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Laura K. C. Seibold · Maximilian Lantelme
Hermut Kormann
German
Family
Enterprises
A Sourcebook of Structure, Diversity,
Growth and Downfall
German Family Enterprises
Laura K. C. Seibold • Maximilian Lantelme •
Hermut Kormann
German Family Enterprises

A Sourcebook of Structure, Diversity,
Growth and Downfall
Laura K. C. Seibold Maximilian Lantelme
Zeppelin University Accenture Strategy
Friedrichshafen, Germany Munich, Germany
Hermut Kormann
Zeppelin University
Friedrichshafen, Germany
ISBN 978-3-030-04100-7 ISBN 978-3-030-04101-4 (eBook)

https://doi.org/10.1007/978-3-030-04101-4
Library of Congress Control Number: 2018964417
# Springer Nature Switzerland AG 2019

This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the
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The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication
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Preface
The structure of German family businesses is unique. Family firms are found in
every size class and industry from the three-employee bakery around the corner to
multinational companies such as Henkel and Merck with more than 50,000
employees still owned and governed by the family.
It is interesting how the structure of German family enterprises has developed
over the decades and how it could sustain. This work presents the essence of
different thesis and research projects in the field of family business done at Zeppelin
University and the University of Leipzig.
The book offers a unique database of the development of German family
businesses. This database comprises the age structure, size classes, employee data,
and growth rates of the 500 biggest German family companies since foundation. A
comparison with German listed companies emphasizes the relative importance of
family business for the economy.
The book explores the dominant influence leading to the two extreme cases of
development: growth and downfall.
The demanding challenge in the long-term strategy of family-owned business is
linked to growth development. There is no simple key success factor enabling a
family and its company to pursue a growth path. It requires a special mindset and a fit
in four major dimensions.
A similar multifaceted range of influencing factors characterize the downside of
the company development: the disruptions and the ultimate downfall. References are
made to various research reports analyzing the frequency of the downfall of family
and non-family enterprises and the respective triggering events.
The findings presented could serve practitioners to adjust their developmental
aspirations for the company and to formulate practical implications. In addition, this
database is the starting point of other research projects dealing with extraordinary
growth of family firms and the special cases of listed family companies.
Friedrichshafen, Germany Laura K. C. Seibold

Munich, Germany Maximilian Lantelme
Friedrichshafen, Germany Hermut Kormann
v
Contents
1 Introduction: Characterizing Family Owned Enterprises

and Assessing Them on Criteria Such as Family Involvement,
Size, Age, Longevity, Independence and Vitality . . . . . . . . . . . . . . . . 1
2 Literature Review on the “Growth of Family Firms” . . . . . . . . . . . . 7
3 Structure and Age of German Family Enterprises . . . . . . . . . . . . . . 25
4 Development of the 500 Biggest Family Enterprises Since
Foundation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
5 Growth Path of Family Enterprises . . . . . . . . . . . . . . . . . . . . . . . . . . 55
6 Continuous Development from Steady-State to Critical
Disruptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67
7 Conclusion: Orientation Regarding Direction of Future Research
and Strategies for Supporting Longevity . . . . . . . . . . . . . . . . . . . . . . 113
8 Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119
Essential Reading List . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141
vii
About the Authors
Laura Seibold M.A., studied business administra-

tion and economics at the University of Frankfurt,
Vancouver, and Friedrichshafen, graduating with a
master’s degree. She is currently working on her
PhD thesis dealing with the topic of family firm
growth. In her studies, she focuses on the growth
of large well-established family businesses which
show growth spurts in later generation. She is mem-
ber of a German business family, operating in
mechanical and software engineering.
Hermut Kormann served as CFO of Voith GmbH

from 1989 to 1999 and CEO from 2000 to 2008.
Voith is a 150-year-old German family enterprise in
the field of mechanical engineering and plant engi-
neering. Prior to Voith AG, he held positions at
Brown, Boveri & Cie.—today ABB—and Booz &
Co., management consultants. Dr. Kormann has
served on various supervisory boards of family
companies. He advises owning families on issues
of owner strategy. Dr. Kormann is a Visiting Profes-
sor at Leipzig University and at Zeppelin University,
Friedrichshafen, where he wrote his habilitation the-
sis on corporate governance of family businesses
and lectures on leadership, strategy, and governance
in family-owned businesses.
ix
x About the Authors
Maximilian Lantelme M.A., studied corporate

management and economics at Zeppelin University,
Friedrichshafen, with a focus on family businesses
and corporate strategy. He is working as a strategy
consultant with more than three years of experience
in the field of mergers and acquisitions for an inter-
national management consulting firm. His research
focuses on the growth and downfall of family
businesses as well as their historical analyses over
generations.
List of Figures
Fig. 1.1 The stages of development of an enterprise.

Source: Authors’ own figure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Fig. 2.1 Search II: final sample. Source: Authors’ own figure . . . . . . . . . . . . . . 9
Fig. 2.2 Search II: selection process. Source: Authors’ own figure . . . . . . . . 10
Fig. 2.3 Provenance (percentage). Source: Authors’ own figure . . . . . . . . . . . 11
Fig. 2.4 Provenance (absolute). Source: Authors’ own figure . . . . . . . . . . . . . . 11
Fig. 2.5 Distribution regarding methodology (percentage).
Fig. 2.6 Distribution regarding methodology (absolute).
Fig. 2.7 Distribution regarding framework category (percentage).
Fig. 2.8 Distribution regarding framework category (absolute).
Fig. 3.1 Breakdown of large enterprises by ownership.
Fig. 3.2 Companies worth Billions. Source: Authors’ own figure . . . . . . . . . 27
Fig. 5.1 Life cycle. Source: Authors’ own figure . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
Fig. 5.2 Growth diamond. Source: Authors’ own figure . . . . . . . . . . . . . . . . . . . . 58
Fig. 5.3 The long-term viable growth corridor.
Fig. 6.1 Strategy stages. Source: Authors’ own figure . . . . . . . . . . . . . . . . . . . . . . 68
Fig. 6.2 The universe of disruptions. Source: Authors’ own figure . . . . . . . . 71
Fig. 6.3 Disruptions with continuation of the enterprise.
Fig. 6.4 Continuation after crisis. Source: Authors’ own figure . . . . . . . . . . . . 72
Fig. 6.5 Continuation after reduction of activities.
Fig. 6.6 Continuation after change of portfolio.
Fig. 6.7 Continuation after exit of shareholders.
xi
xii List of Figures
Fig. 6.8 Disruption with merger of the enterprise.

