Understanding Family Firms [electronic resource] : Case Studies on the Management of Crises, Uncertainty and Change /
Carsrud, Alan L.author.
Brännback, Malin.author.
Family-owned and managed firms are often beset by a variety of crises that can impact the firm’s very survival. These may include changes in technology, deaths of critical family members, competition within an industrial sector, shifts in market dynamics and product mixes, economic turmoil, political upheaval and revolution, firm growth, succession, and selecting new firm leadership.  Such crises may be internal to the firm or a function of the external environment, and several may occur simultaneously; all of them contribute to a context of uncertainty, risk, and change, presenting particular challenges that are unique to family-owned businesses. This volume presents eight in-depth case studies of family-owned firms that represent a variety of industries and situations.  Each case explores the dynamics of managing in chaotic environments and how family leadership responded to crises.  Lessons learned from these experiences will help readers understand how to solve problems under conditions of uncertainty and how to avoid failure, when the survival of the firm is at stake.  Featuring questions and learning notes designed to engage the reader directly, this volume will be a valuable resources for students and members of entrepreneurial and family-owned firms, as well as consultants, investors, and other professional advisors. .
Description based upon print version of record.
Understanding Family Firms; Acknowledgments; Contents; Chapter 1: Introduction; Background on the Cases; Managing Crisis, Uncertainty, and Change; Chapter 2: Reading a Family Business Case; About Case Types; Chapter 3: Case One: Today's Paint and Body - Different Views of Finding a New President; Introduction; Chronology of Events; Individual Perceptions of Family and Management; Bringing in an Outsider to Become President; Organizational Structure; Family Dynamics; Value of Outside Expertise in the Family Business; Future Direction of the Firm; Background Information
Bringing in an Outsider to Become PresidentFamily Dynamics; Future of Today's; Background Information; Bringing in an Outsider to Become President; Family Dynamics; The Future Direction of Today's; Bringing in an Outsider to Become President; Outside Advisory Board; Family Dynamics; What Is Best for the Company?; Next Stage; Chapter 4: Case Two: N eptune E nterprises - Dealing with Loss, Turmoil, and Technology Change; Rough Seas Ahead?; The Neptune Adventure: Setting Sail; New Product Development; Tragedy Strikes; A Wise Alternative?; Calling in the Coast Guard; Clear Sailing: For a While
Changing Tides in Education PublishingRip Tides at Neptune; Exhibit; Biographies of Key Players in Neptune Enterprises; Family Members; Nonfamily Members; Chapter 5: Case Three: Michael Window & Shutter Company - Disputes in Running the Family Firm; Introduction; The Family and the Family Trade; Birth of the Family Business; The Early Years; The Company Expands; Current Situation; Chapter 6: Case Four: Barton Springs - When Family Members Leave the Business; Introduction; Background; The Products; The Industry; Competition; Personalities: First and Second Generations; The Players
Personalities: The Third GenerationThinking Succession; Chapter 7: Case Five: Ocean Safari - A Choice of Staying in Business; Prologue; Family History; Entering the Diving Industry; Industry Overview; The Family's Involvement; Change in Ownership; Ocean Safari's Birth; Instruction Becomes a Value Added Service; Family Business Developments; Terror Affects the Industry; A Decision to Be Made; The Result; Chapter 8: Case Six: Siam Chemical - A Father's Dilemma; Introduction; Prologue; History of Founder and the Firm; Shirley, the Woman Behind the Founder; Dana, the First Child
Nancy, the Pseudo-SonCatherine, the Black Sheep; Jennifer, the Little One; Leon's Dilemma; Chapter 9: Case Seven: Marina Cove Ltd. and the Guthrie Family; Preface to Case; Part I: When Family Members Do Not Make Good Employees; Introduction; The Story Behind Marina Cove; Sean's Luck Runs Out; Unfair Expectations; Biographies of Key People; Exhibit 1; Interlocking Relationship Circles, as of 1989; Part II: Terminating Family Employees; The Board Asks Sean to Step Down; The Calm Before the Storm; Board Enforces the Code; The Ultimate Decision; Code of Conduct for Guthrie Family Members
What Happened
Family-owned and managed firms are often beset by a variety of crises that can impact the firm’s very survival. These may include changes in technology, deaths of critical family members, competition within an industrial sector, shifts in market dynamics and product mixes, economic turmoil, political upheaval and revolution, firm growth, succession, and selecting new firm leadership.  Such crises may be internal to the firm or a function of the external environment, and several may occur simultaneously; all of them contribute to a context of uncertainty, risk, and change, presenting particular challenges that are unique to family-owned businesses. This volume presents eight in-depth case studies of family-owned firms that represent a variety of industries and situations.  Each case explores the dynamics of managing in chaotic environments and how family leadership responded to crises.  Lessons learned from these experiences will help readers understand how to solve problems under conditions of uncertainty and how to avoid failure, when the survival of the firm is at stake.  Featuring questions and learning notes designed to engage the reader directly, this volume will be a valuable resources for students and members of entrepreneurial and family-owned firms, as well as consultants, investors, and other professional advisors. .
Family-owned business enterprises.
Management.
Family Business.
Management.