Pioneering Family Firms’ Sustainable Development Strategies
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Pioneering Family Firms’ Sustainable Development Strategies

Edited by Pramodita Sharma and Sanjay Sharma

This book describes the sustainable development journey of 15 business families committed to using their enterprises as a force of societal good. In turn, each family reaps benefits of high economic returns, while contributing to society and environment. The youngest family firm is in its 20s, while there are others over 100 years of age. Size, industry, locations vary. But all these business families share a deep shared commitment towards sustainable development, control over strategic decision-making in their firms and trans-generational continuity intentions. Family values embed their enterprises with a strong sense of purpose to achieve their chosen sustainable development goals. Professionalized systems and processes foster the development of capabilities, and partnerships with a variety of stakeholders ensure the simultaneous achievement of social, environmental and profitability goals.
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Chapter 13: The Wallenberg family of Sweden: Sustainable business development since 1856

Sarah Jack and Mattias Nordqvist

Abstract

This case is built around a conversation with three members of the Swedish Wallenberg family – a key player in Swedish and European business life for many years. Through five generations, the Wallenberg family have worked to build and maintain long-term business sustainability and innovation through financial vigilance, patience and purposeful business development. This case illustrates how these long-standing family values and traditions have been used as a platform to support enterprise and build sustainable growth and global expansion for companies of Swedish origin. Moreover, this long-term perspective to sustainable business activity has been driven through a family tradition of working for the advancement of Sweden and the progression of Swedish society through a vision of long-term responsible and sustainable ownership. The case gives concrete examples of how the Wallenberg family has achieved this through their family foundations support to various research and cultural initiatives.

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