Far more than an abstract ideal, happiness a fundamental condition for both individual and collective success. Martin Seligman, a global authority in positive psychology, offers the PERMA model as the foundation of well-being, built upon five core components: positive emotions, engagement, relationships, meaning and accomplishment. As a professor specialized in human behavior within organizations, I’ve […]
Navigating conflict in family business
Conflict is an inherent part of human interaction, arising whenever there is a divergence of opinion or interest on a concrete issue. In the context of family businesses, the most successful organizations anticipate and manage conflict before it arises. These companies recognize conflict as a natural occurrence: if it hasn’t cropped up yet, it’s only […]
NEWS: The role of parenting styles in family firms
Much has been written about the challenges of separating personal and professional roles in family-owned firms, but instilling family values and leadership qualities begins even earlier. This article presents findings from a recent study of 119 successors serving as CEOs in their family firms and 145 employees working directly with them to identify which parenting […]
What do shareholders of family firms deserve?
As family businesses transition across generations, a distinct type of shareholder emerges: one who only own shares while playing no role on its executive board or leadership team. The concept of responsible and committed ownership has increasingly gained traction in recent years, guided by the principle of stewardship. This vision underscores the critical need for […]
The evolving role of women in family business
Women are increasingly stepping into senior-level roles in family-owned firms, bringing a distinct leadership style that blends strategic acumen with an ability to balance both family and business dynamics. This article explores the growing influence of women in family-owned firms, the challenges they face and new opportunities on the horizon. Female leadership in family business […]
Leaving a legacy: the importance of instilling shared values
The ultimate goal of any family business is to create a legacy for future generation. To achieve this, family firms strive to ensure that the wealth they generate (or inherit) grows on a solid financial foundation for the benefit of their descendants. But there’s more to it than that. Even more important is their ability […]
Succession, succession and succession
Sooner or later, all family businesses face succession processes. Ideally, these are founded on professional criteria and approved by both predecessors and successors. The lack thereof is an all too frequent mistake and the most common source of conflict in family-owned firms. Movie: YES. Ongoing series: NO A generational handover should be framed as a […]
Balancing socioemotional wealth and financial goals in family business
Family firms are integral to the global economy, driving positive change by pursuing both financial objectives and the generation of socioemotional wealth (SEW). Developed by Prof. Luis Gómez-Mejía, socioemotional wealth in family firms encompasses a number of non-economic factors including family control, values, legacy, transgenerational vision, pride of belonging and emotional connection. The dual role […]
Times of change and opportunity are coming for Spain’s family-owned firms
* This article originally appeared in the newspaper “Expansión” on May 4, 2024 under the title “Llegan tiempos de mudanza y oportunidad para la empresa familiar.” Family firms require solid corporate governance in order to maintain their relevance as engines of growth and employment. Spain’s corporate world has garnered global media attention in recent weeks […]
How changes in the family can benefit the family firm
Family-owned firms must navigate continuous change in both the external business environment and their own family sphere, shaped by births, deaths, married-ins and the evolving values and objectives of each new generation. As this Forbes article explores, changes in the family–while challenging–can also be a wellspring of new energy, capabilities and ideas. How Changes in […]
