PRESERVING THE SOCIO-EMOTIONAL WEALTH OF THE FAMILY BUSINESS: LOOKING BEYOND THE PANDEMIC OF COVID-19

Abstract

Family businesses are one of the most popular form of economic organizations, known for their agility and resilience to the external environment. Despite this, many family businesses have faced enormous challenges related to the covid-19 crisis, straining the emotional and physical well-being of family members as well as non-family employees. In this research work, we focus on how the pressures of the crisis influence the non-economic goals of family firms, in particular their ability to preserve their socio-emotional wealth. Based on the five dimensions of socio-emotional wealth. We found that the ability to adapt to these new circumstances has become essential to preserve their socioemotional wealth and this can be done through good communication, transparency, maintaining positive emotions, developing trusting relationships and anticipating sudden successions.

Keywords

• family business
• socioemotional wealth
• crisis
• covid-19