Publications
Publications
- April 27, 2020
- Harvard Business Review (website)
A Crisis Playbook for Family Businesses
By: Josh Baron and Ben Francois
Abstract
In a business crisis, the power of family business owners is magnified. Unlike public companies, which typically focus on maximizing shareholder value, family owners value objectives that usually go well beyond financial returns (e.g., family legacy, reputation). This crisis is forcing family businesses to make trade-offs among those objectives that would have previously been unimaginable. And rather than purely professional relationships, they are built around the complex dynamics of a family. This article highlights five specific actions that owners need to take in order to ensure company leaders – especially executives and boards – have the proper guidance and tools to respond to the crisis.
Keywords
Citation
Baron, Josh, and Ben Francois. "A Crisis Playbook for Family Businesses." Harvard Business Review (website) (April 27, 2020).