Famiily Business Debates Multidimensional Perspectives Across Countries, Continents and Geo-political Frontiers

Abstract

Family businesses shape economies, communities, and indeed families themselves. Family businesses exist across countries, continents, and geopolitical boundaries, creating economic and social boundaries, harmony, and conflict, strong business practice, and weak, often reactive practice. The importance of family business is difficult to overstate, both whether viewed through the lens of the individual firm or by considering the families who may support and run several businesses either simultaneously or sequentially. This is the essence of why this book matters. A dimension of family business that is key to understanding their influence is the heterogeneity of family business. Family businesses vary, ranging from the small corner shops – the “mom and pop stores” – that pepper most major cities – to the international conglomerates that have their roots and their present in family ties. Family businesses vary in philosophy and intent – some aim to become multigenerational businesses, while others aspire to support a family so that the next generation can do something different. Some aim to innovate and develop with each generation, while others aspire to a “heritage business” where tradition appears to be maintained although adaption has quietly happened to facilitate this seemingly traditional appearance. Some, indeed, present the “family business” as a key part of their public appearance, while others are quick to tell the outside world how “professional” their business is, implying that they have left the emotional dimension of the family far behind. Rarely, then, do we find a research field that includes so many businesses with differing hopes, dreams, and aspirations and yet united by a common thread. That common thread – the intersection of the family and the business dimension – determines much business behavior and, vitally, allows us to understand the drivers of business behavior worldwide. By developing the theory that surrounds family business research, we seek to develop our understanding of how and why businesses behave and how they may best be supported. The perspective that family business advisors should focus on the business dimension and remove consideration of the family from their thinking where positive is dated now and we see a more holistic approach to working with and advising families in business and indeed to supporting their businesses. That shift in perspective is in itself a victory and a useful platform for the next stage of research that considers the distinct field of research that focusses on family business advising and family business offices. The text here includes a variety of perspectives, covering the familial and business challenges but offering the reader insight into the use of capital, be it financial, social, or entrepreneurial, in a family business context.