Different Crises in Family SMEs and How to Prepare for Them

Boers, Börje; Henschel, Thomas

doi:10.1007/978-3-030-91727-2_8

Cited by 3 publications

(5 citation statements)

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“…Up to now, there is a limited understanding of the unique types of crises that family businesses face (Boers et al. , 2022), and how these firms manage and overcome crises (Boers and Henschel, 2022; Calabrò et al. , 2021; Hadjielias et al.…”

Section: Discussionmentioning

confidence: 99%

“…Our study helps to continue to build our understanding in these areas by providing insights into three aspects of crisis in family firms: the types of crises that family businesses face, the effects that crises can have on the family business and insights into the factors that can help a family business manage a crisis. Previous work by Boers and Henschel (2022) suggest that although organizations can face a wide variety of crises, family businesses are unique in that the triggers of their crisis can come from internal and external factors related to the family and the firm. Based on this, they suggest that there are four general types of crises that are unique to family firms: the family internal-organizational internal, the family internal-organizational external, the family external-organizational internal and the family external-organizational external.…”

Section: Discussionmentioning

confidence: 99%

“…A second limitation emerges from only considering two types of crises in our analysis. As Boers and Henschel (2022) outline the involvement of the family and the business systems in the family firm creates opportunities for the presence of different types of crises. Focusing on only two crisis types may not allow for enough variance to capture the different crises in our sample.…”

Section: Discussionmentioning

confidence: 99%

“…Even though a crisis triggered succession will impact the performance of a family firm, we believe that the type of crisis that triggers the succession also needs to be considered. Boers and Henschel (2022) suggest that family firms can face different types of crises. Some crises can emerge from what occurs in the family, and others can emerge from external factors.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Family businesses can face a wide range of crises that can impact what they do (Boers and Henschel, 2022; Hadjielias et al. , 2022).…”

Section: Introductionmentioning

confidence: 99%

See 4 more Smart Citations

Not all crises are the same: the effects of crisis triggered successions in family firms

Ren,

Botero,

Fiet

2023

JFBM

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PurposeAlthough succession planning can be important for the continuity of family firms, not all family business have the opportunity to engage in this planning. Sometimes, these organizations face crisis events that may trigger an intra-family succession. However, what happens when there is an unplanned succession? Are family businesses doomed to fail? This project aims to explore unplanned successions that are triggered by crisis and the impact that this can have on post-succession financial performance. The authors also examine the moderating role of successor characteristics (i.e. education and previous work experience) on this relationship.Design/methodology/approachThe ideas were tested using data from 151 publicly listed family firms in China.FindingsThe findings indicate that having a crisis driven intra-family succession does not always result in lower post-succession performance. It is only successions that are triggered by market crises that negatively impact financial performance after the unplanned succession. In these instances, the education and previous experience of the successor moderate the negative relationship between market crisis succession and financial performance such that having more experience and a college education diminishes these negative effects on performance.Practical implicationsThe results point to the importance of the preparation of the next generation in helping family firms navigate unplanned successions. The findings indicate that education and previous work experience of the successor can help a family firm manage a crisis.Originality/valueThis study continues to build the understanding about unplanned successions and the important role that successor preparation can have for the success of the family firm.

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Section: Discussionmentioning

confidence: 99%

Section: Discussionmentioning

confidence: 99%

Section: Discussionmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

“…Family businesses can face a wide range of crises that can impact what they do (Boers and Henschel, 2022; Hadjielias et al. , 2022).…”

Section: Introductionmentioning

confidence: 99%