Strategic Management in the Family Businesses
The “essence” of a family firm is thought to be a function of a family’s influence on the culture, functioning, and behavior of the firm owing to the pursuit of a family’s vision for the firm. Accordingly, a family firm’s strategic behaviors tend to be oriented toward preserving the economic as well as noneconomic value of the firm for the family in the long run. In this chapter, the profile family firm Sheetz exhibits growth as a primary strategy through employee care and empowerment, community engagement, and social responsibility. The fast growth of the convenience store chain is proficiently managed by the family as well as employee ownership. The strategies such as employee care, community engagement, and social responsibility are reflective of the family’s strong commitment to values such as unity, harmony, and continuity not only within the family but also in the communities they serve in.