Overview of Family Business Theories

Before the reader delves into the nuts and bolts of governance, there are some theories regarding family business that need to be discussed and understood. The theories used in family business are practical and applicable. They are not what many students or business owners think of as being purely academic, not relevant, or what some feel are a waste of time. The reader needs to have a grasp of these theories because many of the governance structures work hand in hand with them. One must understand the basic theories to understand when a governance structure or mechanism does not work in a certain situation, because it is often the specific theory being used that explains its lack of effectiveness. ...

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