Edited by Ritch L. Sorenson
Chapter 3: The trust paradox of family businesses
Trust is the central component to the development of a family firm’s social capital according to Pearson and Carr’s “The central role of trust in family firm social capital” (Chapter 2 in this volume). Their work raises the questions of what trust is and how to sustain it as the family business evolves. Over the past 30 years I have worked with family businesses in the area of transitions, succession planning, and managing what I describe as emotional breakdowns of trust in either business or family relationships. As a result, I believe building trust in the family and in the structure of the business is mutually beneficial to family harmony and a successful family business.
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