Fig. 6.9 Cases of disappearance of family-owned enterprises.
Fig. 6.10 The universe of disruptions: the origins.
Fig. 6.11 Environment-induced disruptions.
Fig. 6.12 Macroeconomic disruption. Source: Authors’ own figure . . . . . . . . . 79
Fig. 6.13 Periodic recession. Source: Authors’ own figure . . . . . . . . . . . . . . . . . . . 80
Fig. 6.14 Technology/industry-induced downfall.
Fig. 6.15 Disruptions caused by Force Majeure.
Fig. 6.16 Business-induced disruptions. Source: Authors’ own figure . . . . . . 83
Fig. 6.17 Disruptions during the founding generation.
Fig. 6.18 Business-induced disruptions during the transition phase.
Fig. 6.19 Disruption in the mature phase. Source: Authors’ own figure . . . . 86
Fig. 6.20 Disruptions caused by industry characteristics.
Fig. 6.21 Disruptions caused by non-viable strategic position.
Fig. 6.22 Disruptions caused by rigidity. Source: Authors’ own figure . . . . . 88
Fig. 6.23 Disruptions caused by investment of high growth.
Fig. 6.24 Disruptions caused by damage payments.
Fig. 6.25 Disruptions caused by loss of market.
Fig. 6.26 Management-induced disruptions.
Fig. 6.27 Disruptions caused by derailed attitudes.
Fig. 6.28 Disruptions caused by big mistakes.
Fig. 6.29 Disruptions caused by irresponsibility.
Fig. 6.30 Disruptions caused by illegal activities.
Fig. 6.31 Disruptions caused by owners. Source: Authors’ own figure . . . . . 95
Fig. 6.32 Owner-induced disruptions by phase of development.
List of Figures xiii
Fig. 6.33 Stability against owner-induced disruption.

Fig. 6.34 Disruptions with disappearance of the enterprise.
Fig. 6.35 Disruption with disappearance: business-
or management-induced. Source: Authors’ own figure . . . . . . . . . . . . 102
Fig. 6.36 Disruption with disappearance: owner induced.
Fig. 6.37 Various causes of disruptions in SME.
Fig. 7.1 Foundations. Source: Authors’ own figure . . . . . . . . . . . . . . . . . . . . . . . . . 116
List of Tables
Table 2.1 Overview of all 74-reviewed publications . . . . . . . . . . . . . . . . . . . . . . . . . . 14

Table 3.1 Structure of company by size . . . . . . . . . . . .. . . . . . . . . . . . . . . .. . . . . . . . . . . . 26
Table 3.2 Age structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Table 3.3 Founding statistic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Table 4.1 Growth rates of the 25 biggest family businesses
of the sample . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . 43
Table 4.2 Growth rates of the 25 smallest family businesses
of the sample . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . 44
Table 4.3 Limits of the CAGRs by age group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
Table 4.4 Growth rates of the fictitious family business founded
in 1890—I . . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . .. . . . . . .. . . . . . 48
Table 4.5 Growth rates of the fictitious family business founded
in 1890—II . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . .. . . . . . . . . . . . . 50
Table 5.1 Phase theorem . . .. . .. . .. . . .. . .. . .. . .. . .. . . .. . .. . .. . .. . . .. . .. . .. . .. . .. . . 56
Table 6.1 Failed joint ventures and mergers of family-owned
enterprises with other partners . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . 75
Table 6.2 Forms of disappearance of family enterprises between
1971 and 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77
Table 6.3 Summary of the cohesion factors as per Pieper (2007) . . . . . . . . . . . . 98
Table 6.4 Elements of socialemotional wealth (FIBER-Modell,
Cennamo, Berrone, Cruz, & Gómez-Mejía, 2012) . . . . . . . . . . . . . . . . 99
Table 6.5 List of separation factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99
Table 6.6 Reasons of shareholder exit as per Redlefsen (2004, p. 197) . . . . . 104
Table 6.7 Root causes of disappearance: family-owned versus
public enterprises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105
Table 6.8 IPOs between 1960 and 1980 according to Schürmann (1980)
and Status 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106
Table 7.1 Double digit growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117
xv
xvi List of Tables
Table 8.1 List of Investigated Family Enterprises by Growth

Rate (2010) .. . . . . .. . . . .. . . . . .. . . . .. . . . .. . . . . .. . . . .. . . . . .. . . . .. . . . .. . . . . 120
Table 8.2 List of investigated family enterprises grouped
century of foundation . .. .. . .. . .. .. . .. . .. .. . .. . .. .. . .. . .. .. . .. . .. .. . .. . 126
Table 8.3 List of Investigated Family Enterprises by Growth Rate
(2006 vs. 2010) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137
Introduction: Characterizing Family Owned
Enterprises and Assessing Them on Criteria 1
Such as Family Involvement, Size, Age,
Longevity, Independence and Vitality
Family enterprises1 consist of a vast variety of entities: recent start-ups and

enterprises that are several hundred years old, almost each and every industry,
small and large companies, businesses of one single owner and those with a couple
of hundred owners. In family businesses, the challenges regarding organizational
structures, as well as management tasks, vary depending on their respective size. The
overall importance of family businesses is mainly measured in relation to the gross
national or domestic product. In doing so, no distinction is made regarding the size
class of the family businesses. However, the three-people bakery around the corner
and Volkswagen have one thing in common: Both are family businesses. Yet, there
is one essential feature that fundamentally distinguishes the two companies—their
size. In order to describe and analyse this variety one needs to form typological
clusters of entities with certain similarities. We have chosen the criterion “size” as a
leading indicator to elaborate a typology.
1.1 Family Enterprises: The German Pattern
Undoubtedly, family enterprises play a key role in all economies. Especially in

