How should we professionalise our business?
Experiences from a longitudinal case study of a medium-sized family business in Hungary
DOI:
https://doi.org/10.14267/VEZTUD.2023.02.05Keywords:
family firms, family firm professionalization, multidimensional approach, longitudinal case studyAbstract
An emerging number of publications emphasize the importance of family business professionalization. In our paper we conducted a qualitative longitudinal case study with a resource-based perspective, concentrating on the question, which changes in resources and capabilities does a family business undergo while professionalizing the business. In the first part of the paper, we present approaches to professionalisation from the perspective of different strategic paradigms and place them within the framework of the resource-based view. The second part outlines the findings of a qualitative longitudinal case study view which was carried out to explore the potential relations between the dimensions of family business professionalization. The results reveal that the dimensions are interrelated, one should not develop without the other, and a lack of progress in one or more dimensions can lead to uncertainty. The article ends with an extensive discussion section, pointing out that family businesses should pay attention to all aspects of the firm's professionalization.
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