Must Read FBR Articles from 2016

Thanks to FBR assistant editor Karen Vinton and the members of the Research Applied Board for their recommendations on “must read” articles from 2016.

Yours in Practice,

The Practitioner

Examining Family Firm Succession from a Social Exchange Perspective: A Multi-Phase, Multi-Stakeholder Review, Daspit, J.J., Holt, D.T., Chrisman, J.J. & Long, R.G. (2016). Family Business Review, 29(1)

• What is “social exchange theory” and how does it help practitioners understand what is happening during succession in a family firm? This article is a great introduction to “social exchange theory” which has provided a useful paradigm for researching family firms. It offers a GPS guide through the morass of research on succession while being a stimulating and useful read for practitioners. The dense and jargon rich text will require some heavy lifting and may test the power of your attention. Still, the effort will be well worth the yield.
• Read the précis.
• Listen to the podcast.

An Emotions Perspective for Advancing the Fields of Family Business and Entrepreneurship: Stocks, Flows, Reactions and Responses, Shepherd, D.A. (2016). Family Business Review, 29(2)

• This essay addresses a growing research area that has always been critical to the practitioner: the role of emotions. More difficult to research than other topics, the emotions within an enterprise often can be the most important factor. Socioemotional wealth (SEW) will become even more important to the practitioner than agency or stewardship theories. In fact, it can help explain the difference between the two. This is a clear and readable article for practitioners and will help you build a framework of validation for what you experience with your clients. It is a true bridge article between researchers and practitioners.
• Read the précis.

Successor Team Dynamics in Family Firms, Cater, J., Kidwell, R., & Camp, K. (2016). Family Business Review, 29(3)

• This article introduces us to the Successor Team Dynamics Model which can be useful for practitioners working with clients that have successor leadership teams. The study described in this article explores the important question: “Why do some successor leadership teams work together successfully and others do not?” The model is a tool which helps practitioners determine within which stage of the Successor Team Dynamics Model the team exists. This awareness results in a quicker assessment and helps determine what kind of support the team will require.
• Read the précis.
• Listen to the podcast.

Environmental Jolts: Understanding How Family Firms Respond and Why, Smith, C. (2016). Family Business Review, 29(4)

• The strengths of this article are: it is readable; concerns real events (jolts) that will reoccur in various manners over the life of all family firms; and highlights the strong attachments that almost always exist in family firms. Understanding how to ‘un-stick’ the firm starts with being aware of both the attachments firms have and how each firm is different in its attachments, mindset, and responses. The lesson is: “One size does not fit all.” This case can be used with multiple members of a family firm to highlight attachments and differences. Conversation can then progress toward discussion and analysis of attachments these family members see operating in their own companies.
• Read the précis.

About the contributors:

This article was prepared by Karen Vinton and the members of the Research Applied Board of the Family Business Review: Barbara Dartt, The Family Business Consulting Group; Judy Green, Family Firm Institute; Andrew Hier, Cambridge Advisors to Family, Enterprise; Frank Hoy, Worcester Polytechnic Institute; Iván Lansberg, Lansberg, Gersick & Associates; Ken McCracken, KPMG LLP; Ken Moores, Bond University; Maya Prabhu, Coutts Institute; Kavil Ramachandran, Indian School of Business; Wayne Rivers, Family Business Institute; Kim Schneider Malek, Family Enterprise Continuity Alliance; Tom Schwarz, Black Forest, LLC; John Ward, Northwestern University.