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Different Crises in Family SMEs and How to Prepare for Them

In: Crisis Management for Small and Medium-Sized Enterprises (SMEs)

Author

Listed:
  • Börje Boers

    (University of Skövde)

  • Thomas Henschel

    (Visiting Professor University of Verona, Department of Business Administration
    Hochschule für Technik und Wirtschaft Berlin, Fachbereich Wirtschafts- und Rechtswissenschaften)

Abstract

In this chapter, we discuss and analyse how family SMEs can prepare for crises originating in different areas. In specific, we discuss how family SMEs can prepare for crises originating in the family, the firm and the environment. There is an overlap in family SMEs, which implies that it is necessary to account for all three areas in a crisis situation. All three dimensions can be the origin for a crisis and part of a solution to handling the crisis. In the following, we discuss each dimension in detail with regard to crisis management in family SMEs. The study offers advice for family SMEs facing a crisis situation caused by internal causes, business or family-induced. Family SMEs should prepare themselves well in advance—with crisis management—to face severe shocks, and not just react under stress. This leads to a more proactive crisis management approach.

Suggested Citation

  • Börje Boers & Thomas Henschel, 2022. "Different Crises in Family SMEs and How to Prepare for Them," Management for Professionals, in: Susanne Durst & Thomas Henschel (ed.), Crisis Management for Small and Medium-Sized Enterprises (SMEs), pages 101-117, Springer.
    • Handle: RePEc:spr:mgmchp:978-3-030-91727-2_8
    DOI: 10.1007/978-3-030-91727-2_8
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