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4. Strengths and Weaknesses of Family Firms

4. Strengths and Weaknesses of Family Firms. What are typical strengths of family firms? What are typical weaknesses of family firms?

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4. Strengths and Weaknesses of Family Firms

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  1. 4. Strengths and Weaknesses of Family Firms (c) Thomas Zellweger, 2017

  2. What are typical strengths of family firms? • What are typical weaknesses of family firms? • Consider the following statement: ‘If family is involved in ownership and management, family firms are naturally protected against agency conflicts.’ Do you agree? Why or why not? • What are typical resource advantages and disadvantages of family firms? • In what way could the long-term orientation often attributed to family firms become a source of competitive advantage? In what way could it be a disadvantage? (c) Thomas Zellweger, 2017

  3. What does ‘role ambiguity’ mean in the context of family firms? Why is it a typical weakness of family firms? • Some argue that, over time and generations, family orientation (concern for harmony and continuity) overtakes entrepreneurial orientation (concern for innovation and growth). Put differently: family orientation will eventually suffocate entrepreneurial orientation. Do you agree? Why or why not? How would you ensure that this is not taking place? • In what ways are family and business logics opposed? In what ways are they complimentary? (c) Thomas Zellweger, 2017

  4. Name some attributes, decision-making criteria and norms usually attributed to the family that might be beneficial for the firm. In what ways are they advantageous? • What do we mean when we say that family firms have ‘bivalent’ attributes? • Why is a shared identity and strong family cohesion not always beneficial for business families and their firms? (c) Thomas Zellweger, 2017

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