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Canada (162,320)
ENTR 3P98 (6)
Chapter 2

Chapter 2

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Teresa Menzies

CHAPTER 2Great Families in Business Building Trust and CommitmentUnhealthy Family Culture Characterized by Secrecy Lack of information Low levels of family emotional intelligence Little knowledge of the business among at least some family membersA result of A founding culture that supported autocratic leadershipThe familys belief in benefits of privacy Zerosum dynamicsThe Story of Two Very Different Family Cultures The Binghams and the Louisville CourierJournal Companies Sold the company after years of bickering The sale of the company did not bring the family together as hoped Absent was A commitment to familybusiness continuity A family trust catalyst A board with independent outsiders Family meetingThe Blethens and the Seattle Times Company Continue to own and operate several newspapers in the fifth generation Present is A commitment to continuity even in the face of a financially crippling strike Individual responsibility to the group A sense of stewardship Family unity Frequent family meetingsZeroSum Dynamics and Family Culture Zerosum dynamics are characterized by exchanges in which one partys perceived gain is the other partys perceived lossThe absence of growth and increased wealth and career opportunities in the family business is fertile ground for zerosum dynamicsThe usandthem dynamic can be triggered by any perceived different malefemale active in managementinactive in the firm olderyounger richerpoorer etcThe Family Systems Perspective Considers the family to be the building block of emotional lifeUses systems thinking to understand the complex interaction between individual members of the familySuggests that change in any family members behavior is more likely to be sustainable at the family than at the individual levelArgues that the interdependence that is the source of socialphysicalintellectualemotional rewards in the family also gives rise to conflicting needs desires and priorities as the family grows and ages
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