"Small family wineries, their business models, and socioemotional wealth"

Abstract

Family businesses are the dominant form of business in the world and are considered to have unique characteristics from other forms of business, yet their business models receive limited examination in the literature. This qualitative exploratory research used in-depth interviews to identify what owners and managers of small family wine companies understand to be the characteristics of the business models of their businesses, or the ways in which the businesses created and captured value. This research found that the business model characteristics of small family wine business are centred on nonfinancial characteristics aligned with the concept of socioemotional wealth rather than the traditional financial characteristics associated with business models, that is, those aligned with material success, profitability and/or economic value. The findings of this qualitative research stress the importance of nonfinancial characteristics of family business models, and suggest that a failure to consider them along...