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1
Steier, Lloyd P., James J. Chrisman, and Jess H. Chua. "Governance Challenges in Family Businesses and Business Families." Entrepreneurship Theory and Practice 39, no. 6 (July 30, 2015): 1265–80. http://dx.doi.org/10.1111/etap.12180.
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Salganicoff, Matilde. "Women in Family Businesses: Challenges and Opportunities." Family Business Review 3, no. 2 (June 1990): 125–37. http://dx.doi.org/10.1111/j.1741-6248.1990.00125.x.
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Women have particular qualities that can be vital to the survival and success of a family business. Those who work in and for family businesses need to be aware, however, of the dilemmas and conflicts that affect women. The author advocates the opening of more opportunities for women in family business for the benefit of both the woman and the business.
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Chahal, Himani, and Anil K. Sharma. "Family Business in India: Performance, Challenges and Improvement Measures." Journal of New Business Ventures 1, no. 1-2 (June 2020): 9–30. http://dx.doi.org/10.1177/2632962x20960824.
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Existing literature on family businesses brings out their significance globally. The prevalence of family businesses is a phenomenon that is universal and found in most countries worldwide, although their relative impact on economies does vary. This article reviews papers in the accounting and finance literature on family businesses around the world and shows that the involvement of family members in the business may have a positive, negative or no impact on its financial performance. In the Indian context, the literature review indicates that India’s rich and ancient history seems to be interrelated with the family-run businesses as the principal means of business organization. The paper gives a glimpse of the status of family businesses in India since independence and the distinct characteristics of Indian family businesses. In the next section, we try to find out how family firms are performing in India in comparison to non-family firms by studying companies listed in the National Stock Exchange of India Ltd. (NSE) 500 Index for a period of 5 years ranging from 2014 to 2018. The results show that family businesses are not performing significantly better than non-family firms in the Indian business scenario. We try to highlight the reasons for the same by underlining the issues faced by family businesses and suggest measures to overcome these issues. The study concludes with a discussion on the lessons that new family business ventures can take from family business groups in India that have made a mark in the Indian and the world business scenario because of their ability to face and successfully overcome challenges faced by family firms.
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Mandic, Ana, and Vlatka Mandic. "Analysis of key challenges of family businesses." International journal of contemporary business and entrepreneurship 1, no. 2 (December 31, 2020): 67–83. http://dx.doi.org/10.47954/ijcbe.1.2.5.
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Family business represents the most common form of the company ownership and makes around 70% to 90% of all firms around the globe depending on the definition one uses. It is estimated that worldwide, family firms account for about 40% to 70% of employment and GDP. The aim of this paper is to provide overview of main characteristics of family business in general and to analyze key challenges family businesses generally are facing today. Additional aim of the paper is to provide overview of research on family business in Croatia and to analyze characteristic and challenges of family businesses in Croatia. Paper provides brief overview of key trends which can have negative implications on companies, their owners, as well as for a wide network of stakeholders such as family members, customers, suppliers, employees, banks, local government and the national economy in general. Some of the challenges discussed in the paper could be relevant to all types of firms. However, with reference to family business these challenges may be more salient than in nonfamily firms or they may need to be addressed differently.
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Hastenteufel, Jessica, and Mareike Staub. "Current and future challenges of family businesses." Managerial Economics 20, no. 2 (May 10, 2020): 119. http://dx.doi.org/10.7494/manage.2019.20.2.119.
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Family businesses are an important part of every economy. They are characterized by long traditions that combine aspects such as trust and reliability, as well as by features such as innovativeness, foresight, long-term focus and flexibility. Both family businesses and the entrepreneurial families themselves do have some weaknesses and face current challenges like digitization, internationalization and demographic change. These issues must be kept in mind in order to constantly develop appropriate solutions that will help them survive and thrive in the market. Moreover, the high relevance of the family in a family business is associated with opportunities – for example, when a family strategy with clear values, roles and goals is defined, and a so called family business governance is developed.
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Sułkowski, Łukasz, Andrzej Woźniak, and Joanna Sułkowska. "Medical Family Businesses in Poland – Model and Managerial Challenges." Management 22, no. 1 (June 1, 2018): 163–75. http://dx.doi.org/10.2478/manment-2018-0012.
