Do Family Meetings Really Matter? Their Relationship to Planning and Performance Outcomes in Small Family Businesses

Authors

  • C. Burk Tower University of Wisconsin Oshkosh
  • Donald Gudmundson University of Wisconsin Oshkosh
  • Susan Schierstedt University of Wisconsin Oshkosh
  • E. Alan Hartman University of Wisconsin Oshkosh

Abstract

This empirical research focused on examining the relationship between family meetings and the characteristics of those family meetings (who participated and issues discussed), planning processes (succession planning, estate planning, family mission and business mission) and performance measures (revenues and number of generations survived). Small family businesses in a midwestern state were surveyed with 241 useable responses. Significant differences were found in the planning processes between businesses that held family meetings and those that did not. No differences were found for the performance measures. Significant relationships between family meetings and both planning processes and performance measures were found when comparing family businesses based on who participated in the family meetings - just holding meetings does not matter, but inclusiveness of those meetings does matter.

References

Aronoff, C. & Ward, J. (1992). Family Meetings: How to Build a Stronger Family and a Stronger Business. Family Business Leadership Series, No. 2. Marietta, Georgia.

Arthur Andersen & Co. (1995). American Family Business Survey 1995. St Charles, IL. Arthur Andersen Center for Family Business.

Arthur Andersen/Mass Mutual (1997). Arthur Andersen/Mass Mutual American Family Business Survey '97. Arthur Andersen Center for Family Business and Mass Mutual: The Blue Chip Company.

Astrachan J. & Kolenko, T. (1994). A neglected factor explaining family business success: human resource practices. Family Business Review, 7 (3), 251-262.

Blurnentritt, T. (2006). The relationship between boards and planning in family businesses. Family Business Review, /9(1), 65-73.

Habbershon, T. & Astrachan, J. (1997). Perceptions are reality: how family business meetings lead to collective action. Family Business Review, 10 (1), 37-51.

Mass Mutual Financial Group/Raymond Institute (2003). American Family Business Survey, Massachusetts Mutual Life Insurance Company and Robin Raymond Family Business Institute.

Ward, J (1987). Keeping the Family Business Healthy. Jossey-Bass. San Francisco.

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Published

2007-01-20

Issue

Vol. 18 No. 1 (2007)

Section

Articles

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How to Cite

Do Family Meetings Really Matter? Their Relationship to Planning and Performance Outcomes in Small Family Businesses. (2007). Journal of Small Business Strategy (archive Only), 18(1), 85-94. https://libjournals.mtsu.edu/index.php/jsbs/article/view/79