Germany there is a grown structure of family enterprises of any size. The story of the
German family enterprise structure started even before industrialization, and German
family enterprises have reached great success, 70 of the 500 biggest family
companies worldwide2 are German (St. Gallen Center for Family Business, 2018).
But not only the biggest German family companies play a global role. There are
many Hidden Champions that are global market leaders in their niche. Looking back
1
Note: The terms family business, family enterprise, family firm, family-owned firm etc. are used
synonymously.
2
According to Global Family Business Index, University of St. Gallen, Accessed 18.09.2017.
# Springer Nature Switzerland AG 2019 1

L. K. C. Seibold et al., German Family Enterprises,
https://doi.org/10.1007/978-3-030-04101-4_1
2 1 Introduction: Characterizing Family Owned Enterprises and Assessing Them. . .
over a period of 100 years, it can be observed that German family businesses sold
their property only slowly or not at all in comparison to those in Anglo-Saxon
countries (Ehrhardt, Nowak, & Weber, 2006).
In contrast to the USA, where many large, multinational, and publicly listed
corporations characterize the corporate landscape, Germany has a broader structural
diversity. However, the size of family businesses ranges from micro-businesses to
multi-billion euro groups.
In their explanations, general business administration and management theory
regularly differentiate between the various size classes of companies and derive their
specific results from the company size. In research on family businesses, however,
there is seldom any differentiation according to size classes.
The results of the study in Chap. 3 provide an exciting insight into the importance,
structure, and size distribution of Germany’s most important family businesses. The
analysis shows that the research on family businesses should attach a growing
importance to the size of the company.
The landscape of family businesses is diverse. It covers the 857-year-old brewery,
the three-people bakery, and companies worth billions that export their products all
over the world. Each of these companies is controlled by family influences, and
depending on the size of the company, there are various recommended actions for its
strategy. It becomes clear that the definition of a family business should be expanded
to cover the division according to size class.
This structure, developed over centuries, shows how important it is that taxes—
inheritance tax or tax on non-income values such as property tax—do not decimate
family businesses, as has happened in Great Britain, France, and the USA. The
economic politicians and researchers in these countries envy our family
businesses—“The Growth Engine of Europe” (Gottschalk et al., 2017).
1.2 The Measurement of Longevity, Independence and Vitality
The vision of the typical family enterprise can be summarized in the construct:
Longevity as an independent enterprise in the ownership of the founding family. The
fulfillment of this vision can be measured precisely: Does the company exist in the
decisive influence of the founding family or not? This influence shall be assumed to
be given if the family has the majority of the voting shares.3 Of course, there can be
some questionable cases: Is the majority 5% or are 45% as majority at a normal
shareholder meeting sufficient? Or even: Is the full ownership of the partner entity
with unlimited liability and managing authority sufficient? However, these are minor
points compared to the major question: Why and how can family enterprises survive
at all? To verify if a business entity can achieve longevity, there is a long, very long-
3
We are aware that research has developed more differentiated scales of typology—see below
Sect.1.4. For our purpose, the suggested simple method of measuring the family influence proves to
be sufficient.
1.3 Structure and Goals of the Collection 3
time span required. We suggest a time-span of at least three generations, i.e. some
90 years.
1.3 Structure and Goals of the Collection
This collection of research aims to give an overview of the German family enterprise
landscape with special focus on the structure, the diversity, growth and dissolution of
German family enterprises. With recourse to several papers4 from the Research
Initiative on Family Business Strategy at the Friedrichshafen Institute for Family
Businesses at the Zeppelin University of Friedrichshafen, this book is designed to
provide a rich database and its evaluation of the development of German family
enterprises. This database could be used as a reference base for research on family-
owned enterprises as well as for consultants working with family business
organizations. Furthermore, family shareholders interested in research might find
that valuable reading, too. The guiding principle in our analysis of the developing
family business is “size”. Size is the out-come of a continuous development-process
that can demonstrate one of the following typical stages:
• Start-up
• Significant growth
• Steady-state development that comprises a variety of potential stages as broken
down below.
Thus, we break down the structure and the development of the universe of family-
owned enterprises into the following stages (Fig. 1.1).
“Start-up” and “Growth” can be clearly defined as observable phases in the
creation and development of a company. The “Continuous Development” can be
categorized into three distinct challenges:
• Strategy within the frame of a given and sustainable Business Model. By this we
mean all strategies which support the value-added process and marketing within
the boundaries of a demand segment, product-technology, ways and means of
deploying market demand and profit potential.
• Positive change of the Business Model based on disruptive challenges in envi-
ronment, markets, or by owners and other stakeholders, and adequate responses
based on innovation and entrepreneurial capabilities.
• Critical disruptions that cannot be transformed into a positive change, but have a
tendency to a path dependent negative development.
4
Bachelor theses, master theses, dissertations, working papers, partly published in Best Master
Series of Springer and in Journals.
Development
of FOE by size
Small
Chapter 3
Large
Chapter 4
Start-up Growth Continuous Disruption

