Abstract
Abstract The world is witnessing dramatic changes brought about by Covid-19 and its aftermath, with significant implications for the management of organizations, and hence management studies We argue that the pandemic and its social and economic reverberations are triggering particularly salient challenges for family businesses (FBs) ? the most ubiquitous form of business organization in any world economy ? that call into question some fundamental assumptions at the core of FB research
Highlights
The world is witnessing dramatic changes brought about by Covid-19 and its aftermath, with significant implications for the management of organizations, and management studies
This raises the following research questions: How does unplanned succession unfold in family businesses (FBs)? Under what circumstances is succession planning beneficial? What other options than intra-family succession are more viable in case of a sudden succession? How does the sale or the closure of the family business in the ‘new normal’ differ from its failure? How can FBs accelerate succession in times of disruption? an intensified sense of mortality is likely to alter the motivations and goals that drive FB succession, and we urge scholars to examine the following set of issues: How do the goals and motivations of FB succession change during and in the aftermath of Covid-19? What constitutes successful succession in the ‘new normal’ in terms of outcomes for the family and the business system?
Under current circumstances, managing shorter and more localized value chains can become an advantage in terms of higher reliability and lower disruption risks, stimulating the following research question: Does FBs’ reliance on local value chains constitute a more sustainable model to be mirrored by non-FBs in the ‘new normal’? From an internal perspective, the social restrictions in response to Covid-19 have induced changes in work routines, forcing organizational actors to ensure social distancing, virtual interactions, and the adoption of remote work habits
Summary
The world is witnessing dramatic changes brought about by Covid-19 and its aftermath, with significant implications for the management of organizations, and management studies. Under current circumstances, managing shorter and more localized value chains can become an advantage in terms of higher reliability and lower disruption risks, stimulating the following research question: Does FBs’ reliance on local value chains constitute a more sustainable model to be mirrored by non-FBs in the ‘new normal’?
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