The Adaptive Capacity of Tourism Family Firms – An Owners’ Perspective on Risk Resilience
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Anita Zehrer
Abstract
Despite the growing interest in resilience in family businesses, the current literature overlooks the contribution of owners to the exercise of resilience, i.e. there is only limited systematic evidence on how family business owners manage and cope with crises. This study investigates how family business owners perceive, strengthen and maintain their resilience when facing entrepreneurial challenges and risks. Using semi-structured interviews, we show that sustainable investments, employee commitment, quick adjustments during crises and diversification of offerings are key strategies to strengthen resilience. Additionally, close bonding and continuous training of employees enhance their loyalty and contribute positively to the stability of the business. Finally, the findings provide practical recommendations for family businesses.
Abstract
Despite the growing interest in resilience in family businesses, the current literature overlooks the contribution of owners to the exercise of resilience, i.e. there is only limited systematic evidence on how family business owners manage and cope with crises. This study investigates how family business owners perceive, strengthen and maintain their resilience when facing entrepreneurial challenges and risks. Using semi-structured interviews, we show that sustainable investments, employee commitment, quick adjustments during crises and diversification of offerings are key strategies to strengthen resilience. Additionally, close bonding and continuous training of employees enhance their loyalty and contribute positively to the stability of the business. Finally, the findings provide practical recommendations for family businesses.
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
