Family Business Management
1st Edition
Published on 2. October 2023
Book
Paperback/Softback
262 pages
978-1-032-22601-9 (ISBN)
Description
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.
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.
Reviews / Votes
"This is a relevant and timely book that deals with the complex dynamics of family businesses. It showcases an in-depth intellectual analysis of family business insights alongside a comprehensive collection of cases, examples and questions that stimulate discussion and debate. It is a must read for anyone interested to understand more about how family firms function, why they matter and what makes them unique worldwide."Dr. Allan Discua Cruz, Director, Centre for Family Business, Lancaster University, UK
"Family Business Management is an essential book that provides a rare insight into the dynamics of family businesses in the Arab Gulf region and beyond. A significant part of the material is dedicated to fundamental matters, such as succession planning, that are often overlooked in the Arab Gulf region. As family businesses continue to gain prominence in local and regional economies, this book offers business family members, economists, and academics a clearer guide to understand these important institutions."
Sultan Sooud Al Qassemi, Lecturer, Bard College Berlin and Fellow at Wissenschaftskolleg zu Berlin - Institute for Advanced Study
"Being a third-generation family business executive, I have benefited from Prof. Dr. Rodrigo Basco's advice on numerous occasions regarding succession, governance, and conflict management. I believe this book will help different generations of family members navigate their unique journeys and reflect on the most important issues, such as governance, succession planning, and family transparency, among others."
Saud Majid AlQasimi, CEO, Al Saud Co.
"A world-renowned scholar coming from a family business background, Rodrigo Basco curates a thoughtful journey to greatly inspire family business leaders, practitioners, and all other learners. Gradually moving from managing family dynamics to governance and succession, the text demystifies complexities of family businesses and offers critical and actionable insights into planning and strategizing for families in transition. The global selection of real cases, coupled with carefully themed discussions and learning activities, is of enormous benefit to the family business community. This text has my highest recommendation."
Jeremy Cheng, Researcher, The Chinese University of Hong Kong; Founder, GEN + Family Business Advisory & Research, Hong Kong SAR
More details
Language
English
Place of publication
London
United Kingdom
Publishing group
Taylor & Francis Ltd
Target group
College/higher education
Professional and scholarly
Postgraduate, Professional, and Undergraduate Advanced
Illustrations
28 s/w Abbildungen, 28 s/w Zeichnungen, 11 s/w Tabellen
15 Tables, black and white; 28 Line drawings, black and white; 28 Illustrations, black and white
Dimensions
Height: 246 mm
Width: 174 mm
Thickness: 15 mm
Weight
501 gr
ISBN-13
978-1-032-22601-9 (9781032226019)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Other editions
Additional editions
Rodrigo Basco
Family Business Management
E-Book
10/2023
1st Edition
Routledge
€69.99
Available for download
Rodrigo Basco
Family Business Management
Book
10/2023
1st Edition
Routledge
€195.80
Shipment within 10-20 days
Rodrigo Basco
Family Business Management
E-Book
10/2023
1st Edition
Routledge
€69.99
Available for download
Person
Rodrigo Basco is Professor and the Sheikh Saoud bin Khalid bin Khalid Al-Qassimi Chair in Family Business at the American University of Sharjah, UAE.
Content
Contents
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 Hermes 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 father's shoes
Case for analysis II: What's 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
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 Hermes 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 father's shoes
Case for analysis II: What's 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