Family Business and Social Capital

Edited by Ritch L. Sorenson, University of St. Thomas, US

’In view of the fact that family businesses are passing through a difficult phase all over the world, this volume is a very timely publication. The analyses are based on and informed by the experiences and family dynamics of the developed West, particularly the United States. But the recommendations are not culture specific. Thus, the book can provide useful insight to the owners and managers of family businesses in the developing countries as well.’

• Contents:PrefaceIntroduction and Overview 1. Social Capital and Family Business Ritch L. Sorenson PART I: UNDERSTANDING THE ELEMENTS OF FAMILY SOCIAL CAPITAL 2. The Central Role of Trust in Family Firm Social CapitalAllison W. Pearson and Jon C. Carr3. The Trust Paradox of Family BusinessesTom Hubler 4. Building Ethics in Families and Business Ken E. Goodpaster5. An Early Warning System for Family ConflictKatherine Hayes 6. Summary of Dialogue: Observations About Trust and Ethics in Family BusinessTrina S. SmithPART II: CO-CONSTRUCTING FAMILY-BUSINESS SOCIAL CAPITAL7. Family Social Capital as Family Business Resilience CapacitySharon M. Danes and Kathryn Stafford 8. Building Trust in Advising Family BusinessesMargaret A.T. Cronin9. Family Rituals and Communication: The Construction of Family Identity and Social CapitalCarol J. Bruess10. Creating Family and Business Social Capital: A Co-investigation with a Daughter and GranddaughterRitch L. Sorenson in collaboration with an anonymous daughter and granddaughter11. Summary of Dialogue: Using Communication and Family Practices to Develop Social CapitalTrina S. SmithPART III: COMPLEMENTING SOCIAL CAPITAL IN FAMILY AND BUSINESS12. Leveraging Family Member Capacity for the Business and the FamilyTeresa J. Rothausen and Ritch L. Sorenson 13. Our Family EnterpriseTerri McEnaney14. Putting Family in Family Business: The Role of the Chief Emotional OfficerAngela Pritchard 15. The Family as an Internal and External Resource of the Firm: The Importance of Building Family-firm IdentityKimberly Eddleston 16. Reclaiming our Identity as a Business-owning FamilySylvia Shepard17. Summary of Dialogue: Leveraging the Family-business Identity to Access Family and Business ResourcesTrina S. SmithPART IV: CONCLUDING MATERIALS 18. Summary and Conclusion: Social Capital in Business Families Ritch L. Sorenson19. Recommendations for Building Family Social CapitalRitch L. Sorenson, William Monson and Trina S. Smith Appendix A: Conference Participant Biographies Appendix B: The Structured Dialogue Process Ritch L. Sorenson Appendix C: Summary of Comments from Owner, Advisor, Family Member, and Research Breakout GroupsTrina S. Smith and Ritch L. Sorenson References Index