Emotional implications in decision making in the Family Business: importance of the analysis of succession in the company's leadership.

Abstract

Decision making processes in Family firms cannot be understood only attending rational processes and maturity models. Socio-emotional factors influence the DMP of all kind of enterprises, but in the case of family business they play a crucial role. Socioemotional wealth of family members and agents that surround them must be taken into account. This is specially truth in the moments of leadership change in the family companies. Aspects such as family values, control of the company, employment of family members, need of belonging, preservation of social capital, family heritage conservation, family lifestyle, among others are the basis that serve to make decisions. In this work we want to see how the Socio-emotional approach to DMP in family firms can complement the rational approach to DMP based in maturity models.

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