Article2001

Strategic Goals and Practices of Innovative Family Businesses

Joseph E. McCann · Anna Y. Leon‐guerrero · Jonathan D. Haley

209 citations0/0 files storedJournal of Small Business Management

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Family Business Performance and Succession Entrepreneurship Studies and Influences Management and Organizational Practices

Abstract

A profile of 231 Washington state family businesses is presented. This article focuses on the business strategies of these firms, analyzing the relationship between strategy, performance, and business practices. Firms categorized as Prospector firms reported more gains in their current market position than all other strategic types. These firms were more likely to value an effective management and employee team and to develop new quality products and services and career development plans for non‐family employees. Implications for family businesses are discussed.

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References

1980Competitive Strategy: Techniques for Analyzing Industries and Competitors 1978Organizational Strategy, Structure, and Process 1994Succession in Family Business: A Review of the Research 1992An Empirical Examination of Ownership Structure in Family and Professionally Managed Firms 1983The family and the firm: A coevolutionary perspective 1993Alternative Methodologies for Identifying Family- versus Nonfamily-Managed Businesses

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2003Human resource management problems over the life cycle of small to medium‐sized firms 2016Strategy and commitments to institutional logics: Organizational heterogeneity in business models and governance 2008Strategic Planning in Family Business: A Powerful Developmental Tool for the Next Generation 2012Strategic innovation and new product development in family firms 2018Innovation Motives in Family Firms: A Transgenerational View 2010Innovation in family and non-family businesses: a resource perspective 2005Real Versus Sample-Based Differences in Comparative Family Business Research

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