Turning Around the Family and the Business? : Examples of Turnaround Strategies from Germany, Scotland, and Sweden

The purpose of this study is to understand turnaround strategies in family firms from a so-cioemotional wealth (SEW) perspective. This study follows a case study approach with four family firms, one from Germany, one from Scotland, and two from Sweden. Data collection builds on combining interviews with data collected from annual reports, homepages, and press clips. First, we contribute to the understanding of turnaround strategies in private family firms. Moreover, the SEW perspective offers new insights into how owning families prioritize the different turnaround strategies in relation to the SEW dimensions. Finally, our study also helps further an understanding of how owning families prioritize the SEW dimensions, by drawing on mixed gambles. These findings are used to develop a framework for explaining how SEW influences organizational decline and turnaround in private family firms. Finally, we develop propositions that future research could consider.