Development
Chapter 5 Chapter 5 Chapter 5 Chapter 6
Fig. 1.1 The stages of development of an enterprise. Source: Authors’ own figure
The research on corporate strategy originally focused on the continuous develop-

ment in the frame of clear product-market segments. Even Ansoff’s Matrix with
“old” and “new” products and markets reflects this starting base of a sustainable
Business Model, which—surely—needs to be expanded in a continuous strategy.
The strategic logic of Porter is a strategy for a continuous development by generic
strategic moves. From the 90s onwards, strategy research has more and more
explored the challenges of disruptive changes. However, neither the challenges of
high growth nor the dangers of failure and downfall have attracted the same attention
as the benefits of a continuous successful development as a leader in the markets or
in profitability. Here we shed light on the phases outside the comfort zone of
continuous development: Growth and decay. After the general introduction to the
topic we will present the findings of a systematic literature review on “Growth of
Family Firms” as growth is the prime driver defining size.
The third chapter gives a data-based overview of the current structure of German
family enterprises as well as of the age structure and founding statistics. This chapter
additionally emphasizes the differences in the size of the enterprises and the need for
their consideration in the family enterprise research. The third chapter concludes
with a brief description of the development of the current state of the unique family
business structure.
The fourth chapter deals with the historic development which has led to this
structure. The 500 biggest German family companies are examined with special
focuses on their growth development since their original foundation.
Chapter 5 ties to this by examining the growth process in more detail, providing
some analytical framework to evaluate the growth development of family
enterprises. The research presented in this chapter suggests an achievable
generation-specific growth path as a practical implication.
To emphasize this unique structure of German family enterprises and their
sustainability as well as their longevity, the sixth chapter examines the potential
1.5 Company Size Classes: A Matter of Definition 5
reasons for critical enterprise development, which typically leads to a reduction in

size or even to a final downfall.
As a concluding chapter, Chap. 7 is designed to condense the depicted findings,
and outlines the potential future of German family enterprises. Furthermore, this
chapter tries to provide encouragement that longevity is indeed achievable.
1.4 Definition of Family Enterprise
A large body of definition approaches of family firms exist, but there is no clear
general definition of what conditions constitute a family firm (Littunen & Hyrsky,
2000; Litz, 1995; Miller, Le Breton-Miller, Lester, & Cannella, 2007; Upton,
Vinton, Seaman, & Moore, 1993; Wortman, 1994).
Scholars generally agree that the family involvement is the critical condition that
differentiates the family firm from its non-family counterparts (Miller & Rice, 1967).
Yet, researchers interpret family involvement in different ways.
There are different ways to operationalize family involvement. Two main defini-
tion streams appear within the research community: The components of involvement
approach and the essence approach. The first one defines a family business along
dimensions such as governance, management, ownership and succession. The latter
is a more behavioral approach to define a family enterprise. This approach assumes
that the behavior of the family causes distinctiveness between a family enterprise and
a public company.
In this work, family businesses are defined as companies in which one or more
German owner families have a dominant position, as a rule since they hold at
least 51% of the share property, in the case of stock corporations more than
25%.
1.5 Company Size Classes: A Matter of Definition
German literature differentiates the size classes of companies in several ways. Thus,
the classification can be based on qualitative criteria, such as owner-led versus
management-led companies, or on quantitative criteria, such as the number of
employees or the turnover. In addition to the legal structure of the commercial
code (§ 267 HGB), the data provided by the “Deloitte Mittelstandsinstitut”
(“Deloitte Institute for Medium-Sized Companies”, DMI), the “Institut für
Mittelstandsforschung” (“Institute for Research on Medium-Sized Companies”,
IfM) (Institut für Mittelstandsforschung, 2016), and the European Union
(EU) (Europäische Union, 2003) are among the mainly used classification
thresholds.
The following analysis applies the thresholds of § 267 HGB, and adds the
definition of the DMI (Becker & Ulrich, 2009, p. 3). According to the
HGB (Handelsgesetzbuch, 2016), a turnover of EUR 12 Million has been
chosen as the minimum threshold.
References
Becker, W., & Ulrich, P. (2009). Mittelstand, KMU und Familienunternehmen in der
Betriebswirtschaftslehre [Small and medium-sized enterprises, SMEs and family businesses in
business administration]. Wirtschaftswissenschaftliches Studium, 38, 2–7.
Ehrhardt, O., Nowak, E., & Weber, F. M. (2006). Running in the family—The evolution of
ownership, control, and performance in German family-owned firms 1903–2003 (Swiss
Finance Institute Research Paper, 06–13).
Europäische Union. (2003). EMPFEHLUNG DER KOMMISSION vom 6. Mai 2003 betreffend
die Definition der Kleinstunternehmen sowie der kleinen und mittleren Unternehmen [COM-
MISSION RECOMMENDATION of 6 May 2003 concerning the definition of micro, small and
medium-sized enterprises]. Amtsblatt der Europäischen Union, L 124/36.
Gottschalk, S., Egeln, J., Kinne, J., Hauer, A., Keese, D., & Oehme, M. (2017). Die
volkswirtschaftliche Bedeutung der Familienunternehmen [The economic importance of family
enterprises]. ZEW-Gutachten und Forschungsberichte München
Handelsgesetzbuch. (2016). § 267 Umschreibung der Größenklassen [Description of size classes].
Institut für Mittelstandsforschung. (2016). KMU-definition des IfM Bonn [SME definition of the
IfM Bonn]. Retrieved from http://www.ifm-bonn.org/definitionen/kmu-definition-des-ifm-
bonn/
Littunen, H., & Hyrsky, K. (2000). The early entrepreneurial stage in Finish family and nonfamily
firms. Family Business Review, 13(1), 41–54.
Litz, R. A. (1995). The family business: Toward definitional clarity. Family Business Review, 8(2),
71–81.
Miller, D., Le Breton-Miller, I., Lester, R. H., & Cannella, A. A., Jr. (2007). Are family firms really
superior performers? Journal of Corporate Finance, 13(5), 829–858.
Miller, E. J., & Rice, A. K. (1967). Systems of organizations. London: Tavistock.
St. Gallen Center for Family Business. (2018). Global Family Index. Retrieved from http://
familybusinessindex.com/
Upton, N., Vinton, K., Seaman, S., & Moore, C. (1993). Research note: Family business
consultants—Who we are, what we do, and how we do it. Family Business Review, 6(3),
301–311.
Wortman, M. S. (1994). Theoretical foundations for family-owned business: A conceptual and
research-based paradigm. Family Business Review, 7(1), 3–27.
Literature Review on the “Growth of Family
Firms” 2
As growth is a prime driver for achieving size this chapter gives a descriptive and
analytic presentation of the results of the literature research1 on growth of family
firms. The results are depicted in a descriptive analysis followed by a thematic
analysis showing the results of the literature review regarding the assigned frame-
work category.
2.1 Growth and Family Business
The aim of this chapter is to review a larger amount of literature concerning the topic
growth and family business.
The catalogue of the University Bayreuth library was searched through applying
the key words Familienunternehmen and Wachstum, with no restrictions concerning
date of publication or type of document. Most of the documents had to be dismissed
because the title already revealed that the document does fit to the searched interest.
The catalogue of the German National library was also searched through applying
the key words Familienunternehemen and Wachstum, but additionally the terms
family enterprise and growth, which produced a good number of results.
The catalogue of the Family Business Review was searched through only using
the expression growth, because the journal itself focuses only on family businesses,
thus making this term unnecessary. Many documents that were found appeared to be
useless due to quotes like “growing in research” or “growing business sector”.
Overall, growth was often used in contexts different than those meaning the expan-
sion of the family business. Moreover, other documents had to be excluded dealing
with succession but without the context of the growing business.
1
These are excerpts of the Bachelor thesis of Felix Giegler (Giegler, 2017) Universität Leipzig.
# Springer Nature Switzerland AG 2019 7

