Family Business Resilience: The Importance of Owner-Manager's Relational Resilience in Crisis Response Strategies

Abstract

The COVID19 pandemic has disclosed the compelling necessity for businesses to develop and maintain a high resilience to survive the constantly changing environment they operate in and the rising number of crises they face. Our study sheds light on the resilience of owner-managed family businesses, with a special focus on different levels within and beyond the organization, by analyzing digitalization efforts as one form of strategic response to a crisis. More precisely, building on an extensive explorative multiple case study, we explore how and why owner-managed family businesses differ regarding their resilience and the implications this has for their crisis management. We contribute both to the literature on resilience and to research on family business strategies by showing differences in crisis response related to different levels of family business resilience and the special role of the owner-manager.