Discuss and summarize the authors key points in the article

Discuss and summarize the author\'s key points in the article titled \"Conflict Management Strategies Used in Successful Family Business\". The authors are Kenneth Kaye and Ritch L. Sorenson. The source is Family Business Review. 12.2 (June 199): p133. The paper should be a minimum of one page in length, not including the title and reference pages. Cite and reference the sources appropriately.

Solution

Title - Summary of \"Conflict Management Strategies Used in Successful Family Business\".

The authors - Kenneth Kaye and Ritch L. Sorenson - have done a survey of 59 businesses owned by families (in other words family owned business). The survey has been used to compare the running of family owned business with that of a non family owned business.

The authors have concluded that conflict management is quite tough in case of family businesses than non family businesses. The scope of compromise reduces, making the process of collaboration difficult in a family business when compared to a non family business. However, collaboration is useful and beneficial for both the entities - the family and the business.

When conflict takes place in family business, then family issues and egos take front seat and assume precedence over business matters.

The authors have suggested 5 approaches to manage conflicts in family business - compete, accomodate, collaborate, compromise and avoid.

The first approach of competition is not the best strategy. Accomodation is a good way to resolve conflict as it involves listening to others and removing their concerns.

Collaboration, as a tool, aims at satisfying the concerns of all related parties. This approach helps both the \"family\" and the \"business\".

Compromise is getting to a middle path by giving up a part of your demand. This approach leaves both the \"family\" and \"business\" dissatisfied to an extent.

Avoidance is nothing but accepting that conflict management has failed.

Reference: http://fbr.sagepub.com/content/12/4/325.abstract

http://newsletters.isb.edu/FamilyBusiness-Newsletter/File/ConflictManagementStrategiesUsedbySuccessfulFamilyBusinesses.pdf