The Business of Family from living room to boardroom: navigating family business
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Jun 3, 2025 Dr. Sarah Burrows, a Professor of Entrepreneurship at Queen's University, dives into the intricate world of family businesses. She discusses why effective family communication can make or break these enterprises. Sarah shares insights on the shift from entrepreneurial ill-being to well-being and the crucial distinction between succession and continuity. She also emphasizes the role of childhood chores in fostering future CEOs and sheds light on the differences between accidental and intentional entrepreneurs. Packed with wisdom, this conversation is a must-listen for family business leaders!
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Serendipitous Start in Family Business
- Sarah Burrows found her passion for family business research serendipitously through psychology and a business professor.
- She loved the complex mix of family and business dynamics unique to family businesses.
Family Science Explains Succession
- Family perspective and psychology provide crucial insight into why only 30% of family businesses survive generational succession.
- Family science reveals how parenting and communication influence family business management and succession.
Succession vs Continuity Insight
- Succession is a point-in-time event, but continuity involves long-term entrepreneurial spirit across generations.
- Next gens may not take over the core firm but still carry on family entrepreneurial legacy in varied ways.