Strategy Development in the Light of Radical Change: A Perspective on the Evolution and Revolution of Family Businesses
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Stefan Märk
Abstract
This study presents a systematic literature review on strategy development in family businesses, focusing on how these firms respond to evolutionary, revolutionary, and radical change. Based on 42 peer-reviewed articles, the findings show that family businesses primarily pursue incremental, evolution-based strategies rooted in long-term orientation, cultural continuity, and socioemotional wealth. These approaches foster resilience and adaptability in stable or moderately dynamic environments. However, the review reveals a significant gap in the literature concerning radical change and organizational revolution. Despite growing relevance due to digital disruption and global crises, few studies address how family firms manage abrupt, transformative shifts. Most existing research emphasizes gradual adaptation, leaving unanswered questions about strategic responses to disruptive, nonlinear developments. The study concludes that while evolutionary strategies support stability, they may limit responsiveness in times of radical change. Future research should focus on how family firms can balance tradition with transformation and develop capabilities for revolutionary renewal in increasingly volatile environments.
Abstract
This study presents a systematic literature review on strategy development in family businesses, focusing on how these firms respond to evolutionary, revolutionary, and radical change. Based on 42 peer-reviewed articles, the findings show that family businesses primarily pursue incremental, evolution-based strategies rooted in long-term orientation, cultural continuity, and socioemotional wealth. These approaches foster resilience and adaptability in stable or moderately dynamic environments. However, the review reveals a significant gap in the literature concerning radical change and organizational revolution. Despite growing relevance due to digital disruption and global crises, few studies address how family firms manage abrupt, transformative shifts. Most existing research emphasizes gradual adaptation, leaving unanswered questions about strategic responses to disruptive, nonlinear developments. The study concludes that while evolutionary strategies support stability, they may limit responsiveness in times of radical change. Future research should focus on how family firms can balance tradition with transformation and develop capabilities for revolutionary renewal in increasingly volatile environments.
Chapters in this book
- Frontmatter I
- Contents V
- Preface VII
- Strategy Development in the Light of Radical Change: A Perspective on the Evolution and Revolution of Family Businesses 1
- The Importance of VUCA and BANI in Developing Sustainable and Long-term Oriented Strategies in Family Businesses 27
- Employee Resilient Behavior and Its Leadership Prerequisites: Strategies for Founder Generation Family Firms 53
- The Impact of Family Ownership on SME Resilience: A Three-Circle Model Analysis 73
- Implications of Company Succession on Resilience of Small and Medium Size Companies 85
- Passing the Torch: Perceived Risks and Opportunities in Family Business Succession 103
- Convenience Study of Criminal Deviance in the Entrepreneurial Family Business: Husband as Lawyer and Wife as Accountant in the Law Firm 119
- The Adaptive Capacity of Tourism Family Firms – An Owners’ Perspective on Risk Resilience 147
- Corporate Social Responsibility during the COVID-19 Pandemic: Learnings from Austrian Family Businesses 169
- Resilience beyond Metrics: How Hidden Resources in Small Family Firms Challenge the Resource-Based View 183
- The Impact of AI-Induced Downsizing on Family Businesses 201
- List of Contributors
- Index
Chapters in this book
- Frontmatter I
- Contents V
- Preface VII
- Strategy Development in the Light of Radical Change: A Perspective on the Evolution and Revolution of Family Businesses 1
- The Importance of VUCA and BANI in Developing Sustainable and Long-term Oriented Strategies in Family Businesses 27
- Employee Resilient Behavior and Its Leadership Prerequisites: Strategies for Founder Generation Family Firms 53
- The Impact of Family Ownership on SME Resilience: A Three-Circle Model Analysis 73
- Implications of Company Succession on Resilience of Small and Medium Size Companies 85
- Passing the Torch: Perceived Risks and Opportunities in Family Business Succession 103
- Convenience Study of Criminal Deviance in the Entrepreneurial Family Business: Husband as Lawyer and Wife as Accountant in the Law Firm 119
- The Adaptive Capacity of Tourism Family Firms – An Owners’ Perspective on Risk Resilience 147
- Corporate Social Responsibility during the COVID-19 Pandemic: Learnings from Austrian Family Businesses 169
- Resilience beyond Metrics: How Hidden Resources in Small Family Firms Challenge the Resource-Based View 183
- The Impact of AI-Induced Downsizing on Family Businesses 201
- List of Contributors
- Index
