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The Resilience of Family Firms During Crisis

In: Small and Medium-Sized Enterprise (SME) Resilience

Author

Listed:
  • Börje Boers

    (University of Skövde)

  • Thomas Henschel

    (University of Applied Sciences Berlin)

  • Maria Stellmacher

    (University of Applied Sciences Berlin)

Abstract

The authors of this study aimed to investigate the issue of resilience in family firms during times of crisis. They recognize that a crisis can impact not only the business itself but also the family dynamics within the firm. To be resilient, addressing and managing both aspects is crucial. Resilience in this context refers to the ability of family firms to adapt, recover, and thrive in the face of adversity. The authors emphasise that resilience involves navigating and responding to multiple events that may arise from various sources, including the external environment, the business operations, or the internal family dynamics. This complexity adds to the challenges and demands of family firms to be resilient. The study adopts a qualitative approach, employing case studies of German and Swedish family firms to gain deeper insights into this topic. By examining real-life examples, the authors seek to provide empirical evidence and a nuanced understanding of how family firms experience and cope with crises. The findings of this research have significant relevance for multiple stakeholders. Firstly, family business owners and leaders can benefit from insights into the challenges they may face during crises and the strategies they can employ to enhance resilience. Understanding the interplay between family and business dynamics is crucial for effective crisis management. Additionally, policymakers and advisors working with family firms can gain valuable knowledge from this study. By recognizing the unique challenges these firms face during crises, they can develop targeted support mechanisms and resources to assist them in building resilience. Overall, this research sheds light on the complex nature of crisis resilience in family firms and contributes to the existing body of knowledge in this field. It provides practical implications and recommendations for family firms, policymakers, and advisors, ultimately aiming to enhance the long-term sustainability and success of family businesses in the face of adversity.

Suggested Citation

  • Börje Boers & Thomas Henschel & Maria Stellmacher, 2024. "The Resilience of Family Firms During Crisis," Management for Professionals, in: Susanne Durst & Thomas Henschel (ed.), Small and Medium-Sized Enterprise (SME) Resilience, chapter 5, pages 83-106, Springer.
    • Handle: RePEc:spr:mgmchp:978-3-031-50836-3_5
    DOI: 10.1007/978-3-031-50836-3_5
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