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Managing The Family Business Theory And Practice 1st Edition Thomas Zellweger - Solutions
=+6. What is my timeframe to complete the succession?
=+5. How will I ensure a sustainable work–life balance?
=+4. What are my family members’ opinions about succession?
=+3. What challenges and opportunities will I face by taking over the company?
=+2. What are my fears related to the succession?
=+1. What are my goals for my (professional) life?
=+14. Who could support and advise me along the succession process?
=+13. Have I talked about these considerations with the successor?
=+12. How do I define ‘successful succession’?
=+11. What is my timeframe to complete the succession?
=+10. What factors influence my calculation of an acceptable sale price? Are these considerations impacted by emotional biases?
=+ What about the milestones of the second preferred succession option?
=+9. What milestones need to be reached to achieve the preferred succession option?
=+What is the next option I will try to pursue in case the preferred option cannot be executed?
=+8. What is my preferred succession option?
=+7. What are the family members’ opinions and interests with regard to succession?
=+6. What roles do different family members play in the various succession options?
=+5. What are the implications of the succession options in terms of timing, achievable price and financing?
=+4. What succession option(s) do I have? What are the related opportunities and challenges?
=+ 3. What will I do after passing the baton?
=+ 2. What are my fears related to succession?
=+1. What are my goals related to succession?
=+ Along what process would you develop the strategy?
=+24. Let’s assume that you are asked to develop an integrated family, ownership and business strategy for a family firm. How would you approach this task?
=+23. What are some generic business strategies of family firms, and on what family-firm-specific attributes do these strategies build?
=+22. What are the strengths and weaknesses of family firms with regard to innovation?
=+21. How are family firms able to exploit their tradition to come up with innovations?
=+20. What is the particular problem with arguments such as ‘We are a business-first family firm’?
=+19. Why is it problematic to solve paradoxes in a non-integrative manner (e.g., by avoiding or adopting one of the aspects of the paradox)?
=+18. What are some common paradoxes in the context of family firms?
=+17. Why are family firms particularly good at managing these tensions?
=+16. What kinds of tensions are particularly prevalent in the management of family firms?
=+15. Why is the family business group a prominent organizational form in many emerging markets?
=+14. Why are family firms particularly well positioned to exploit institutional voids (i.e., inefficiencies in labor and capital markets, the rule of law, protection of property rights and the like)?
=+Why should family firms be particularly well positioned to comply with such norms?
=+13. How should complying with generally accepted norms of doing business contribute to firm performance?
=+12. Describe the unique strategies of family firms as brand builders and preservers.
=+11. If you were an owner of a family firm, how would you exploit the firm’s image as a family firm in the marketplace?
=+10. What image do family firms have in the marketplace?
=+ 9. Why are family firms so concerned with CSR?
=+ 8. How are family firms unique with regard to resource management?
=+ 7. What are the unique features of financial capital provision in family firms?
=+ 6. Discuss examples of how familiness drives or hinders the competitiveness of family firms.
=+ 5. Discuss the typical resource advantages and disadvantages of family firms.
=+ 4. What is familiness?
=+ 3. Are family firms more or less risk averse than nonfamily firms?
=+when do these preferences shift?
=+ 2. When do family firms prioritize SEW considerations over financial considerations? And
=+1. What is socioemotional wealth (SEW)?
=+2. How would you go about managing each paradox?
=+1. For each paradox, what are the threats involved in ‘solving’ the contradiction by opting for one side of the conflict and neglecting the other?
=+z Do we avoid rule-based assumptions about the environment, as often seen in checklists?
=+z Are we reluctant to simplify?
=+z Is there a willingness to engage in constructive debates in our family and firm?
=+z To what degree do we tolerate ambiguity without seeking quick fixes?
=+z Do we accept and even appreciate paradoxical situations?
=+z Do we take risks while considering the maximum affordable loss?
=+z Are we simultaneously concerned with long-term firm survival and short-term change?
=+z How can we best combine tradition and innovation?
=+z Do we favor a ‘family-first’, a ‘business-first’ or a ‘family-business first’philosophy?
=+z Where do we find synergies between aspects of the family and of the firm?
=+3. Assume that you are small nonfamily shareholder in Samsung Electronics. What are your concerns and hopes about investing in this company
=+2. What are the advantages and disadvantages for the individual firms affiliated with the Samsung family business group?
=+1. What problems and opportunities do you see for the family owners of such a structure?
=+What are the pros and cons of being organized as a business group?
=+z Is our governance structure adapted to our institutional environment?
=+z How can we compensate for institutional voids by drawing from our:– social networks,– trust-based relationships,– self-help and willingness to provide intermediary resources,– reputation,– tight and stable control?
=+of equity and debt capital markets, labor markets, transportation and telecommunication?
=+z How developed is our institutional context in terms of: property rights protection, minority owner protection, law enforcement, development
=+generally accepted ways of doing business instead of pursuing our own unique strategic path?
=+z What threats and missed opportunities do we risk if we comply with
=+z What other resources do we need to secure that we are currently lacking?
=+z Which resources do we have access to given our conforming behavior?
=+z How can we improve our public legitimacy as a family firm?
=+How do we benefit from such a strategy?
=+z To what degree do we conform to industry standards and to generally accepted ways of doing business?
=+7. What opportunities and threats might the family face because of their open involvement in the firm (e.g., their personal guarantee of product quality)?
=+6. What are the benefits for other stakeholders, such as employees, of seeing the family so personally engaged in the firm?
=+5. From the point of view of customers, what is the benefit of having the family strongly involved in the branding efforts of the firm?
=+4. Do you find it problematic that HiPP has not or has only partially adopted international safe food labels?
=+3. Would you be willing to pay a price premium for HiPP products? If yes, for what reason?
=+2. Do you find this image to be credible? Why or why not?
=+1. What image does HiPP try to project to the market?
=+a strong emphasis on innovation, change and risk taking?
=+z How can we combine a concern for our identity and historical roots with
=+– Expropriation of nonfamily stakeholders.
=+– Groupthink: the false assumption that our own view of the environment is always the correct one.
=+– Low perceived ability to innovate, change, grow and internationalize.
=+z How can we avoid the negative effects of a family firm image, such as:
=+– Do we benefit from improved decision making by allowing everybody to share his/her views and to be creative?
=+– Do we motivate stewardship behavior?
=+– Have we developed a shared point of view inside the family and the firm about what the firm stands for and what we would like to achieve?
=+– How can we exploit the fact that we are a family firm on the job market?
=+– Who are our most important stakeholders and have we secured their goodwill?
=+z To what degree do we exploit the family firm identity advantages?
=+z How can we best turn qualities attributed to us—that is, that our firm is sympathetic, personal, trustworthy, credible and authentic—into a competitive advantage?
=+z What are the advantages and disadvantages of our family firm image?
=+z Are we known as a family firm?
=+5. How can you overcome negative familiness? What are the potential obstacles?
=+4. How can you secure or strengthen positive familiness?
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