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The Sustainability of Resource-Sharing Family Business in Relation to Family Non-Economic Goals

The Sustainability of Resource-Sharing Family Business in Relation to Family Non-Economic Goals
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Author(s): Federico Trigos (EGADE Business School, Tecnologico de Monterrey, Mexico) and Mario A. Doria (Universidad Iberoamericana Ciudad de Mexico, Mexico)
Copyright: 2022
Pages: 12
Source title: Research Anthology on Strategies for Maintaining Successful Family Firms
Source Author(s)/Editor(s): Information Resources Management Association (USA)
DOI: 10.4018/978-1-6684-3550-2.ch030

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Abstract

Small and medium family businesses have distinct characteristics that differ from large corporations, with distinct challenges to their owner-managers. Many entrepreneurial families seek to achieve non-economic goals and share familial resources without compensation, not necessarily maximization of their sustainable value. As a consequence, traditional financial reporting is of limited use to them, as it does not reflect their priorities. This article introduces sustainability elements in the socio-emotional-wealth theory; identifies a family business type called resource-sharing; proposes a financial ruleset to quantify the sustainable financial position of the company regarding the achievement of non-economic goals of the family; and introduces an integrated mechanism to identify strategic implications for both family and business. Concepts are applied to family businesses from three countries, to verify applicability and usefulness.

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