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Summary Medical Family Businesses in Poland - Model and Managerial Challenges There is a deficit of data in Poland about characteristics of family enterprises providing medical services. The medical sector in Poland faces a rapid development of family businesses and is diverse because it encompasses various size business entities that specialize in many possible aspects of the medical business. The article is about the characteristics of family enterprises providing medical services and extent to which they resemble family businesses, and to which they are derived from medical service activities. The article is of theoretical nature and its aim is to propose the model for the functioning of family-owned medical businesses, taking into account the impact of the type of activity and the family organization. The first part of the article is focuses on characteristics of family businesses, there is relatively little representative research analyzing the share of family enterprises in the Polish economy and describing their character. The second part of the article is the problem of ethos of medical professions in relation to business and economic logics of an organization. In the third of the article part there is a proposal for a model combining both aspects of the functioning of this type of economic entities.
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Rajan, Soumya, Priya Ganesh, and Nandini Mehra. "Human Capital: The Key to the Longevity of a Family Business." NHRD Network Journal 13, no. 1 (January 2020): 12–24. http://dx.doi.org/10.1177/2631454119894761.
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Globally, family-owned businesses are the oldest and most predominant form of an enterprise, forming an integral part of the organised and unorganised sectors of free economies. Over the years, with the greater longevity of family businesses in India, there has been a dynamic and strategic shift in Indian families from being ‘family businesses’ to ‘business families’. This shift has come with its own set of challenges, most critical among them being the challenges related to ‘human capital’ for these businesses. The need to balance familial relationships with the pragmatism of business is a unique interplay which creates multiple complexities and inter-related issues for all family members alike. With close to 75 per cent of the Indian workforce employed by family-owned businesses, it is important to dive deeper into the human resources (HRs) function in Indian Family businesses. Our endeavour is to understand the challenges of HRs in a family business and how this differs from larger corporations or non-family businesses.
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Ramadani, Veland, Léo-Paul Dana, Nora Sadiku-Dushi, Vanessa Ratten, and Dianne H. B. Welsh. "Decision-Making Challenges of Women Entrepreneurship in Family Business Succession Process." Journal of Enterprising Culture 25, no. 04 (December 2017): 411–39. http://dx.doi.org/10.1142/s0218495817500157.
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The decision-making process concerning succession issues for family businesses is crucial as it affects long term performance and sustainability. However, while succession issues in family business has been extensively studied, the decision-making process for women-owned family businesses is sparse, particularly in transition economies. This is despite the growth of women-owned businesses worldwide. This study explores the succession decision-making process in women-owned small family businesses in Kosovo using a qualitative approach. The findings suggest that group decision making is important in family businesses and plays a role in determining how gender influences succession planning. Managerial and policy implications are discussed.
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Winter, Mary, Margaret A. Fitzgerald, Ramona K. Z. Heck, George W. Haynes, and Sharon M. Danes. "Revisiting the Study of Family Businesses: Methodological Challenges, Dilemmas, and Alternative Approaches." Family Business Review 11, no. 3 (September 1998): 239–52. http://dx.doi.org/10.1111/j.1741-6248.1998.00239.x.
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Family businesses are vital but understudied economic and social units. Previous family business research is limited relative to its definitions, sampling, and resulting empirical evidence. This paper presents an alternative methodological approach to the study of family businesses with the potential for allowing multiperspective and detailed analyses of the nature and internal dynamics of both the family and the business and the interaction between the two.
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Aronoff, Craig. "Self-Perpetuation Family Organization Built on Values: Necessary Condition for Long-Term Family Business Survival." Family Business Review 17, no. 1 (March 2004): 55–59. http://dx.doi.org/10.1111/j.1741-6248.2004.00003.x.
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Family businesses have long been conceptualized in terms of overlapping and interacting management, ownership, governance, and family systems. As family businesses evolve and develop across generations, observing progress in each of the requisite systems presents a variety of challenges. This article demonstrates the importance of family organization to the systems of management, ownership, governance, and family as a family business evolves over time.
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Sonfield, Matthew C., Robert N. Lussier, and Josiane Fahed-Sreih. "American versus Arab/Islamic family businesses." Journal of Entrepreneurship in Emerging Economies 8, no. 1 (March 7, 2016): 2–24. http://dx.doi.org/10.1108/jeee-02-2015-0014.
