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LEGADO Magazine

Revista LEGADO

 

Issue - December 2024

For the first time, we have decided to include in this fourteenth edition a selection of the best articles from the first four years of our magazine, LEGADO.

For our main dossier section, we have chosen the theme of family offices. To explore this topic, we invited colleagues with extensive knowledge and experience to share their insights on supporting the development of these systems that drive the continuity and legacy of multigenerational enterprises.

Enjoy the read!

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Reports

Family Enterprise Global Survey on Perspectives

Results of the Family Enterprise Global Survey on Generational Perspectives

The Institute of Enterprising Families of Mexico and LATAM collaborated with four international educational institutions and a consulting firm, representing Mexico in a global study to understand the perceptions and attitudes of different generations within family businesses that impact business directions.

The study was developed by a group of 12 members consisting of academic experts and consultants from: ESE Business School at Universidad de los Andes (Chile); Tecnológico de Monterrey (Mexico); ESADE Business School (Spain); Kellogg School of Management at Northwestern University (United States); The Hong Kong University of Science and Technology (China); and Lansberg-Gersick Advisors, a leading consulting firm from the United States and Spain.

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2019 STEP Encuesta Global de Empresas Familiares

STEP 2019 Global Family Business Survey

The impact of changing demographics on family bussiness succession planning and governance

With over 1800 leaders of family businesses from around the world sharing their views on demographic changes and how these impact the governance, succession, entrepreneurial orientation, and performance of business families, this report aims to foster debate and analysis on business families in different parts of the world.

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Research Papers

Authors: M. Fonseca, F. Sandoval-Arzaga

Publication date: 28/04/2018

Book: Global Leadership Perspectives: Insights and Analysis

Pages: 113-116

Editor: Simon Western; Eric-Jean Garcia

Abstarct: A critical, global counterpoint to more western-centric texts that will appeal to critical leadership scholars, those teaching leadership from a critical perspective and those teaching leadership with an international focus.

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Authors: Oscar Howell-Fernández, Luis Cisneros, Fernando Sandoval-Arzaga

Publication date: 2018

Book: Family Firms in Latin America

Pages: 35-39

Editor: Müller, Claudio; Botero, Isabel C.; Discua, Allan; Subramanian, Ram.

Abstract: 

This is one of the first books of its kind to highlight family firms in a Latin American context, helping students to understand the distinctive nature and challenges of Latin American family businesses and how these issues compare to family businesses around the world.

Building on their experience in teaching, research, speaking, and consulting on the subject of family firms in Latin America, the editors explain the need to implement and adapt traditional frameworks in the changing Latin American reality. Each section provides background on the most important topics in the management of family firms, including strategy, entrepreneurship, and performance, followed by illustrative cases and a discussion of how this knowledge is similar to or different from other parts of the world.

The book’s clear writing and in-depth approach will appeal to undergraduate and graduate students of international business, business in Latin America, and family business.

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Authors: Fernando Sandoval-Arzaga, David S Xotlanihua González, Geraldina Silveyra, María Fonseca-Paredes

Publication date: 31/03/2017

Book: Contextualizing Entrepreneurship in Emerging Economies and Developing Countries

Editor: Edward Elgar Publishing

Abstract: Becoming an entrepreneur instead of being employed in an existing company through undergraduate education is a priority for Mexico’s growth and development. 1 Contextualizing entrepreneurship among Mexican university students is important given that 31.5 percent of the population between 18 and 24 years old is attending school, and one out of every two students is in higher education in the country (INEGI, 2015). Universities around the world have developed strategies to encourage entrepreneurship. Nonetheless the role of universities in venture creation can enhance this entrepreneurial activity if they promote entrepreneurship in students belonging to family businesses. The reason for this is that students from business families may have a greater capacity to create a business, since they have grown up with the entrepreneurial values of the family and have access to more resources through the family

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Authors: Manuel F Suárez‐Barraza, Juan Ramis‐Pujol, Fernando Sándoval‐Arzaga

Publication date: 30/09/2011

Journal: Journal of Family Business Management

Editor: Emerald Group Publishing Limited

Descripción: In recent years, small family businesses in Mexico have come under enormous pressure from their external environment: this has resulted in serious problems affecting the running of their businesses, leading ultimately to a drop off in sales, customers and market share. Some have attempted to respond to this environment by using the Japanese approach of kaizen (meaning continuous improvement). The purpose of this paper is to ask if the kaizen approach is implemented in a specific environment such as that of small family businesses in Mexico.

