Control structures used in family business to manage wealth: operationalization of antecedent and outcome variables

Abstract

This commentary extends the work of Zellweger and Kammerlander by describing how the relationships they hypothesize might be operationalized and tested. It more clearly defines and provides suggestions for how to measure the heterogeneity and complexity of family members and family relationships. It discusses how to operationalize the scope, scale, and complexity of assets controlled by the family, and the characteristics of agents who manage the process. In addition the commentary discusses outcome measures for the family such as family wealth, family communication, family happiness, and family functionality. It describes financial and operational measures of performance for the businesses controlled by the family. The commentary concludes by discussing outcome measures for individual family members and for the agents they employ.