Advising the Family Firm: What do we know after 30 years of research?
Who gives advice to family firms? What kind of advice do they give? And is the advice valuable? These are the questions that Dr. Vanessa Strike looks to answer in her article “Advising the Family Firm: Reviewing the Past to Build the Future”, published in the Family Business Review. After reviewing 30 years of research and analyzing more than 105 studies, Dr. Strike finds that advisors provide positive business and family outcomes, including enhanced business outcomes such as decision quality, increased planning, and improved firm performance, and improved family outcomes such as increased family unity, working cooperatively, and fewer conflicts. Yet, while advisors play a crucial role within family firms, there remains to date a lack of rigorous academic research. She suggests what is needed is more collaboration between practitioners and researchers to both develop theory and to inform practice.
INSEAD Associate Professor Filipe Santos recently wrote an article for KPMG summarizing the insights on Dr. Vanessa Strike’s research.