By Kenneth Goh, Associate Professor, Lee Kong Chian School Business
This article was first published by SMU City Perspectives on 13 June, 2024. Below is an extract of the article.
For generations to come: Applying concepts of circularity to governance and succession in family-owned firms
Similar to any organisation, owners in family firms can have disagreements that stem from different views, personalities, interests and priorities. But unlike non-family firms, such disagreements in family firms can spillover from the business into the personal domain and vice versa.
In the case of business-owning families, such dynamics can have long-lasting consequences not only to relationships but to the growth and health of the business. In Circular Economy Principles for Family Business and Wealth Stewardship, Kenneth Goh, Associate Professor of Strategy and Entrepreneurship (Education), and his co-authors highlight how the application of circularity principles to family governance can sustain the generational growth and success of family businesses.
To do this, the booklet explains how paradoxical thinking can help shift mindsets. It encourages family-owned firms to move from approaching decisions as an ‘either/or’ dichotomy to a ‘both/and’ approach that allows the family to become generative and circular. Associate Professor Goh shares more insights on how families can embrace circularity through paradoxical thinking, and other applications of these principles.
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About the author
Kenneth Goh serves as Associate Professor of Strategy & Entrepreneurship (Education), and the Academic Director of the Business Families Institute at the Lee Kong Chian School of Business at Singapore Management University. His research focuses on innovation, team dynamics, and organisational routines.