Family Business Management provides an accessible overview of the core aspects of family business, with an international, practice-based perspective.
Structured in four parts, the book covers key topics such as family firm goals, conflict management, human resources, strategy, financial management, family and business governance, and succession planning. A wide variety of cases and examples are used throughout the book to highlight cultural and institutional differences between family businesses in contrasting contexts. Each chapter offers a detailed case study and boxed examples, illustrating real-life family business situations and stimulating students critical thinking and decision-making. Readers are further supported by learning objectives, discussion questions, and further reading suggestions. Digital supplements for instructors include lecture slides, a test bank, and additional case studies.
This textbook is an ideal companion for family business courses, catering to both undergraduate and postgraduate students. It offers valuable insights and practical guidance for business families, as well as professionals working in family businesses.
Preface
Part I _ Introduction to family business
Chapter 1 _ Approaching the concept of family business
Introduction
Family business definition
Type of family businesses
Family-first family firms
Business-first firms
Family business-first family firms
Immature family firms
The importance of studying family business governance and management
Additional activities and reading material
Classroom discussion questions
Additional readings
Classroom activity
Case for analysis I: Birla'An entrepreneurial family
Case for analysis II: Chick-fil-A'A family serving quality and tradition
Case study: Wal-Mart
Chapter 2 _ Family business dynamics: Individual needs, goals, expectations, and emotions
Introduction
The three-circle model
Roles
Goals
Psychological needs
Expectations
The evolutionary perspective of the three-circle model
Emotions in the family business
Emotions in family business across contexts
Additional activities and reading material
Classroom discussion questions
Additional readings
Classroom activity
Case for analysis I: Pritzker family across generations
Case for analysis II: The Henriquez Group
Case Study: Estee Lauder Companies
Chapter 3 _ Interpersonal relationships and communication in family businesses
Introduction
Interpersonal relationships in the family entity
Couple relationships and family business
Sibling relationships and family business
Parent-child relationships and family business
In-law relationships and family business
Family communication
Family genogram
Additional activities and reading material
Classroom discussion questions
Additional readings
Classroom activity
Case for analysis I: Case for analysis I: Dassler brothers
Case for analysis II: The co-preneurs Mr. & Mrs. Hartz
Case Study: British royal family
Part II _ Management in family business
Chapter 4 _ Conflict, conflict management, and communication
Introduction
Definition of conflicts in family businesses
The conflict process in family businesses
Sources of conflicts in family business
Conflict and context
Types of family business conflicts
Conflict management
Conflict-resolution techniques
Conflict-stimulation techniques
Additional activities and reading material
Classroom discussion questions
Additional readings
Classroom activity
Case for analysis I: The team is broken!
Case for analysis II: Steinberg family business
Case Study: The fate of Gucci
Chapter 5 _ Human resource management in family businesses
Introduction
Nepotism
Human resource approach
Origins of asymmetric treatment
Justice/fairness
Levels of justice
Dysfunctional behavior
Additional activities and reading material
Classroom discussion questions
Additional readings
Classroom activity
Case for analysis I: What a mistake!
Case for analysis II: Embracing nepotism
Case Study: It is just a scandal or the scandal
Chapter 6_Strategic and financial management in family businesses
Introduction
Family business goals
Family business goals as reference points
Socioemotional wealth as an endowment effect
Strategic and financial behavior
Strategic management in family business
Market domain
Internal competitive advantages
External competitive advantages
Nonmarket domain
Combination of market and nonmarket domains as a determinant of performance and survival
Additional activities and reading material
Classroom discussion questions
Additional readings
Classroom activity
Case for analysis I: ALDI and the power of family ties
Case for analysis II: Feetures case study
Case study: An upside down strategy for LEGO
Part III _ Governance in family business
Chapter 7 _ Ownership governance in family business
Introduction
Corporate governance in family businesses
Ownership structure and governance
Type of owners
Ownership assembly or shareholder meeting
Shareholder agreement
Benefits of shareholder agreements
Evolutionary approach to ownership governance
Additional activities and reading material
Classroom discussion questions
Additional readings
Classroom activity
Case for analysis I: The united family behind LEGO
Case for analysis II: H51'The mission to preserve the Hermès family identity
Case Study: "The Factory" of the human misery
Chapter 8 _ Business governance in family business
Introduction
Board of directors
Board of directors tasks
Types of boards of directors
Board of directors composition
The evolution of the board across the lifecycle of the family business
Board of director practicalities
Number of board members
Recruiting board members
Regulation of the board of directors
Additional activities and reading material
Classroom discussion
Additional readings
Classroom activity
Case for analysis I: Al-Wadi Group'Corporate governance
Case for analysis II: Volkswagen scandal and boardroom politics
Case study: In between the board of directors and family shareholders
Chapter 9 _ Family governance in family business
Introduction
Types of family cohesion
Family leader'Chief family officer
Family governance viewed across an evolutionary perspective
Family meetings
Family assembly
Family council
Family policies
Family wealth governance
Family chapter or constitution
Additional activities and reading material
Classroom discussion questions
Additional readings
Classroom activity
Case for analysis I: The family organization behind Al Handal International Group (HIG)
Case for analysis II: Merck'A family transcending generations
Case study: Al Saud Company and the first serious crisis
Part IV _ Succession in family business
Chapter 10 _ Ownership, governance, and management succession
Introduction
Succession of what?
Types of succession in family business
Exit strategy (from a family business to a nonfamily business)
Complexity in family business succession
Barriers to intra-family management succession
Succession process perspective
Additional activities and reading material
Classroom discussion questions
Additional readings
Classroom activity
Case for analysis I: The global pasta'Barilla
Case for analysis II: Succession to succeed in the Middle East
Case study: How far can U-Haul go from here?
Chapter 11 _ The incumbent generation in family business succession
Introduction
Senior generations across time
Founder generation
Second generation
Third and further generations
Succession strategies
Keep relying on informal mechanisms to address succession
Formalize corporate governance to address succession
Pruning the family ownership tree
Plan the succession process
Type of incumbent based on their retirement styles
Passive family members
Transgenerational value creation
Additional activities and reading material
Classroom discussion questions
Additional readings
Classroom activity
Case for analysis I: Holly in her fathers shoes
Case for analysis II: Whats next? Retirement
Case study: Can I stay a bit more with all of you? Group Olive Mendoza
Chapter 12 _ The next generation in family business succession
Introduction
The Disney effect in family business succession
Managerial succession
Successor intentions
Parent-child relationships
Successor career-path intentions
Successor commitment
Successor entry and career paths
Model of change in family business succession
Next-generation ownership succession
Next-generation governance succession
Additional activities and reading material
Classroom discussion questions
Additional readings
Classroom activity
Case for analysis I: Succession in the luxury house of Zegna
Case for analysis II: The succession race at LVMH
Case study: Al Saud Company managing changes from the second generation to the third
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