L. K. C. Seibold et al., German Family Enterprises,
https://doi.org/10.1007/978-3-030-04101-4_2
8 2 Literature Review on the “Growth of Family Firms”
The catalogue of the Journal of Family Business Strategy was also searched
through with growth, but within the results, a conspicuous number of articles were
editor notes with quotes such as “a growing research” and more. Furthermore, many
potential articles contained the expression performance in different ways. All these
articles were checked but in the fewest cases was performance measured by growth
of the business and not by other common key figures.
The catalogue of the Journal of Family Business Management was searched
through applying the terms family business and growth. The expression family
enterprise did not reveal as many results as family business and thus, the last
expression was used to guarantee the greatest possible number of results.
The catalogue of the Journal Entrepreneurship Theory and Practice was searched
through using the terms family firm and growth. Compared to family business and
family enterprise and grow, this combination revealed the highest number of results,
which serve the aim of this review. But as the name of the journal indicates, the
majority of the found articles dealt with entrepreneurship such as start-ups without
connection to family business. Moreover, these articles dealing with family had to do
with family in other contexts than family business. To name some examples, they
dealt with the founder and his work-life balance or the combination of family and
founding a start-up. Therefore, many articles had to be dismissed.
The books of the library of the aforementioned Research Initiative, which were
selected to be searched through, also contained articles or sections dealing with
growth and family businesses.
During the second search, 2156 articles and books were searched through. Within
the initial sample, most articles were from Family Business Review (733), followed
by the journal Entrepreneurship Theory and Practice (489) and the library of
Research Initiative (350). Three hundred and twenty articles were initially collected
from the catalogue of University Bayreuth library, followed by 152 articles from the
Journal of Family Business Strategy, 77 articles from the Journal of Family Business
Management and 35 works from the German National Library.
Overall, during the selection process, 83% of all articles were dismissed in the
first step of scanning titles and abstracts. Ten percent of all articles were excluded in
the third step, the in-depth analysis of the abstract. After eliminating 3% of all
articles during the review of the entire article, the final sample presents itself as
follows.
Most of the articles are from Family Business Review (28), the Journal of Family
Business Strategy (14) and the Library of Professor Kormann (14). The University
Bayreuth library contributes 8 works, the German National Library 6, the journal
Entrepreneurship Theory and Practice 3 and finally the Journal of Family Business
Management 1 article (Figs. 2.1 and 2.2).
2.2 Descriptive Analysis 9
Fig. 2.1 Search II: final Entrepreneurship Journal of Family

sample. Source: Authors’ own German Theory and Pracce Business
figure National 4% Management
Library 1%
8%
Family
Business
Library
Review
University
38%
Bayreuth
11%
Library
Professor
Kormann
19% Journal of
Family
Business
Strategy
19%
2.2 Descriptive Analysis
The provenance of the 74 reviewed publications can be broken down as follows:

most of the articles are from Family Business Review (FBR, 38%), followed by the
Journal of Family Business Strategy (JFBS, 19%), the Library of Professor Kormann
(LPK, 19%), the University Bayreuth Library (UBL, 11%), the German National
Library (GNL, 8%), the Entrepreneurship Theory and Practice (ETP, 4%) and finally
the Journal of Family Business Management (JFBM, 1%) (Figs. 2.3 and 2.4).
Regarding the distribution of the applied methodology, nearly half of the col-
lected works are empirical with a quantitative approach (EQN, 47%), followed by
the conceptual approach (CON, 37%). The remaining publications are divided into
case studies (CS, 5%), empirical with a qualitative approach (EQL, 4%), literature
reviews (LR, 3%), conceptual work with an empirical quantitative approach
(CON/EQN, 3%) and grounded theory approach (GT, 1%) (Figs. 2.5 and 2.6).
Regarding the distribution of the applied framework categories, the following
ratio exists: 21% are categorized as strategy, 18% as finance and 12% as specific
business aspects. Next, 11% are classified as entrepreneurship, 7% as life cycle and
6% as China. The last framework categories are family versus non-family businesses
with 5%, social aspects with 5%, governance with 4%, succession with 4%,
Fig. 2.2 Search II: selection Step 4

process. Source: Authors’ 3%
own figure
Step 3 Final
10% sample
3%
Step 2
1%
Step 1
83%
influences through environment with 4% and finally other with 3% (Figs. 2.7 and
2.8).
2.3 Thematic Analysis
In this part of the book, the thematic findings of the literature review are presented.
First, a list of all 74 reviewed publications is given, showing the author(s), the
provenance and the framework category. Second, the framework categories are
explained and the main findings from the literature review are described (Table 2.1).
Overall, there are 12 different framework categories in this literature review. This
number reveals interesting factors. On the one hand, the research in growth and
family businesses covers a wide range, and apart from the two factors strategy and
finance, it is not very specific. Many different topics and problems are subjects of
family businesses and therefore research, and awaken the interest of academics
around the world. On the other hand, the number of framework categories proves
the exactness of research of the author, reviewing and summing up the articles as
2.3 Thematic Analysis 11
Fig. 2.3 Provenance ETP JFBM

