Turnaround Strategies in Established Small Family Firms

This study employs a case-study approach to identify unique characteristics of established small family firms that affect their ability to initiate turnaround strategies when encountering an organizational crisis. In our case studies, we found evidence for family firms employing the standard strateg...

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Vydáno v:Family business review Ročník 21; číslo 1; s. 31 - 50
Hlavní autoři: Cater, John, Schwab, Andreas
Médium: Journal Article
Jazyk:angličtina
Vydáno: Los Angeles, CA SAGE Publications 01.03.2008
Blackwell Publishing Ltd
SAGE PUBLICATIONS, INC
Témata:
Case studies
Data collection
Family owned businesses
Organizational change
Studies
Turnaround management
ISSN:0894-4865, 1741-6248
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Shrnutí:This study employs a case-study approach to identify unique characteristics of established small family firms that affect their ability to initiate turnaround strategies when encountering an organizational crisis. In our case studies, we found evidence for family firms employing the standard strategies of top-management changes, infusion of external management expertise, and retrenchment that have been proposed in the general turnaround literature. The implementation of these strategies was, however, moderated by eight characteristics generally associated with family firms, including strong ties to the family firm, internal orientation, altruistic motives, and long-term goal orientation. The introduced framework contributes to a more fine-grained understanding of the turnaround challenges of established family firms and how they can be addressed. This is a topic of substantial practitioner interest considering the high failure rates of family firms.
Bibliografie:SourceType-Scholarly Journals-1
ObjectType-Feature-1
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ISSN:0894-4865
1741-6248
DOI:10.1111/j.1741-6248.2007.00113.x