We argue that two conditions necessary for the longevity of a family firm are the continuity of the enterprise name and of the family involvement in business. Beyond these conditions, adaptation and flexibility in mind-set of ???what a family is??? and ???what business we are in??? are likely to achieve longevity of a family firm. A few strategies used by dynastic family firms to strike a winning balance between continuity and change are discussed.
Family Firm Longevity: A Balancing Act between Continuity and Change
SALVATO, CARLO
2013
Abstract
We argue that two conditions necessary for the longevity of a family firm are the continuity of the enterprise name and of the family involvement in business. Beyond these conditions, adaptation and flexibility in mind-set of ???what a family is??? and ???what business we are in??? are likely to achieve longevity of a family firm. A few strategies used by dynastic family firms to strike a winning balance between continuity and change are discussed.
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