(percentage). Source: 1%
Authors’ own figure
4%
GNL
8%
FBR
UBL 38%
11%
LPK
19%
JFBS
19%
Fig. 2.4 Provenance 30

(absolute). Source: Authors’
own figure
25
20
15
10
specifically as possible and consequently presenting a precise picture of the existing

literature on the topic of growth and family businesses.
Fig. 2.5 Distribution CON

LR GT
regarding methodology /EQN
EQL 3% 1%
(percentage). Source: 3%
Authors’ own figure 4%
CS
5%
EQN
47%
CON
37%
Fig. 2.6 Distribution 40

regarding methodology
(absolute). Source: Authors’ 35
own figure
30
25
20
15
10
0
EQN CON CS EQL LR CON GT
/EQN
2.3.1 Strategy
In this framework category, all publications dealing with the strategic planning of
growth in a family business are collected. Within this category, many ways and ideas
how to reach growth are presented. The strategy must fit into the environment of the
business and the buyer can grow by changing it (Götzen, 2014). Furthermore, the
Another random document with
no related content on Scribd:
Municipal Edison. Municipal
Bernstein.
Various Series Bases in Use, 1892.

The above six bases have been superseded by the “Large Edison,” now
called the Mogul Screw base.
THE EDISON “MUNICIPAL” STREET
LIGHTING SYSTEM
Edison “Municipal” System, 1885.

High voltage direct current was generated,
several circuits operating in multiple, three
ampere lamps burning in series on each circuit.
Photograph courtesy of Association of Edison
Illuminating Companies.
The arc lamp could not practically be made in a unit smaller than
the so-called “1200 candlepower” (6.6 ampere) or “half” size, which
really gave about 350 spherical candlepower. A demand therefore
arose for a small street lighting unit, and Edison designed his
“Municipal” street lighting system to fill this requirement. His
experience in the making of dynamos enabled him to make a direct
current bipolar constant potential machine that would deliver 1000
volts which later was increased to 1200 volts. They were first made
in two sizes having an output of 12 and 30 amperes respectively.
Incandescent lamps were made for 3 amperes in several sizes from
16 to 50 candlepower. These lamps were burned in series on the
1200-volt direct current system. Thus the 12-ampere machine had a
capacity for four series circuits, each taking 3 amperes, the series
circuits being connected in multiple across the 1200 volts. The
number of lamps on each series circuit depended upon their size, as
the voltage of each lamp was different for each size, being about 1½
volts per cp.
A popular size was the 32-candlepower unit, which therefore
required about 45 volts and hence at 3 amperes consumed about
135 watts. Allowing 5 per cent loss in the wires of each circuit, there
was therefore 1140 of the 1200 volts left for the lamps. Hence about
25 32-candlepower or 50 16-candlepower lamps could be put on
each series circuit. Different sizes of lamps could also be put on the
same circuit, the number depending upon the aggregate voltage of
the lamps.
Edison Municipal Lamp, 1885.

Inside the base was an arrangement by which
the lamp was automatically short circuited when
it burned out.
A device was put in the base of each lamp to short circuit the
lamp when it burned out so as to prevent all the other lamps on that
circuit from going out. This device consisted of a piece of wire put
inside the lamp bulb between the two ends of the filament.
Connected to this wire was a very thin wire inside the base which
held a piece of metal compressed against a spring. The spring was
connected to one terminal of the base. Should the lamp burn out,
current would jump from the filament to the wire in the bulb, and the
current then flowed through the thin wire to the other terminal of the
base. The thin wire was melted by the current, and the spring
pushed the piece of metal up short circuiting the terminals of the
base. This scheme was later simplified by omitting the wire, spring,
etc., and substituting a piece of metal which was prevented from
short circuiting the terminals of the base by a thin piece of paper.
When the lamp burned out the entire 1200 volts was impressed
across this piece of paper, puncturing it and so short circuiting the
base terminals. Should one or more lamps go out on a circuit, the
increase in current above the normal 3 amperes was prevented by
an adjustable resistance, or an extra lot of lamps which could be
turned on one at a time, connected to each circuit and located in the
power station under the control of the operator. This system
disappeared from use with the advent of the constant current
transformer.
THE SHUNT BOX SYSTEM FOR
SERIES INCANDESCENT LAMPS
Shunt Box System, 1887.

Lamps were burned in series on a high voltage
alternating current, and when a lamp burned
out all the current then went through its “shunt
box,” a reactance coil in multiple with each
lamp.
Soon after the commercial development of the alternating

