Scott Latham

Economic recessions, strategy, and performance: a synthesis

Purpose – Despite the episodic pervasiveness of recessions and their destructive impact on firms, a void exists in the management literature examining the intersection between recessions, strategy, and performance. This paper seeks directly to address this research void by reviewing relevant literature spanning the past 20 years and building an integrative framework for future research efforts.Design/methodology/approach – The paper systematically reviews and compartmentalizes articles on the intersection between firm strategy and economic recession published between 1991 and 2010 in widely recognized management and entrepreneurship journals. Concurrently, a theoretical framework is proposed which identifies distinct constructs and linkages related to economic recessions, strategy, and performance.Findings – The findings are twofold. First, the review distils disparate scholarly works on firm behavior and recessions to provide a systematic appraisal and review of what people know and do not know about man...

Jilted? The manager's little book for keeping customers in a recession

Purpose – In this paper, the authors build a prescriptive framework for managers to help assess potential shifts in consumer behavior during economic recession. The framework offers a guide to help evaluate the extent of customer attrition risks, and to devise customer‐centric strategies to stabilize businesses in light of recessionary demand shocks.Design/methodology/approach – The framework is built based on insights gained from surveying approximately 500 small, medium‐sized, and large businesses during the 2001‐2002 and 2007‐present recession. The executives surveyed worked in a wide array of industries, at organizations that varied in size from one person to thousands of employees.Findings – The framework suggests that the interaction between two consumer behavior dynamics – lock‐in and utility specificity – determines the extent of customer retention and attrition to businesses experiencing recession. As such, all organizations need to assess the likelihood that their customers will alter their purc...

Nascent Entrepreneurs Access and Use of Network Resources in a Technology Incubator

Abstract This study utilized the setting of a technology incubator to analyze how nascent entrepreneurs develop and leverage networks to secure resources as part of the venture creation process. Through rigorous qualitative methods, we examined how six medical device entrepreneurs used networks to obtain needed resources, the types of resources pursued and differences among entrepreneurs based on their level of network skill. Our findings illustrate the importance of the incubator in providing both tangible resources (funding, space, equipment) and less tangible but equally important resources (credibility, relationships, access to networks). Initial findings suggest that differences in the level of an entrepreneurs’ network skill relate to the development, but not necessarily the success, of the venture.

Family firms versus leveraged buyouts: a conceptual comparison of distinctive governance structures

Purpose – The purpose of this paper is to compare the governance structures of two distinctive governance forms: the family firm and the leveraged buyout (LBO). The paper also explores the relative performance of these two organizational forms over the course of the economic business cycle.Design/methodology/approach – The paper provides a theoretical treatment of the family firm and the LBO using the stewardship perspective and agency theory. The analysis anticipates the board structure for each organizational form and relates family firm and LBO governance to performance over the business cycle.Findings – From a conceptual treatment, the family‐owned concern exhibits board characteristics reflecting the longer‐term orientation of the firm, with boards empowered to include non‐economic, as well as economic, goals. LBOs are structured to maximize shareholder value over a shorter time horizon. LBOs may take advantage of expansionary environments whereas family firms may be better prepared for economic down...

Assessing differences between technology transfer officers and institutions in the decision to commercialise new technologies

Extant literature has identified a set of criteria critical to the successful commercialisation of new technologies, however little research has examined whether or not technology transfer officers uniformly apply these criteria in the commercialisation process. We undertook a quantitative and qualitative investigation of the manner in which decision criteria vary across a population of technology transfer officers. We surveyed 21 technology transfer officers at 11 different research institutions regarding their application of these criteria to specific, institutional technologies. Our findings suggest that the nature of the technology, experience of the transfer officer and organisation of the technology transfer office each influence the decision to pursue commercialisation of specific technologies. Subsequently, we interviewed six officers to better understand our initial findings. Through these interviews, we gained substantial insight into the process, importance of external partners, performance criteria, and institutional metrics for technology transfer success.

All together now: strategy mapping for family businesses

Purpose – This paper aims to introduce a supplementary strategic mapping tool designed specifically for family businesses. The authors extend the popular tool of strategy maps into the family business arena to address potential misalignments arising from the family imprint on a business. The resulting family enterprise strategy map (FESM) aims, both literally and figuratively, to get internal stakeholders on the same page in their pursuit of family business objectives. Using the FESM, family managers can enhance strategy design and implementation, thereby increasing the viability and longevity of their enterprises for future generations. Design/methodology/approach – The framework draws from previous work on strategic maps, from scholarly research on family businesses and from the authors’ experiences consulting with family enterprises. The framework addresses four distinct but interrelated perspectives requiring managerial attention: family business objectives, family alignment, family systems and family business foundation. The case of Mondavi Winery is used to illustrate the prescriptive value of the FESM. Findings – The FESM is meant to be used cooperatively among internal stakeholders to tease out potential challenges that can hinder the effective design and implementation of a family business strategy. The FESM makes explicit the primary objectives of the family business, prompts stakeholders to voice professional and personal ambitions in the business and brings individual risk propensities to the dialogue. Systems and activities necessary for successful strategy implementation are also underlined in the FESM. Lastly, the framework helps to identify the strategic foundation that can be leveraged to achieve the family enterprise’s objective. Originality/value – The value of the FESM is threefold. First, having family members and non-family managers engage in this activity can make known individual, family and non-family functions, desires and goals. In doing so, the FESM also effectively highlights misalignments among and between various internal stakeholders that may otherwise go unnoticed. Second, the FESM draws management’s attention to specific family-related resources and capabilities within the company and, just as importantly, those that need to be cultivated to achieve strategic objectives. Third, the FESM can serve as a valuable reminder during those times when family systems begin to malfunction or to diverge from intended objectives.

Examining Entrepreneurs' Presentation Effectiveness in Generating Stakeholder Interest: Observations from the Medical Device Industry

Entrepreneurs make countless pitches and presentations to prospective stakeholders that are critical to securing needed resources. Our study examines whether or not certain aspects of visual presentations are more likely to elicit stakeholder interest. By applying precepts of information visualization theory, we empirically examine 42 early‐stage venture poster presentations to determine the impact design and content have on attracting stakeholder interest. Our findings suggest that visualization matters; posters that included specific visual devices garnered a higher level of interest among prospective stakeholders, including investors and collaborators.