Family businesses: their virtues, vices, and strategic path

Michael K. Allio (Principal of the strategy consultancy Allio Associates, LLC, in Providence, RI)

Strategy & Leadership

ISSN: 1087-8572

Publication date: 1 August 2004

Abstract

Family businesses are a powerhouse of the US economy. Some of the largest businesses in and outside the US are family controlled. Family businesses significantly out perform non‐family businesses. So how to learn from their strengths? Paradoxically, many of their outstanding strengths are also their profound weaknesses. This article examines the virtues and vices of family businesses, explains how to leverage their strengths and diminish the vices, and offers recommendations for a strategic approach for management.

Keywords

Citation

Allio, M.K. (2004), "Family businesses: their virtues, vices, and strategic path", Strategy & Leadership, Vol. 32 No. 4, pp. 24-33. https://doi.org/10.1108/10878570410576704

Publisher

:

Emerald Group Publishing Limited

Copyright © 2004, Emerald Group Publishing Limited

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