Navigating long-term orientation, adaptability and crisis response: a strategic view on family business resilience

Abstract

Purpose The concept of resilience has garnered significant attention during recent global crises. Family businesses are often highlighted for their inherent resilience, attributed to their distinctive characteristics, orientation, goals and familial influence. Nonetheless, a coherent body of research on strategies for family business resilience uncovering managerial implications remains elusive. Design/methodology/approach The authors performed a systematic literature review followed by a synthesis and inductive analysis of 57 selected articles to identify strategies that strengthen family business resilience. Findings The findings reveal strategic approaches shaped by a strong commitment to family-centric culture, identity and values and extensive internal and external relationships. These strategies, which are significantly influenced by family businesses’ distinctive traits, are critical in enhancing a family business’s adaptability and crisis response. Nonfinancial goals, a long-term orientation and risk-aware financial standing further enhance resilience by collectively enabling businesses to navigate external adversities resiliently and secure their enduring viability. Originality/value The paper concludes with a cohesive and dynamic framework that integrates the various strategic approaches into a novel conceptualization and points towards future research directions.

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