Different Crises in Family SMEs and How to Prepare for Them

Börje Boers () and Thomas Henschel ()
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Börje Boers: University of Skövde
Thomas Henschel: Visiting Professor University of Verona, Department of Business Administration

A chapter in Crisis Management for Small and Medium-Sized Enterprises (SMEs), 2022, pp 101-117 from Springer

Abstract: Abstract In this chapter, we discuss and analyse how family SMEs can prepare for crises originating in different areas. In specific, we discuss how family SMEs can prepare for crises originating in the family, the firm and the environment. There is an overlap in family SMEs, which implies that it is necessary to account for all three areas in a crisis situation. All three dimensions can be the origin for a crisis and part of a solution to handling the crisis. In the following, we discuss each dimension in detail with regard to crisis management in family SMEs. The study offers advice for family SMEs facing a crisis situation caused by internal causes, business or family-induced. Family SMEs should prepare themselves well in advance—with crisis management—to face severe shocks, and not just react under stress. This leads to a more proactive crisis management approach.

Keywords: Family firm; Family SME; Crisis; Ownership; Risk management; Crisis management (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:mgmchp:978-3-030-91727-2_8

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DOI: 10.1007/978-3-030-91727-2_8

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