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Mechanisms to Assure Long-Term Family Business Survival - A Study of the Dynamics of Cohesion in Multigenerational Family Business Families (Paperback)
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Mechanisms to Assure Long-Term Family Business Survival - A Study of the Dynamics of Cohesion in Multigenerational Family Business Families (Paperback)
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The business world is dominated by family businesses of all sizes.
Economies and societies depend on them. One tremendous advantage is
that they focus on sustainability, long-term business and community
support, and survival. Answering the question of how they survive
intact and how families can maintain family unity over hundreds of
years is essential. To answer this question, interviews with seven
multi-century, large multigenerational family businesses from
Germany were undertaken to uncover secrets of their success. Chief
among health indicators is family cohesion. What these families
practice is the use of multiple dimensions of cohesion to bond the
widest number of owners to the family and business, and to fulfill
the family and business dreams. The specific different mechanisms
they use are revealed in this text. Maintaining family cohesion
also requires family business leaders to effectively manage the
ambiguities that come along with seemingly irreconcilable forms of
cohesion and with potentially diverging interests and goals of
owners. By exploring the conditions for sustainable family
cohesion, the study adds new recommendations for effective family
business governance.
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