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Continuity through regeneration and resilience: key metrics of success and sustainability for Irish family businesses

Clinton, Eric orcid logoORCID: 0009-0009-8091-3267, O'Gorman, Colm orcid logoORCID: 0000-0003-4732-7433, Faherty, Catherine orcid logoORCID: 0000-0002-6663-567X, Diaz-Moriana, Vanessa orcid logoORCID: 0000-0002-6817-984X, Cowley-Cunningham, Michelle orcid logoORCID: 0000-0002-1997-6009, Mangan, Oliver, Greene, Lorraine, Drumm, Ellen, Crossley, Craig orcid logoORCID: 0000-0001-9023-8730, Smyth, Ian orcid logoORCID: 0000-0003-2333-6757, McDowell, Darren and Hennessy, Paul (2022) Continuity through regeneration and resilience: key metrics of success and sustainability for Irish family businesses. Policy Report. Dublin City University.

Abstract
What makes some businesses more resilient, or more successful at embracing change and uncertainty, than their competitors? In this report, we address this question by detailing how five leading Irish family businesses have survived the economic turbulence of recent years. From Brexit to Covid-19 and beyond, each of our five family businesses has shared stories of resilience which yield key insights that will be of benefit to leaders of family and non-family businesses alike. Overall, we found that resilience and the capacity to regenerate one’s business are key ingredients of “continuity success” – meaning the survival and growth, across multiple generations, of an organisation or entity – which is widely recognised as the key distinguishing feature of success in a family business context. The report employs a series of case studies to extrapolate actionable insights from unique stories of resilience. Although each of their stories is unique, our five Irish family businesses share common ground in their approach and strategic planning. Those that have survived and even thrived under adversity were those that engaged with transformative leadership, held steadfast to their family business legacy, embraced a corporate mindset, generated innovative solutions, or dug deep and focused on the time-honoured values of placing reliability in service front and centre. As Ireland looks towards 2030 and beyond, we must address challenges like transitioning to a low-carbon economy, embracing the digital transformation, and absorbing external shocks such as Brexit, Covid-19, and higher operational costs resulting from Russia’s invasion of Ukraine. Understanding how family firms (such as our five thriving case study families) continue to make smart investments and remain both internationally competitive and locally buoyant will assist researchers in advising Irish family and non-family businesses now and well into the future. In short, their shared wisdom will no doubt be of benefit in helping other family businesses continue to grow their businesses and the economy, and to create the sorts of strong local economies and sustainable communities that make them the backbone of the Irish economy.
Metadata
Item Type:Monograph (Policy Report)
Refereed:No
Subjects:Business > Economic policy
Business > Employee motivation
Business > Innovation
Business > Family Business
Medical Sciences > Psychology
DCU Faculties and Centres:DCU Faculties and Schools > DCU Business School
Research Institutes and Centres > National Centre for Family Business
Publisher:Dublin City University
Official URL:https://www.dcu.ie/sites/default/files/inline-file...
Copyright Information:DCU National Centre for Family Business
Funders:AIB
ID Code:29520
Deposited On:30 Jan 2024 14:35 by Michelle Cowley-Cunningham . Last Modified 26 Feb 2024 10:11
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