Family firms represent a cornerstone of the global economy, known for their long-term orientation, strong internal cohesion, and intergenerational outlook. These characteristics are often credited with providing family businesses a unique form of resilience in times of crisis. This research study explores the concept of resilience in family firms, emphasizing the role of family governance structures in fostering adaptability, continuity, and crisis management capacity. Drawing on contemporary literature and empirical studies, it discusses how specific governance mechanisms, such as family councils, constitutions, and succession planning, contribute to the firm’s ability to withstand shocks and recover from adversity. The study concludes by considering the future challenges facing family businesses and offering insights into how resilience can be institutionalized through robust family governance.
Patrick Ulrich (Wed,) studied this question.