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Authors: Mattias Nordqvist, Giuseppe Marzano, Esteban R Brenes, Gonzalo Jiménez, Maria Fonseca-Paredes

Year: 2011

Editorial: Edward Elgar Publishing

Abstract: This thorough volume describes and analyzes entrepreneurial family businesses in Latin American countries. The research presented here has been conducted within the Global STEP (Successful Transgenerational Entrepreneurship Practices) Project. Dealing with some of the most important opportunities and challenges that Latin American family businesses face, particular attention is given to the uncertainty that characterizes most business environments in Latin American countries. The authors argue that while uncertainty is always a central characteristic of entrepreneurial processes and activities, uncertainty is particularly pronounced for Latin American family businesses striving to grow. In addition to a comprehensive introductory chapter that outlines the book's core concepts, including transgenerational entrepreneurship, entrepreneurial orientation, resources, capabilities and uncertainty, the book describes the main characteristics of entrepreneurship and family businesses in Latin America. It also brings together a unique set of empirical case-based research papers that investigate transgenerational entrepreneurship in different Latin American family business contexts. The unique contributions found here include studies on: Hostile environments and entrepreneurial orientation The influence of culture on governance and innovativeness Governance structures and entrepreneurial performance Family conflict as a source of entrepreneurial opportunities Entrepreneurship in transgenerational processes by means of social capital Knowledge integration and entrepreneurial behavior The role of tacit knowledge in the identification of...

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Authors: Mattias Nordqvist, Giuseppe Marzano, Esteban R Brenes, Gonzalo Jimenéz, María Fonseca-Paredes

Year: 2011

Journal: Understanding entrepreneurial family businesses in uncertain environments: Opportunities and resources in Latin America

Page: 1-29

Editor: Edward Elgar Cheltenham

Abstract: Scholarly interest in entrepreneurship in the context of family businesses has risen in recent years. The role of family in entrepreneurial activities, choices and outcomes at different levels of analysis has grown from obscurity into a thriving research area. Using the family as a unit of analysis in entrepreneurship research is also increasingly popular, although empirical studies are still rare (Aldrich and Cliff, 2003; Nordqvist and Melin, 2010). The literature on entrepreneurship and family business can be divided into two groups. The first stream of studies emphasizes the role and meaning of family as support for start-up and new venture activities (Aldrich and Cliff, 2003; Steier, 2007). The second stream of studies looks at entrepreneurship in established family businesses–that is, corporate entrepreneurship (Zahra et al., 2004; Kellermanns and Eddleston, 2006). Corporate entrepreneurship researchers working in the area of family businesses do not yet agree whether the specific characteristics of family businesses, such as, for instance, strong organizational cultures, long-term orientation, flexible governance structures, independence and an interest in non-financial performance, facilitate or constrain their entrepreneurial processes and outcomes (Zahra, 2005; Naldi et al., 2007; Lumpkin et al., 2010). Recent research has, however, begun to offer useful conceptual frameworks and some empirical evidence regarding the characteristics of entrepreneurial family businesses (Habbershon et al., 2010; Nordqvist and ...

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Authors: Fernando Sandoval-Arzaga, Marcela Ramírez-Pasillas, María Fonseca-Paredes

Year: 2011

Journal: Understanding Entrepreneurial Family Businesses in Uncertain Environments: Opportunities and Resources in Latin America

Pages: 181-202

Abstract: One of the most valuable resources for organizations is knowledge, which is essential in order to generate competitive advantage, to innovate, solve complex problems and contribute to achieving maximum value in knowledge assets (Von Krogh et al., 2000; Lawson and Lorenz, 1999; Leonard and Sensiper, 1998; Spender, 1998; Nonaka and Takeuchi, 1995, Boisot, 1995; Barney, 1991). Knowledge is not a commodity located ‘out there’; rather, it is a product of what happens ‘in-between’(Wood, 2002). This means that knowledge is shared, recombined and advanced when members of a business communicate with one another or work together. This occurs because knowledge is tacit (Polanyi, 1966). When knowledge is deployed as people converse or work jointly, knowledge integration is approached as a ‘dynamic capability’(Teece et al., 1997; Eisenhardt and Martin, 2000) going on ‘in-between’. This in-betweenness signals that knowledge is continuously developed and renewed by being integrated in innovating organizations The main question that emerges in relation to family businesses is how this knowledge is shared. Within what frameworks can this knowledge flow from one generation to the next in family businesses? What practices are necessary for this to take place? In this chapter we attempt to describe the process of knowledge integration. We tie our research to the concept of familiness, which is based on the resource based view of the firm (RBV) developed by Habbershon and Williams (1999). Our empirical focus is on Latin American family businesses. Knowledge, as a dynamic capability, is a central issue for the family...

