Family Businesses in Financial Distress

Frederick D Lipman

Chapter Chapter 9 in The Family Business Guide, 2010, pp 111-118 from Palgrave Macmillan

Abstract: Abstract Family businesses sometimes have financial troubles. There is no doubt that a family business has many characteristics that provide it with a competitive edge, such as paternalism, which is extended to family members and sometimes to non-family members and promotes a sense of trust, stability, and commitment to the firm among all the employees.2 However, these same characteristics can backfire when the business is under financial distress, since they may make it difficult for the owner to take needed cost-cutting measures, such as layoffs.

Keywords: Cash Flow; Family Business; Financial Distress; Personal Asset; Bankruptcy Filing (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-11180-6_10

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DOI: 10.1057/9780230111806_10

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