to identify unique characteristics of established small family firms that affect their ability to initiate turnaround strategies when encountering an organizational crisis. In our case studies, we found evidence for family firms employing the standard strategies of top-management changes, infusion of external management expertise, and retrenchment that have been proposed in the general turnaround literature. The implementation of these strategies was, however, moderated by eight characteristics generally associated with family firms, including strong ties to the family firm, internal orientation, altruistic motives, and long-term goal orientation. The introduced framework contributes to a more fine-grained understanding of the turnaround challenges of established family firms and how they can be addressed. This is a topic of substantial practitioner interest considering the high failure rates of family firms.

The ability-willingness paradox of small family firms to collaborate for innovation

2021 ◽  
Vol 2021 (1) ◽  
pp. 12520
Author(s):  
Maksim Belitski ◽  
Christina Guenther ◽  
Nada Khachlouf
Keyword(s):  
Family Firms ◽  
Small Family

Small family business in Russia: formal or informal?

2018 ◽  
Vol 38 (9/10) ◽  
pp. 809-822 ◽  
Author(s):  
Alexander Chepurenko
Keyword(s):  
Family Business ◽  
Family Firms ◽  
Family Members ◽  
Family Businesses ◽  
Entrepreneurial Activity ◽  
Small Scale ◽  
Content Type ◽  
Small Family ◽  
Scale Family ◽  
Russian State

Purpose The purpose of this paper is to deal with informal entrepreneurial activity of micro and small family businesses in the specific transitional environment. Design/methodology/approach The paper uses two cases – an informal micro business (“marginal” family business), and a formal retail small firm (“simpleton” family firm), respectively, of a panel conducted in 2013–2015 in Moscow. Findings First, the real distribution of responsibilities between family members is informal; it relies more on interpersonal trust and “common law.” Second, exactly the ease of governing such trust-based businesses for the founders’ generation sets limits of succession of small-scale family businesses. Third, as trust in the state is very low, the policy of Russian authorities to quickly force informal entrepreneurs to become legalized is substantially wrong; the results would be either a transformation of “simpleton” into “marginal” businesses or quitting business. Research limitations/implications Research limitations of the study are the number of observations and the localization of the panel only in the capital of Russia. Practical implications The fundamental failure of Russian State policy toward small-scale family businesses is its attempt to convince “marginal” to formalize and to oppress “simpleton” family businesses pushing them into informality. In fact, it should be designed vice versa: tolerate “marginal” businesses and let them to “live and die” while shaping a friendly environment for “simpleton” family firms. Originality/value The paper argues that the most important facet of informality in small family entrepreneurship is the informal property rights and governance duties’ distribution among the family members.

scholarly journals Chinese entrepreneurship: the development of small family firms in China

2002 ◽  
Vol 9 (4) ◽  
pp. 383-399 ◽  
Author(s):  
Panikkos Poutziouris ◽  
Yong Wang ◽  
Sally Chan
Keyword(s):  
Family Firms ◽  
Small Family

Impact of Knowledge Management Processes for Sustainability of Small Family Businesses: Evidences from the Brassware Sector of Moradabad (India)

2016 ◽  
Vol 15 (04) ◽  
pp. 1650040 ◽  
Author(s):  
Priya Dhamija Gupta ◽  
Sonali Bhattacharya
Keyword(s):  
Knowledge Management ◽  
Family Firms ◽  
Family Relationship ◽  
Uttar Pradesh ◽  
Family Businesses ◽  
Business Growth ◽  
Technology Acquisition ◽  
Small Family ◽  
Management Processes ◽  
Cross Case Analysis

In this research paper, we have studied the role and process of knowledge management in small family businesses at different stages of its growth: startup, business consolidation and succession. We intend to study if in family run MSME clusters education of firm owner gives any edge in the sustainability of the business. There is lack of availability of literature on study of Indian MSME with family business perspective. Our study encompasses factors that stimulate innovation, technology acquisition and business growth and sustainability. Evidences have been drawn from brass manufacturing cluster of Moradabad, Uttar Pradesh, India. The research is based on cross-case analysis of six brassware manufacturing units of Moradabad. We attempted to build on existing literature reviews on knowledge management process in family firms and assess how these theories fit in case of small family run export oriented enterprises, which are highly competitive. It was found family relationship, attitude to learn, critical thinking and social capital are keys in determining sustainability of these firms. A theoretical model has been curved out of the study.

SMALL FAMILY BUSINESS SURVIVAL: STRATEGIES FOR COPING WITH OVERLAPPING FAMILY AND BUSINESS DEMANDS

2009 ◽  
Vol 14 (03) ◽  
pp. 209-232 ◽  
Author(s):  
LINDA S. NIEHM ◽  
NANCY J. MILLER ◽  
MACK C. SHELLEY ◽  
MARGARET A. FITZGERALD
Keyword(s):  
Family Business ◽  
Family Firms ◽  
Work And Family ◽  
Survival Strategies ◽  
Business Managers ◽  
Community Size ◽  
Family Responsibilities ◽  
Number Of Children ◽  
Small Family ◽  
Family Demands

This study identified 14 adjustment strategies employed by household and business managers to cope with overlapping work and family demands using data from 1997 and 2000 versions of the National Family Business Survey (NFBS). Significant differences were found between surviving small family firms by managerial role (single or dual) regarding gross income, gender, number of children under age 18, community size and trade sector. Both surviving and non-surviving enterprises tended to bring household work to the business field when times were hectic and demanding, and took care of family responsibilities while at the business. However, in non-surviving businesses, business managers reported a greater tendency to bring work home, demonstrating that work entered the family field more frequently than in surviving businesses. Managers of surviving businesses were more likely to make financial adjustments by hiring temporary help for the business or home, and less likely to ask others to help in the business without pay. Significant differences were also noted regarding the use of non-financial adjustments; managers of surviving family businesses were able to shift away from business work to spend time on family aspects, and to spend less time sleeping to help the business.

Heurigen 2.0

2021 ◽  
pp. 154-177
Author(s):  
Lara Soleder
Keyword(s):  
Family Firms ◽  
New Technologies ◽  
Social Changes ◽  
Open Communication ◽  
Transition Processes ◽  
Wine Making ◽  
Small Family ◽  
Succession Process ◽  
Succession Processes ◽  
Customer Demands

Traditional Heurigen and Buschenschenken have been an important part of Austrian culture for centuries and are mostly run as small family firms. In those businesses, succession is inevitable. Several factors are key for the success of transition processes within a family. Traditional concepts are confronted with digitalization, new technologies, new demand, and social changes. For the chapter at hand, incumbents and heirs of four wine making and Heurigen businesses in the Northern Burgenland were interviewed. Its aim is to investigate the perception of the succession process itself as well as the risk of implementing innovations into traditional concepts. This study shows that innovations are directed by natural circumstances rather than customer demands. The owners rely on traditional concepts with incremental changes to keep customers attracted. Thanks to trust, open communication, and succession processes that spread over long periods of time, neither generation thinks of the handover as problematic.

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