Family protocols as governance tools

Abstract

Purpose – The purpose of this paper is to focus on the family protocol as a governance policy tool that can help ameliorate intra-family conflict and enhance the probabilities of survivability of the family business. Design/methodology/approach – Using equity theory and organizational justice as theoretical frameworks, the authors explain how and why the development of a protocol can help the family firm and their survivability. The authors combine academic and practitioner knowledge to present a process model for creating family protocols. Findings – Based on four important considerations (i.e. process view, deep knowledge about the family business, dynamic environment, and the need for change and adaptation) the authors develop a process model for the development of family tailored protocols. Originality/value – This paper integrates the work of practitioners and academics to help understand what is a family protocol, why and how the protocol affects the family and business relationships and presents a procedural model for the development of a family protocol that can help govern the relationship between the family and the business.

Family Business Operations and Sequel of Internationalisation in Nigeria

“…Interpersonal relationship affects the internationalisation of family business organisation. Business networks, network relationships and people-to-people connections (specifically entrepreneurs or managers) are known as a necessary tool promoting internationalisation, particularly among family business organisations (Botero et al, 2015;Akinbola, Salami & Abiodun, 2018). It provides benefits in the internationalisation process in the form of information-acquisition costs and reducing transactions, risk as well as uncertainty when entering the foreign market.…”

Information asymmetries in intrafamily business succession

“…According to them, governance structures can either decrease or increase agency costs. We propose that the same concept applies to information asymmetries as antecedents and, thus, that the existence of governance structures, including clear responsibility for the business succession process and rules for managing communications, decreases information asymmetries (Botero et al, 2015;Suess, 2014). In summary, actions such as informal and formal tools and processes, including implemented governance structures, can minimize information asymmetries during and after succession.…”

“…In 1988, Lansberg discovered that a lack of succession planning is one of the primary reasons that many family firms do not outlive their founders. These plans can result in both formal and informal actions (Botero et al, 2015) such as a business succession plan and formal selection criteria for the choice of a successor (Schlepphorst & Moog, 2014) enabling a structured and long-term information exchange process (Cabrera-Suárez et al, 2001). Determining the company's value and performing due diligence, along with ensuring the successor's access to financial documents, can decrease information asymmetries (Wasserman, 2003;Wennberg et al, 2011).…”

Conceptual Framework of Family Wineries in the Czech Republic: Results of a Qualitative Research Study

“…Usually, wine and gastronomy are ranked as exemplary bearers of the cultural identity of a region (López-Guzmán et al, 2014). The great tradition of different countries in grape cultivation and wine production (Kamsu-Foguem and Flammang, 2014) has resulted in becoming the world's largest wine producers and thereby tourism destinations (Botero, et al, 2015;Lombardi et al, 2016). Czech wine industry is now a part of the industry which is rapidly developing and gaining momentum (Murinova, 2017).…”