current constant potential system, a scheme was developed to
permit the use of lamps in series on such circuits without the
necessity for short circuiting a lamp should it burn out. A reactance,
called a “shunt box” and consisting of a coil of wire wound on an iron
core, was connected across each lamp. The shunt box consumed
but little current while the lamp was burning. Should one lamp go
out, the entire current would flow through its shunt box and so
maintain the current approximately constant. It had the difficulty,
however, that if several lamps went out, the current would be
materially increased tending to burn out the remaining lamps on the
circuit. This system also disappeared from use with the development
of the constant current transformer.
THE ENCLOSED ARC LAMP
Up to 1893 the carbons of an arc lamp operated in the open air,
so that they were rapidly consumed, lasting from eight to sixteen
hours depending on their length and thickness. Louis B. Marks, an
American, found that by placing a tight fitting globe about the arc, the
life of the carbons was increased ten to twelve times. This was due
to the restricted amount of oxygen of the air in the presence of the
hot carbon tips and thus retarded their consumption. The amount of
light was somewhat decreased, but this was more than offset by the
lesser expense of trimming which also justified the use of more
expensive better quality carbons. Satisfactory operation required that
the arc voltage be increased to about 80 volts.
Enclosed Arc Lamp, 1893.
Enclosing the arc lengthened the life of the
carbons, thereby greatly reducing the cost of
maintenance.
This lamp rapidly displaced the series open arc. An enclosed arc
lamp for use on 110-volt constant potential circuits was also
developed. A resistance was put in series with the arc for use on
110-volt direct current circuits, to act as a ballast in order to prevent
the arc from taking too much current and also to use up the
difference between the arc voltage (80) and the line voltage (110).
On alternating current, a reactance was used in place of the
resistance.
The efficiencies in lumens per watt of these arcs (with clear
glassware), all of which have now disappeared from the market,
were about as follows:
6.6 ampere 510 watt direct current (D.C.) series arc, 8¼ l-p-w.
5.0 ampere 550 watt direct current multiple (110-volt) arc, 4½ l-p-w.
7.5 ampere 540 watt alternating current (A.C.) multiple (110-volt) arc,
4¼ l-p-w.
Open Flame Arc Lamp, 1898.
Certain salts impregnated in the carbons
produced a brilliantly luminous flame in the arc
stream which enormously increased the
efficiency of the lamp.
Enclosed Flame Arc Lamp, 1908.
By condensing the smoke from the arc in a
cooling chamber it was practical to enclose the
flame arc, thereby increasing the life of the
carbons.
The reason for the big difference in efficiency between the series
and multiple direct-current arc is that in the latter a large amount of
electrical energy (watts) is lost in the ballast resistance. While there
is a considerable difference between the inherent efficiencies of the
D. C. and A. C. arcs themselves, this difference is reduced in the
multiple D. C. and A. C. arc lamps as more watts are lost in the
resistance ballast of the multiple D. C. lamp than are lost in the
reactance ballast of the multiple A. C. lamp.
This reactance gives the A. C. lamp what is called a “power-
factor.” The product of the amperes (7.5) times the volts (110) does
not give the true wattage (540) of the lamp, so that the actual volt-
amperes (825) has to be multiplied by a power factor, in this case
about 65 per cent, to obtain the actual power (watts) consumed. The
reason is that the instantaneous varying values of the alternating
current and pressure, if multiplied and averaged throughout the
complete alternating cycle, do not equal the average amperes
(measured by an ammeter) multiplied by the average voltage
(measured by a volt-meter). That is, the maximum value of the
current flowing (amperes) does not occur at the same instant that the
maximum pressure (voltage) is on the circuit.
THE FLAME ARC LAMP
About 1844 Bunsen investigated the effect of introducing various
chemicals in the carbon arc. Nothing was done, however, until
Bremer, a German, experimented with various salts impregnated in
the carbon electrodes. In 1898 he produced the so-called flame arc,
which consisted of carbons impregnated with calcium fluoride. This
gave a brilliant yellow light most of which came from the arc flame,
and practically none from the carbon tips. The arc operated in the
open air and produced smoke which condensed into a white powder.
The two carbons were inclined downward at about a 30-degree
angle with each other, and were of small diameter but long, 18 to 30
inches, having a life of about 12 to 15 hours. The tips of the carbons
projected through an inverted earthenware cup, called the
“economizer,” the white powder condensing on this and acting not
only as an excellent reflector but making a dead air space above the
arc. The arc was maintained at the tips of the carbons by an electro-
magnet whose magnetic field “blew” the arc down.
Two flame arc lamps were burned in series on 110-volt circuits.
They consumed 550 watts each, giving an efficiency of about 35
lumens per watt on direct current. On alternating current the
efficiency was about 30 l-p-w. By use of barium salts impregnated in
the carbons, a white light was obtained, giving an efficiency of about
18 l-p-w on direct current and about 15½ on alternating current.
These figures cover lamps equipped with clear glassware. Using
strontium salts in the carbons, a red light was obtained at a
considerably lower efficiency, such arcs on account of their color
being used only to a limited extent for advertising purposes.
Constant Current Transformer, 1900.
This converted alternating current of constant
voltage into constant current, for use on series
circuits.
These arcs were remarkably efficient but their maintenance

expense was high. Later, about 1908, enclosed flame arcs with
vertical carbons were made which increased the life of the carbons,
the smoke being condensed in cooling chambers. However, their
maintenance expense was still high. They have now disappeared
from the market, having been displaced by the very efficient gas-
filled tungsten filament incandescent lamp which appeared in 1913.
THE CONSTANT CURRENT
TRANSFORMER FOR SERIES
CIRCUITS
About 1900 the constant current transformer was developed by
Elihu Thomson. This transforms current taken from a constant
potential alternating current circuit into a constant alternating current
for series circuits, whose voltage varies with the load on the circuit.
The transformer has two separate coils; the primary being stationary
and connected to the constant potential circuit and the secondary
being movable and connected to the series circuit. The weight of the
secondary coil is slightly underbalanced by a counter weight. Current
flowing in the primary induces current in the secondary, the two coils
repelling each other. The strength of the repelling force depends
upon the amount of current flowing in the two coils. The core of the
transformer is so designed that the central part, which the two coils
surround, is magnetically more powerful close to the primary coil
than it is further away.
When the two coils are close together a higher voltage is
induced in the secondary than if the later were further away from the
primary coil. In starting, the two coils are pulled apart by hand to
prevent too large a current flowing in the series circuit. The
secondary coil is allowed to gradually fall and will come to rest at a
point where the voltage induced in it produces the normal current in
the series circuit, the repelling force between the two coils holding
the secondary at this point. Should the load in the series circuit
change for any reason, the current in the series circuit would also
change, thus changing the force repelling the two coils. The
secondary would therefore move until the current in the series circuit
again becomes normal. The action is therefore automatic, and the
actual current in the series circuit can be adjusted within limits to the
desired amount, by varying the counterweight. A dash pot is used to
prevent the secondary coil from oscillating (pumping) too much.
In the constant current transformer, the series circuit is insulated
from the constant potential circuit. This has many advantages. A
similar device, called an automatic regulating reactance was
developed which is slightly less expensive, but it does not have the
advantage of insulating the two circuits from each other.
ENCLOSED SERIES ALTERNATING
CURRENT ARC LAMPS
The simplicity of the constant current transformer soon drove the
constant direct-current dynamo from the market. An enclosed arc
lamp was therefore developed for use on alternating constant
current. Two sizes of lamps were made; one for 6.6 amperes
consuming 450 watts and having an efficiency of about 4½ lumens
per watt, and the other 7.5 amperes, 480 watts and 5 l-p-w (clear
glassware). These lamps soon superseded the direct current series
arcs. They have now been superseded by the more efficient
magnetite arc and tungsten filament incandescent lamps.
SERIES INCANDESCENT LAMPS ON
CONSTANT CURRENT
TRANSFORMERS
Series incandescent lamps were made for use on constant
current transformers superseding the “Municipal” and “Shunt Box”
systems. The large Edison, now called the Mogul Screw base, was
adopted and the short circuiting film cut-out was removed from the
base and placed between prongs attached to the socket.
Holder. Socket.
Holder and
socket.
Series Incandescent Lamp Socket with Film Cutout,

