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Family Business and Social Capital

Edited by Ritch L. Sorenson

The chapters in this cutting edge book comprise scholarly work on social capital in family business along with chapters written by family business owners and advisors. Topics covered include social capital as it relates to governance, trust, family and business identity, communication, family councils, work–family balance, and the use of advisors and continuing education to build social capital. Novel in its approach of integrating the voices of scholars, business families, and advisors, this book is useful not only for business research and classroom use, but also for business families and their advisors.
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Chapter 19: Recommendations for building family social capital

Ritch L. Sorenson, William Monson and Trina S. Smith

Extract

Over three forum sessions, family business owners, advisors, and researchers discussed various elements of social capital and developed a common body of knowledge. Participants then met to apply what they had learned to family business. Before the discussion, William (Bill) Monson – a skilled facilitator – provided an overall summary of the forum sessions. Next, the participants made recommendations about developing social capital. Bill’s summary is integrated into these recommendations. Recommendations drawn from the summary and discussion, which was recorded, are provided below. Recommendations are divided into two topics that emerged: (1) how to build social capital in the family; and (2) how to build social capital between the family and the business.

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