The Importance of VUCA and BANI in Developing Sustainable and Long-term Oriented Strategies in Family Businesses
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Bernhard Baumgartner
Abstract
The purpose of this chapter is to explore Family Business strategy advisors’ actions and interactions with family actors and non family managers for strategy work in Family Businesses (FB). Combining the strategy as practice perspective with the concept of emotional engagement practices and changes in the structure of the FBs, this chapter interprets two cases with a family firm collaborating with an external interim CEO (=CRO) over a period of two years. The CRO’s work is to build trust and emotional connections that shape relational dynamics within the restructuring of the Family Businesses. The implications for strategy work during the restructuring period will be outlined, taking into account the evolving nature of relational dynamics over time.
Abstract
The purpose of this chapter is to explore Family Business strategy advisors’ actions and interactions with family actors and non family managers for strategy work in Family Businesses (FB). Combining the strategy as practice perspective with the concept of emotional engagement practices and changes in the structure of the FBs, this chapter interprets two cases with a family firm collaborating with an external interim CEO (=CRO) over a period of two years. The CRO’s work is to build trust and emotional connections that shape relational dynamics within the restructuring of the Family Businesses. The implications for strategy work during the restructuring period will be outlined, taking into account the evolving nature of relational dynamics over time.
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
