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Companies that have existed for over a century successfully balance values for change and preservation
Family values ensure stability in these long-lived companies
Tradition serves as a crucial source of innovation in these companies
Continuous quality strengthens the company and attracts more customers
Summary of the study
Centennial family businesses (ZFUs) that have been in business for over a century have demonstrated that they adapt to a changing, competitive market environment. They have successfully established a longevity that includes an efficient succession routine and dynamic capabilities. While family businesses are generally considered to possess a strong set of values, the specific value sets that are critical to this longevity have not been investigated.
Due to the close connection between the individual values of family members and the business itself, values influence the behavior of ZFU. By conducting nine qualitative interviews, this study identifies that ZFUs balance values for change that lead to innovation with values for maintaining the status quo of the company.
Key findings of this study
- Balance of opposing values is achieved: Centennial family businesses (ZFU) successfully demonstrate longevity and adaptability to the market. They balance values for change (innovation) with values for maintaining the status quo.
- Values are essential for longevity: The close connection between the individual values of the family members and the company strongly influences the behavior of the ZFU. Specific value sets are considered crucial for successful stability across generations.
- Tradition serves as a source of innovation: ZFU use values for progress and expansion to ensure the necessary openness to change
At the same time, tradition can serve as a source of innovation for these companies. - Focus on internal strengthening and external responsibility: The values identified were grouped into four main categories using Schwartz's value theory. These include strengthening the company (e.g. quality, success) and transcending company boundaries (e.g. sustainability, focus on the common good).
- Quality and long-term strategy are central: Quality plays a particularly important role in all areas of ZFU and strengthens the company. Decisions are primarily made with a long-term perspective, often planned across generations, and strategies serve the success of ZFU.