Your course textbook can be accessed via the DART eBook link in the Getting Started module.
Textbook:
Basco, R. (2024). Family business management. Routledge. DOI: 10.4324/9781003273240
Read:
- Chapter 4 – Conflict, Conflict Management, and Communication
- This chapter is important because it delves into the complexity of conflicts that can develop in the family business. The chapter covers the disagreements, ideas, discrepancies, and tools for an approach to resolve conflicts so the family business can move forward successfully. Understanding the importance of communication for conflict resolution is paramount in the family business, as well as finding alternative ways to manage conflicts.
- Chapter 5 – Human Resource Management in Family Businesses
- This chapter introduces the additional complexity of managing family members and nonfamily members in the family business. Practices that regulate the relationship between the family members and the hiring selection criteria. The family business has unique aspects, such as emotional attachment and loyalty. There are also negative effects on employees in this environment, such as nepotism and perceived or actual unequal treatment of nonfamily member employees.
- Chapter 6 – Strategic and Financial Management in Family Businesses
- This chapter is important to understand the management and financial decision-making in the family business. Setting goals, analyzing the competitive environment, evaluating market strategies, and allocating resources are just a few of the responsibilities the family owners participate in. These processes are considered difficult to imitate by nonfamily businesses and thus are a competitive advantage. Finally, the chapter discusses how family goals directly affect the decision-making process in the family business.
Engaged Ownership. (2020). The Three-Circle Model Explained: Understanding the Family Business System. [Video]. YouTube. https://www.youtube.com/watch?v=JO0p8zRZSWg
Diversified Asset Management, Inc. (2021). Know What to Do When conflicts Arise in the Family Business. [Video]. YouTube. https://www.youtube.com/watch?v=WDbTQbYskjs
