Managing business families: Success factors of business families in different generational stages

Oesterreichische Nationalbank (Jubiläumsfonds)

Business families are of enormous importance for the development of any economy. Furthermore, successful business families contribute substantially to the reproduction of entrepreneurship. However, family business research has mainly focused the business unit so far, although well-functioning business families are an indispensable prerequisite for prospering family businesses. Thus, it is necessary to examine the family system both separately and in conjunction with the business. The proposed project addresses this research gap. It aims to analyze (1) how business families define their boundaries, (2) which basic orientations they pursue (indicating their success) and (3) which factors explain the basic orientations of business families. From a practical point of view, the study opens up possibilities for business families to locate and compare themselves with different types of business families. This enables them to reflect on possibilities for developing their functionality.