Business family identity in single family offices – A configurational approach

Abstract

This study examines how single family offices (SFOs) can serve as vessels for preserving business family identity (BFI) in both the presence and absence of operating family firms. Through a configurational analysis of survey data from 51 German SFOs, we identify nine distinct pathways through which business families preserve their distinctive identity. We demonstrate that BFI preservation is achievable through various configurations of asset management strategies, governance structures, and service intensity. The study indicates the equifinal nature of identity preservation, demonstrating how both stand-alone and hybrid SFOs can achieve similar BFI preservation outcomes through different mechanisms. These findings advance our understanding of how business families preserve their entrepreneurial identity in diverse organizational contexts. • First empirical study: This paper offers the first empirical investigation of Business Family Identity (BFI) preservation within Single Family Offices (SFOs), addressing a critical gap in family business research. • Nine configurational pathways: Using fsQCA, the study identifies nine distinct pathways through which Entrepreneurial Assets, Classical Assets, Governance Intensity, and Service Intensity interact to preserve BFI. • Contextual differentiation: The findings distinguish between stand-alone and embedded SFOs, demonstrating how structural contexts shape identity preservation mechanisms. • Mechanisms for BFI preservation: The study introduces the concepts of Portfolio Identity (asset-driven), Identity Workspaces (governance-based), and Identity-Through-Engagement (service-centered) as core mechanisms for BFI preservation. • Practical implications: The study provides actionable insights for family office managers and advisors on how to design governance and service structures to maintain business family identity across generations.