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Family Businesses in Financial Distress

In: The Family Business Guide

Author

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  • Frederick D Lipman

Abstract

Family businesses sometimes have financial troubles. There is no doubt that a family business has many characteristics that provide it with a competitive edge, such as paternalism, which is extended to family members and sometimes to non-family members and promotes a sense of trust, stability, and commitment to the firm among all the employees.2 However, these same characteristics can backfire when the business is under financial distress, since they may make it difficult for the owner to take needed cost-cutting measures, such as layoffs.

Suggested Citation

  • Frederick D Lipman, 2010. "Family Businesses in Financial Distress," Palgrave Macmillan Books, in: The Family Business Guide, chapter 0, pages 111-118, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-11180-6_10
    DOI: 10.1057/9780230111806_10
    as

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