56: The Link Between Family Business Research and Advising

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Mar 12, 2024

Francesco Barbera, an Associate Professor of Entrepreneurship and Strategy at The Ted Rogers School of Management, dives into the complexities of family businesses. He discusses the transition from seeing family firms as a homogenous group to recognizing their unique characteristics. The conversation explores how family governance influences firm performance, emphasizing the need for tailored advisory approaches. Barbera also shares insights on bridging academic research with practical strategies to enhance support for diverse family enterprises.

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INSIGHT

Family Firms' Heterogeneity Importance

Early family business research assumed all family firms are the same to raise awareness about their uniqueness.
Now, recognizing heterogeneity is crucial as each family firm is unique in structure, culture, and emotional attachment.

INSIGHT

Family Functioning Links Governance to Performance

Family governance enhances firm performance by improving family functioning, the emotional and communicative relationships among family members.
Governance alone doesn't drive performance; it's the bonding and communication it fosters that matter.

ADVICE

Focus on Governance Process

Advisors should focus on the process of establishing governance, emphasizing communication and bonding over mere implementation.
Avoid imposing standardized governance tools without fostering family functioning first.

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Ambreen Bhaloo, Family Enterprise Advisor, guest hosts this episode and welcomes Francesco Barbera, Associate Professor of Entrepreneurship and Strategy at The Ted Rogers School of Management for an in-depth discussion on the issue of homogeneity (all family firms are the same) vs. heterogeneity (all family firms are unique). In what ways does family governance lead to greater firm performance? Listen to this episode to find out!

Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts, and models that best serve Family Enterprise Advisors in supporting their clients.

All views, information, and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.

Guest bio

Dr. Francesco Barbera is an Associate Professor of Entrepreneurship and Strategy at The Ted Rogers School of Management at Ryerson University. His teaching and research interests encompass a wide range of topics related to family business, entrepreneurship, small business management, and family business education. Francesco is an international, award-winning author and educator and regularly presents at renowned conferences and workshops.

You can learn more about Dr. Francesco Barbera on the Toronto Metropolitan University School of Management website and on his LinkedIn.

Key Takeaways

[:26] Ambreen Bhaloo welcomes Dr. Francesco Barbera and invites him to share a little bit about his research interests and how they inform family advising.

[5:22] Dr. Barbera explains the importance of heterogeneity research when it comes to family enterprises and what this means for advisors.

[7:50] A recently published research explores how family structures impact the way governance leads to performance, Dr. Francesco shares some of the findings.

[11:07] Dr. Barbera explains what family functioning is and why it affects firm performance.

[16:11] The future of family business research looks heterogeneous; Dr. Francesco shares the areas of study he sees coming up next.

[20:23] Staying up to date on the latest academic knowledge will require work on the family advisor’s part.

[24:00] About Dr. Barbera’s work with the Family Institute.

[27:18] Dr. Francesco Barbera’s advice for advisors.

[27:48] Ambreen thanks Dr. Francesco Barbera for sharing his knowledge and closes this episode by reminding listeners about the upcoming Family Business Symposium held from May 27th to 29th in Calgary, Alberta.

If you enjoyed today’s episode, you can subscribe to Let’s Talk Family Enterprise on Spotify, Apple Podcasts, and other podcast apps. Please remember to share this episode with family, friends, and colleagues. Share your thoughts with us at fea@familyenterprise.ca.

Mentioned in this episode

“Family governance and firm performance: exploring the intermediate effects of family functioning and competitive advantage”, Francesco Barbera and Tim Hasso, November 2022, Journal of Family Business Management 13(2)

The Family Business Symposium will take place on May 27‒29, 2024 in Calgary.

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