Exit strategies in family firms

How socioemotional wealth drives the threshold of performance

Dawn R. Detienne*, Francesco Chirico

*Corresponding author for this work

Research output: Contribution to journalArticle

81 Citations (Scopus)

Abstract

Although research has shown the ability to exit from both successful and unsuccessful ventures is important to founders, families, firms, industries, and overall economic health, exiting from a family firm can be especially challenging. In this paper, we examine exit strategies in the context of the family firm and the family firm portfolio. Drawing upon threshold theory and the socioemotional wealth perspective, we develop a model that provides guiding theoretical explanations for exit strategies. We address two questions: (1) why do family owners develop specific exit strategies, and (2) how do these strategies differ within family firms and family firm portfolios? In doing so, we contribute to family business, portfolio entrepreneurship, and exit literatures.

Original languageEnglish
Pages (from-to)1297-1318
Number of pages22
JournalEntrepreneurship: Theory and Practice
Volume37
Issue number6
DOIs
Publication statusPublished - 1 Nov 2013
Externally publishedYes

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