How Does Knowledge Sharing Among Advisors From Different Disciplines Affect the Quality of the Services Provided to the Family Business Client? An Investigation From the Family Business Advisor’s Perspective

Abstract

This study examined how, from the family business advisor's perspective, knowledge sharing among external individual advisors can affect the quality of services provided to the family business client. Using qualitative research methods, we found that knowledge sharing improved the quality of advising services through four mechanisms: (a) by improving the accuracy of issue identification, (b) by achieving a systematic analysis of the issue, (c) by arriving at an integrated total solution, and (d) by increasing the credibility of the provided solution. This study has important implications for literature in the field of family business advising, as it explains the underlying mechanisms through which knowledge sharing among individual external advisors enhances the quality of advising services.

Trusted advisors in a family business's succession-planning process—An agency perspective

“…Therefore, it is important that a trusted advisor is well embedded into the family firm to provide effective advice (Barbera & Hasso, 2013). Moreover, independence and the willingness to share knowledge and follow a teamwork approach have been shown to increase advisors' efficacy in family firms (Su & Dou, 2013). In the remainder of this paper, we focus on externally hired, trusted advisors because due to their firm-and family-external, independent perspective, they are expected to provide family businesses with specific benefits (Lane et al, 2006).…”

The Temporal Evolution of Proactiveness in Family Firms

“…Indeed, the literature suggests it may affect the family firm's proactiveness (e.g., Gersick et al, 1997). Fourth, given its potential impact on creativity and proactiveness, we controlled for knowledge diversity by adapting a five item scale family members on the TMT, given that it is recognized that non-family professional managers may bring more objectivity to the decision-making process (Schulze et al, 2003;Su & Dou, 2013) and thereby encourage proactive strategies. Sixth, we also controlled for R&D investment, which may affect entrepreneurship and proactive behaviors (Cohen & Levinthal, 1990): "R&D spending is high," and "R&D investments are taken into high consideration in our company" (5-point scale) (α = 0.79).…”

Advising Family Enterprise

“…In the third article, Su and Dou (2013) offer an interesting and important look into the effectiveness of multidisciplinary teams of family firm advisors, from the perspective of the advisors. Their article, titled "How Does Knowledge Sharing Among Advisors From Different Disciplines Affect the Quality of the Services Provided to the Family Business Client?…”

“…Such expertise may be provided by a range of professionals, including (but not limited to) attorneys, accountants, family business consultants, family office directors, family philanthropy managers, financial services advisors, management consultants, psychologists, and family therapists. Coordinating the services of such an array of professionals could be challenging for family business owners, but trends toward a team approach (Sharma, Melin, & Nordqvist, in press; and as illustrated by Su & Dou, 2013) may be an effective way of managing the multiple needs of family firms.…”

“…It can be improved through repeated interaction or embeddedness (Barbera & Hasso, 2013), learning orientation of the advisor (Davis et al, 2013), and the development of trust (Strike, 2013). Through ongoing interactions and providing wise counsel (Su & Dou, 2013) where innovative and adaptive solutions are proposed (Davis et al, 2013), such as facilitating the development of the successor (Salvato & Corbetta, 2013), an advisor or teams of advisors can achieve the rare status of MTA (Strike, 2013). Through trust and repeated guidance leading to solutions that reinforce that trust, family firm advisors provide strategic, financial, legal, and, perhaps most important, family advice to guide the family firm.…”