Family Business Management

2.

Foundational Models and Theories

2.1.

The Three-Circle Model

2.1.1.

The Family System

2.1.1.1.

Family Members' Roles

2.1.1.2.

Family Values and Traditions

2.1.1.3.

Family Dynamics and Relationships

2.1.2.

The Business System

2.1.2.1.

Organizational Structure

2.1.2.2.

Business Operations

2.1.2.3.

Strategic Management

2.1.3.

The Ownership System

2.1.3.1.

Types of Ownership

2.1.3.2.

Rights and Responsibilities of Owners

2.1.3.3.

Ownership Transfer Mechanisms

2.1.4.

Intersecting Subsystems

2.1.4.1.

Family-Business Overlap

2.1.4.1.1.

Family Influence on Business Decisions

2.1.4.1.2.

Employment of Family Members

2.1.4.2.

Ownership-Business Overlap

2.1.4.2.1.

Owner Control and Business Strategy

2.1.4.2.2.

Governance and Oversight

2.1.4.3.

Family-Ownership Overlap

2.1.4.3.1.

Family Governance of Ownership

2.1.4.3.2.

Wealth Management

2.1.4.4.

Family-Business-Ownership Overlap

2.1.4.4.1.

Complexities of Triple Overlap

2.1.4.4.2.

Leadership and Succession

2.2.

The Developmental Model of Family Business

2.2.1.

Stages of Evolution

2.2.1.1.

Owner-Operator Stage

2.2.1.1.1.

2.2.1.1.2.

Centralized Decision-Making

2.2.1.1.3.

Entrepreneurial Focus

2.2.1.2.

Sibling Partnership Stage

2.2.1.2.1.

Shared Leadership

2.2.1.2.2.

Division of Responsibilities

2.2.1.2.3.

Collaborative Decision-Making

2.2.1.3.

Cousin Consortium Stage

2.2.1.3.1.

Governance Complexity

2.2.1.3.2.

Managing Larger Family Groups

2.2.1.3.3.

Professionalization Needs

2.3.

Additional Theoretical Frameworks

2.3.1.

The F-PEC Scale

2.3.2.

Socioemotional Wealth Theory

2.3.3.

Agency Theory in Family Firms

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1. Introduction to Family Business

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3. Family Dynamics and Culture