Where Have all the Families Gone— Is There a Future for Family Businesses?

Abstract

In this essay, the author describes some of the trends regarding the family that he has witnessed over his lifetime as well as raise some questions concerning family formation, structure, and size that may influence the creation and sustainability of family businesses. Moreover, he makes some suggestions for those who, like himself, would like to see family businesses survive and thrive in the future.

A generational perspective of family firms' social capital: Interplay between ethical leadership and firm performance

“…Interactions between family and business systems, formal and informal communication channels in the business, and family and business culture are key elements that also contribute to family firms' heterogeneity (Kotlar & Chrisman, 2019). Families are another source of heterogeneity that affect the formation, climate, and continuity of family firms (Dyer, 2022; Jaskiewicz & Dyer, 2017). Business families vary considerably with respect to structure (e.g., nuclear family, extended family, blended family, same‐sex, etc.…”

“…Business families vary considerably with respect to structure (e.g., nuclear family, extended family, blended family, same-sex, etc. ), size of the family (Dyer, 2022), and the norms, values, goals, and traditions that they possess (Jaskiewicz & Dyer, 2017), among other aspects. The cultural setting in which the family and firm are embedded is another source of heterogeneity, as the expectations that families render to their members and the interactions among family members vary across contexts (Neubaum et al, 2019).…”