PEOPLE.IDEAS.PERFORMANCE

42 innovative ideas but he is not fond of high risks in the course of planning: „ …you had a terrific idea, but forget about it, it’s unfeasible. Or we tell them that, all right, we’ll make it happen. Give us 5 million forints you can lose but we’ll make it happen. Or there’s a third one, when we say that let’s try it and when we already have a loss of 1 million, we say thank you, that’s enough .” As the firm i s on the path to grow despite the general economic crises, there has been no need for a particularly risk-seeking behavior in order to retain the financial or socio-emotional wealth. One case can be labeled as a risky behavior, which D.X. talked about. During unexpected and heavy snow in March, in order to fulfill the trips, they were assigned for they did not make a decision based on the information of news services but their own limited information. „ We were specifically on M1, buried in the snow, and it was useful at least because in this way we knew what they were telling in the radio, that M1 would soon be open, was far from reality; and we could send the buses in another direction. So, after all, it would’ve been a potential crisis situation because it was successful eventually and we could manage all the trips. But right there it was quite dangerous because lots of travel agencies had to cancel the trips and obviously to return all the money, but in the meantime accommodations had already been booked, so it would’ve been quite a crash, but fortunately we escaped it. ” In this case, a risky decision helped to fulfill the undertakings and thereby to retain socio-emotional wealth. The real risk was not in the ignorance of news services since they had direct information. In that given moment, it could not be guaranteed that the alternative routes would not be blocked due to weather conditions, jeopardizing the safety of passengers. On the other hand, canceling or breaking the trips could have been a huge financial and reputation loss for the firm. We use the factors of Naldi et al. (2013) to further describe the behavior associated with socio-emotional wealth. These are control, dynasty and reputation. They consider these three factors to be the most important for a family business in terms of multi-generational survival. Control is currently concentrated in one hand. D.X.’s business card indicates the position of marketing manager but the organization is flat, the level of middle management exists only in formal terms. There is neither a non-family middle manager, nor a financial investor, thus the family control is full. As it is a known fact that the founder has considered resigning over a period of 5-7 years, handing the control over within the family is not problematic. The interviews do not cover how wealth would be shared after the retirement of the present generation. Regarding dynastic succession, A.X. considers himself fortunate since the family has a descendant who has chosen the continuation of the firm as his career. The selected successor, D.X. did not go to another firm to gain experience after his studies, instead he works hard in the family business. It is also necessary to establish good relations with non-family employees and to lay the foundation of managerial authority. „ We’ve always been aware that he’s the boss’s son. Obviously, my brother tries to compensate this by working extremely hard. He’s acknowledged for this, but you still can’t cope with the fact that you were born with a golden sp oon in your mouth.” (C.X.) C.X. thinks that this contradictory situation can be resolved if the successor is involved in the selection of employees. By this he can strengthen his own managerial role. Performing well in executive roles can also strengthen the successor’s appreciation within the firm. Nevertheless, bringing workplace conflicts to the level of the family can be handled with difficulty by non-family employees, even as outsiders. Dynastic succession is therefore ensured, but only one of the two sons sees his future in the family business. Their spouses do not work in the business and they would prefer to remain outside based on the interviews. If the business continues to grow, the rate of family