Preparedness Beyond Formal Planning : A Qualitative Study of Board-level Preparedness in Family-owned Rural SMEs

Sammanfattning

Family-owned small and medium-sized enterprises (SMEs) play a central role in the Swedish and European economies, particularly in rural areas where they contribute to employment and economic stability. However, these firms often operate under increasing environmental uncertainty, while limited research exists on how boards in family-owned rural SMEs work with preparedness in practice. The purpose of this study is to investigate how boards in Swedish family-owned rural SMEs work with preparedness in uncertain business environments. By applying Socioemotional Wealth Theory and the Behavioural Theory of the Firm, the study aims to develop a process-oriented understanding of how preparedness is structured, discussed, and enacted within board-level governance. This study is grounded in a constructivist and interpretivist research philosophy and follows an abductive qualitative research approach. Empirical data is collected through semi-structured interviews with board members in Swedish family-owned rural SMEs. The qualitative design enables an in-depth exploration of board processes and internal dynamics. This study shows that preparedness in family-owned rural SMEs is primarily enacted through informal governance practices, relational embeddedness, and experience-based decision-making rather than through formalised board structures. The study contributes to family business research by highlighting preparedness as an ongoing governance process shaped by socioemotional and contextual factors within the rural context.