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. "
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