1900.
The “Large Edison,” now called Mogul Screw, base was standardized and
the short circuiting device put on the socket terminals.
The transformers made for the two sizes of arc lamps, produced
6.6 and 7.5 amperes and incandescent lamps, in various sizes from
16 to 50 cp, were made for these currents so that the incandescent
lamps could be operated on the same circuit with the arc lamps. The
carbon series incandescent lamp, however, was more efficient if
made for lower currents, so 3½-, 4- and 5½-ampere constant current
transformers were made for incandescent lamps designed for these
amperes. Later, however, with the advent of the tungsten filament,
the 6.6-ampere series tungsten lamp was made the standard, as it
was slightly more efficient than the lower current lamps, and was
made in sizes from 32 to 400 cp. When the more efficient gas-filled
tungsten lamps were developed, the sizes were further increased;
the standard 6.6-ampere lamps now made are from 60 to 2500 cp.
THE NERNST LAMP
Dr. Walther Nernst, of Germany, investigating the rare earths
used in the Welsbach mantle, developed an electric lamp having a
burner, or “glower” as it was called, consisting of a mixture of these
oxides. The main ingredient was zirconia, and the glower operated in
the open air. It is a non-conductor when cold, so had to be heated
before current would flow through it. This was accomplished by an
electric heating coil, made of platinum wire, located just above the
glower. As the glower became heated and current flowed through it,
the heater was automatically disconnected by an electro-magnet cut-
out.
Nernst Lamp, 1900.
The burners consisted mainly of zirconium
oxide which had to be heated before current
could go through them.
The resistance of the glower decreases with increase in current,

so a steadying resistance was put in series with it. This consisted of
an iron wire mounted in a bulb filled with hydrogen gas and was
called a “ballast.” Iron has the property of increasing in resistance
with increase in current flowing through it, this increase being very
marked between certain temperatures at which the ballast was
operated. The lamp was put on the American market in 1900 for use
on 220-volt alternating current circuits. The glower consumed 0.4
ampere. One, two, three, four and six glower lamps were made,
consuming 88, 196, 274, 392 and 528 watts respectively. As most of
the light is thrown downward, their light output was generally given in
mean lower hemispherical candlepower. The multiple glower lamps
were more efficient than the single glower, owing to the heat radiated

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German Family Enterprises: A Sourcebook of

Biota Grow 2C gather 2C cook Loucas

Drug Abuse Sourcebook Laura Larsen

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Essential Fish Biology: Diversity, Structure, and

Crisis and Turnaround in German Medium Sized

Diversity and Contact: Immigration and Social

The Post-Traumatic Stress Disorder Sourcebook, 2nd ed:

The Family Diversity Inequality and Social Change

German Family Enterprises

ISBN 978-3-030-04100-7 ISBN 978-3-030-04101-4 (eBook)

Library of Congress Control Number: 2018964417

# Springer Nature Switzerland AG 2019

Friedrichshafen, Germany Laura K. C. Seibold

1 Introduction: Characterizing Family Owned Enterprises

Essential Reading List . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141

Laura Seibold M.A., studied business administra-

Hermut Kormann served as CFO of Voith GmbH

Maximilian Lantelme M.A., studied corporate

Fig. 1.1 The stages of development of an enterprise.

Fig. 6.8 Disruption with merger of the enterprise.

Fig. 6.33 Stability against owner-induced disruption.

Table 2.1 Overview of all 74-reviewed publications . . . . . . . . . . . . . . . . . . . . . . . . . . 14

Table 8.1 List of Investigated Family Enterprises by Growth

Family enterprises1 consist of a vast variety of entities: recent start-ups and

1.1 Family Enterprises: The German Pattern

Undoubtedly, family enterprises play a key role in all economies. Especially in

# Springer Nature Switzerland AG 2019 1

1.2 The Measurement of Longevity, Independence and Vitality

1.3 Structure and Goals of the Collection

Start-up Growth Continuous Disruption

The research on corporate strategy originally focused on the continuous develop-

reasons for critical enterprise development, which typically leads to a reduction in

1.4 Definition of Family Enterprise

1.5 Company Size Classes: A Matter of Definition

2.1 Growth and Family Business

# Springer Nature Switzerland AG 2019 7

Fig. 2.1 Search II: ﬁnal Entrepreneurship Journal of Family

2.2 Descriptive Analysis

The provenance of the 74 reviewed publications can be broken down as follows:

Fig. 2.2 Search II: selection Step 4

2.3 Thematic Analysis

Fig. 2.3 Provenance ETP JFBM

Fig. 2.4 Provenance 30

speciﬁcally as possible and consequently presenting a precise picture of the existing

Fig. 2.5 Distribution CON

Fig. 2.6 Distribution 40

Various Series Bases in Use, 1892.

Edison “Municipal” System, 1885.

Edison Municipal Lamp, 1885.

Shunt Box System, 1887.

Soon after the commercial development of the alternating

These arcs were remarkably efficient but their maintenance

Series Incandescent Lamp Socket with Film Cutout,

The resistance of the glower decreases with increase in current,

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