Family Business Management

Family Business Management provides an accessible overview of the core aspects of family business, with an international, practice-based perspective.This textbook is the ideal companion for undergraduate and postgraduate family business courses and will also be valuable reading for people working in family businesses.

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.

Autorentext

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.

Inhalt

Contents

Preface

Part I _ Introduction to family business

Chapter 1 _ Approaching the concept of family business

Introduction

Family business definition

Type of family businesses

1. Family-first family firms

2. Business-first firms

3. Family business-first family firms

4. Immature family firms

   The importance of studying family business governance and management

   Additional activities and reading material

5. Classroom discussion questions

6. Additional readings

7. 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

8. Roles

9. Goals

10. Psychological needs

11. Expectations

    The evolutionary perspective of the three-circle model Emotions in the family business

12. Emotions in family business across contexts

    Additional activities and reading material

13. Classroom discussion questions

14. Additional readings

15. 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

16. Couple relationships and family business

17. Sibling relationships and family business

18. Parent-child relationships and family business

19. In-law relationships and family business

    Family communication

    Family genogram

    Additional activities and reading material

20. Classroom discussion questions

21. Additional readings

22. Classroom activity

23. Case for analysis I: Case for analysis I: Dassler brothers

24. Case for analysis II: The co-preneurs Mr. & Mrs. Hartz

25. 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

26. Conflict and context

    Types of family business conflicts

    Conflict management

27. Conflict-resolution techniques

28. Conflict-stimulation techniques

    Additional activities and reading material

29. Classroom discussion questions

30. Additional readings

31. 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

32. Origins of asymmetric treatment

    Justice/fairness

33. Levels of justice

    Dysfunctional behavior

    Additional activities and reading material

34. Classroom discussion questions

35. Additional readings

36. 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

37. Family business goals as reference points

38. Socioemotional wealth as an endowment effect

    Strategic and financial behavior

    Strategic management in family business

    Market domain

39. Internal competitive advantages

40. External competitive advantages

    Nonmarket domain

    Combination of market and nonmarket domains as a determinant of performance and survival

    Additional activities and reading material

41. Classroom discussion questions

42. Additional readings

43. 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

44. Type of owners

    Ownership assembly or shareholder meeting

    Shareholder agreement

45. Benefits of shareholder agreements

    Evolutionary approach to ownership governance

    Additional activities and reading material

46. Classroom discussion questions

47. Additional readings

48. 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

49. Board of directors' tasks

50. Types of boards of directors

51. Board of directors composition

    The evolution of the board across the lifecycle of the family business

    Board of director practicalities

52. Number of board members

53. Recruiting board members

54. Regulation of the board of directors

    Additional activities and reading material

55. Classroom discussion

56. Additional readings

57. 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

58. Family meetings

59. Family assembly

60. Family council

61. Family policies

62. Family wealth governance

63. Family chapter or constitution

    Additional activities and reading material

64. Classroom discussion questions

65. Additional readings

66. Classroom activity

    Case for analysis I: The family organization behind Al Handal International Group (…