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Authors: Manuel F Suárez-Barraza, Fernando Sandoval Arzaga

Year: 2011

Journal: Scholarly Journal of Business Administration

Abstract: The research is effectively a guide for practitioners (Sport Managers) wishing to apply or already applying Kaizen in their sport management systems. A review of academic and practitioner literature on the subject indicated that application of the Kaizen approach in sport organisation dedicated to football had hardly begun to be explored. It is also significant that in Mexico and Latin America, examples of the transfer and implementation of this kind of approach are practically non-existent in academic literature on the subject.

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Authors: Marcela Ramírez-Pasillas, Fernando Sandoval-Arzaga, María Fonseca-Paredes

Year: 2011

Journal: Understanding Entrepreneurial Family Businesses in Uncertain Environments: Opportunities and Research in Latin America

Pages: 149-180

Editor: Edward Elgar Publishing

Abstract: This chapter examines how entrepreneurship in family businesses occurs in transgenerational processes by means of social capital. Based on an in-depth Latin American case study and a theoretical framework that combines the literature of entrepreneurship, family firms and social capital, our aim is to explore the role of social capital in family businesses in realizing potential venture creation during transgenerational processes (that is, across generations). To investigate how entrepreneurship in family businesses occurs, we specifically explore the intersections between the relational and structural dimensions of social capital (Granovetter, 1992) and the autonomy and proactiveness dimensions of the entrepreneurial orientation (EO)(Lumpkin and Dess, 1996). The relational and structural dimensions of social capital are relevant concepts for addressing relationships and networks when studying entrepreneurship (Johannisson et al., 2002). Autonomy and proactiveness are two dimensions of EO that are of particular relevance to understanding entrepreneurship when studying culture (Hall et al., 2001; Zahra et al., 2004). Although we do not explicitly address uncertain environments, our research case has such a component as it occurs in a Latin American business context. We show that the development of the relational and structural dimensions triggers new businesses when the older generation supports the autonomy and proactiveness of the younger generation. This in turn permits family members of the younger generation to launch improved initiatives. These initiatives range from new and/or improved products to processes and businesses...

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Authors: Fernando Sandoval‐Arzaga, Manuel F Suárez‐Barraza

Publication date: 29/06/2010

Journal: Development and Learning in Organizations: An International Journal

Editor: Emerald Group Publishing Limited

Abstract: One of the main problems for managers is forming work groups where experts' knowledge is truly utilized in order to successfully solve the task assigned. The question that arises is: “How can expert knowledge be best utilized for different types of teams?” The purpose of this article is to explore and describe how experts' knowledge is deployed in a specific context, as with Kaizen teams.

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Authors: Marcela Ramírez-Pasillas, María Fonseca-Paredes, EGADE Zona Centro

Year: 2009

Abstract: Family businesses invest in social capital by showing mutuality, trust, and respect towards those organizations that are engaged in their networks (Arregle et al. 2007). Family firms invest in networks for accessing resources and exploiting opportunities (Salvato and Melin 2008). Understanding how family businesses build their social capital requires a close appreciation of the relational and structural dimension of social capital (Granovetter 1992). In family businesses, the dimensions of social capital develop out of the interface between family, ownership and business (Gersick et al. 1997). This interface suggests that social capital results in networks of relations, in which actors have multiple roles (ie combinations of owners, managers, employees, father, mother, son, daughters and siblings). The networks of relations include internal family relations as well as external non-family relations (ie relations with suppliers …

For more information about this article, contact maria.fonseca@tec.mx

Authors: Fernando Sandoval-Arzaga, Geraldina Silveyra and David S. Xotlanihua-González 

Chapter 16 in Family Entrepreneurship, 2021, pp 213-226 from Springer

Abstract: Sitting multiple generations to work together had positive effects: the involvement and commitment of the new generations, the development of the entrepreneurial family skills to work together, and the creation of entrepreneurial and /or innovation projects that increase the value of the family business or family wealth. These effects have contributed to the continuity of the entrepreneurial family through the generations. But what are the secrets that have allowed entrepreneurial families to achieve these results? This chapter will help you as the leader or owner of your business family to find the keys (secrets) to potentiate entrepreneurship of the rising generations. These keys have been the result of the Program “Strategic Value Creation for Entrepreneurial Families” that we have carried out at Tecnologico de Monterrey.

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Authors:  Edgar Rogelio Ramírez-Solís , María Fonseca, Fernando Sandoval-Arzaga, Ernesto Amoros

Abstract: The main objective of this manuscript is to describe the current situation of a sample of family business and their response to COVID-19 pandemic. This exploratory study analyzes a series of challenges faced by this type of firm in Latin America. This study puts special focus on how the pandemic is impacting transgenerational and family entrepreneurship and the sense of legacy in family businesses.

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    • Inspiration Notes
    • Mindmaps
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  • Family Business Forum LATAM
  • IFEM Community
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