Management summary Research study „Advice-seeking process in family businesses: a qualitative study“

The purpose of this paper is to explore the process of seeking advice in family firms. Exploratory multiple case study design was employed to examine how family firm owners use various sources of advice. The analysis is based on data collected from semi-structured interviews with six Czech family business owners. The case study analysis shows that family business owners first seek advice among those family members who work in the family firm. Subsequently, they approach internal or external sources with whom they have a specific relationship (management and key employees, peers and professional associations). Only when these sources do not provide adequate results, external advisors are approached. However, if the advice required a specific knowledge or certification, external advisors may be approached in the first place. The authors recommend that family business owners always consider carefully in what areas internal resources can truly help and in which external assistance should be better addressed. This will prevent detrimental effects from unqualified or subjectively colored advice.

Target groups of stakeholders: Family business owners