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Additional resources for Unconventional wisdom : counterintuitive insights for family business success
Family successors also tend to have a different approach to business risk. They rarely take the larger fashionable or speculative risks that more egocentric, short-term motivated executives would take in a non-family business. Instead, they tend to take a long-term approach, often focusing first on business continuity and preserving value. They can be risk-takers, too, but their approach to driving business growth is often guided by a desire to create and transmit the greatest value to future generations.
Concentrated control supporting unconventional strategies may seem insular and unorthodox, but it allows the productive pursuit of out-of-favor industries or strategies like vertical integration and diversification. Finally, convention dismisses the influence of family issues on business decisions as rational or productive, and yet the direct link between ownership and business interests is essential to the competitive advantage of family businesses. There are many cases where, upon initial examination, the influence of the family on the business seems to manifest in 'trivial' ways.
Some family members are even kept on the job with diminished responsibilities when others would have been fired, just to hold them and their branch of the family in the fold. Family businesses do regularly accommodate family issues in making business decisions, but far from trivial, this is done with the recognition that family disharmony will have a direct impact on the business. Everyone is familiar with how family disputes raise costs or even break up productive business systems. But rarely is the value of maintaining unified ownership recognized.