The conceptual framework of BMI through value creation in family firms with the participation of the 1st and 2nd generation

Document Type : Original Article

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Tehran university

Abstract

Business model innovation is the firm's logic in creating and providing new value. Value creation in family firms also related to the characteristics of two generations. There is little research on the effective factors and how to create new value with the capabilities of two generations. Despite the gap in knowledge, this research explains value creation of two generations family firms by providing a conceptual framework.

The findings of the research show that the arrival of the new generation and effective communication between the two generations is an important factor in value creation. Using new sources of social and human capital of G2 and professionals, creating long-term vision of business continuity, innovative culture, motivation, and risk-taking in G1, encouraging structures and systems, and applying and accepting the opinions of G2 and using learning and Knowledge management recognized as effective factor in creating two-generation value. The creation of two-generation value is due to the absorptive capacity of G2 and its awareness of modern technology. The creation of new value is done with the capabilities of G2, and the management, allocation of resources, and the coordination of activities is the responsibility of G1, and it is effective in creating two-generation value.

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