Strategic Management in the Family Businesses

This chapter provides an overview of the strategic management in family firms, family firm-specific resources, capabilities, and competitive advantages. Strategic management encompasses decisions and actions to achieve strategic competitiveness and maximize returns on investments. In today’s global competitive landscape, effective strategic management is the sine qua non for all types of firms. The distinct types of family involvement in the business lead to differences in family firm strategies. Also, the family firms’ risk-taking facilitate or limit the implementation of strategies such as innovation, internationalization, and branding.