This paper's point of departure is that business families are permanently confronted with a dual function: They engage in typical family relations yet also have formal decision‐making processes for business and family strategy. However, large business families—which may consist of several hundred shareholders who own one or more family businesses—are confronted with an additional challenge. Alongside being simultaneously a family and an organization, they also have to establish and maintain notions of membership and modes of communication between distantly related shareholders. This we have called family network or family 3.0. The challenges involved in initiating, shaping and maintaining such networks require new strategic reconsideration in the family itself and an extension of the existing theoretical observations regarding family businesses, thereby establishing the basis for a better understanding of large‐scale business families. For this, we try to combine family business research, organization studies and systems theory.
PurposeThe question of crisis resistance and resilience of long-lived family businesses became particularly volatile with the beginning of the Corona crisis. In this context the project “Narratives of Survival” was launched focusing on the prevailing narratives to find out how crisis situations have been dealt with and narrated by long-lived German family firms.Design/methodology/approachBased on narrative interviews, the empirical study of transgenerational entrepreneurship was first approached in an open-ended manner. The interview guideline addresses different types of crises and asks about resources, insights, regulations and explanations for the longevity of the family businesses.FindingsIn the qualitative content analysis, 12 guiding narratives were pointed out, providing information about the self-narratives of these entrepreneurial families which revolve around the three themes of self-image, familiarity and strategy.Originality/valueThis study provides information about the secrets of longevity of four very old family firms. The narratives revealed that strengthening the identity of the entrepreneurial family and employees of the family business as well as generating a shared reality, supports constructive handling of challenges and crises. This study contributes to theory by answering calls for narrative analysis in family firms and to practice by showing what younger companies can learn from long-lived family businesses.
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