Crisis Management in Small and Medium-Sized Enterprises (SMEs): Challenges and Opportunities for Family Firms

This thesis examines crisis management in small and medium-sized enterprises (SMEs), with a particular focus on family firms. Its objective is to identify the most common causes of crises and to understand how a firm’s family structure affects its ability to respond effectively to crisis situations. The theoretical section provides a literature review on crisis management in SMEs, the unique characteristics of family businesses, and the role of family relationships during crises. The empirical section includes a quantitative survey and in-depth interviews with owners and managers of family firms, uncovering their lived experiences of crises and the strategies they employ. The dissertation concludes with practical recommendations for family enterprises to enhance their crisis preparedness and improve their chances of successfully navigating future crises.