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Purpose – The purpose of this research was to compare the use of non-family-members in the higher-level management team of Arab/Islamic family businesses versus American family businesses. Design/methodology/approach – This research gathered survey data and tested the hypothesis using analysis of covariance. Findings – American family businesses engaged the services of non-family-member managers to a statistically significant greater degree than did Arab/Islamic family businesses. Originality/value – The research literature on Arab/Islamic entrepreneurship is very limited, and a family business study of this nature has not been previously conducted. This study furthermore challenges the common assumption that the findings generated in one specific country can usually be generalized to the broader phenomenon of family business, as it exists in most countries.
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Gilding, Michael. "Family Business and Family Change: Individual Autonomy, Democratization, and the New Family Business Institutions." Family Business Review 13, no. 3 (September 2000): 239–49. http://dx.doi.org/10.1111/j.1741-6248.2000.00239.x.
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The renewed attention to family business in western societies is usually attributed to a past lack of attention to the subject because of its private character and to the resurgence of family business in the context of economic restructuring. This paper argues that there is a third reason for the renewed attention to family business, namely, the changing character of the family institution. In particular, there are broad trends toward the pursuit of individual autonomy and democratization in family relationships. A qualitative study of high-wealth stakeholders in Australian family businesses found that the principles of individual autonomy and democratization presented challenges for family business solidarity and continuity. These challenges gave rise to new family business institutions designed to facilitate communication and trust. These institutions are at the center of the renewed attention to family business in western societies.
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Deng, Xin. "Father-daughter succession in China: facilitators and challenges." Journal of Family Business Management 5, no. 1 (April 13, 2015): 38–54. http://dx.doi.org/10.1108/jfbm-05-2014-0011.
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Purpose – The purpose of this paper is to explore factors facilitating and impeding succession from father to daughter in family businesses in China. Design/methodology/approach – Using explorative case study approach this study examines the experiences of four female successors at different stages of taking over family businesses. Findings – Contrary to previous studies on female succession, daughters in this study were groomed to run the family business, and encouraged to become involved in it at an early stage. Confucian values on parent-child relationships and family also encouraged daughters’ participation in the family business and in maintaining productive working relationships with their fathers. However, inheriting and maintaining a father’s Guanxi networks pose a daunting challenge for daughters, and daughters may need more time to establish their authority. Originality/value – While confined by the limited number of cases, this study contributes to the under-explored research area of father-daughter succession by highlighting some unique cultural, social and historical factors influencing female successors in the Chinese context.
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Li, Xin Chun, Ling Chen, Jess H. Chua, Bradley L. Kirkman, Sara Rynes-Weller, and Luis Gomez-Mejia. "Research on Chinese Family Businesses: Perspectives." Management and Organization Review 11, no. 4 (December 2015): 579–97. http://dx.doi.org/10.1017/mor.2015.60.
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ABSTRACTThis introduction traces the disappearance of Chinese family businesses from 1949 to 1978, their revival since then, and their future challenges. It then summarizes the three papers included in this Special Issue and proposes an agenda for family business studies in China. The article first focuses on the nonmarket social and political network strategies that these family-centered business organizations have had to adopt in order to overcome the difficulties they faced in accessing opportunities and resources as a result of Chinese culture's traditional low esteem for merchants and the government's continuing preference for a state-dominated economy. Family firms have so far been able to grow disproportionately rapidly in China's economy because, by leveraging the shared interests and dedication of immediate and extended family members, they have been able to achieve lower cost and higher efficiency, respond quickly to market changes, and expand social and political networks. These nonmarket strategies, however, also have a dark side. Furthermore, as the liberalization of China's economy deepens, competition must rely critically on market strategies such as innovation, alliances, and internationalization. The proposed research agenda addresses these future challenges as well as some research questions unique to Chinese family businesses.
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Li, Jessica, Judy Yi Sun, Lianjuan Wang, and Jie Ke. "Second-Generation Women Entrepreneurs in Chinese Family-Owned Businesses: Motivations, Challenges, and Opportunities." Advances in Developing Human Resources 22, no. 2 (February 20, 2020): 124–36. http://dx.doi.org/10.1177/1523422320907043.
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The Problem Family-owned businesses provide a large portion of the job opportunities in the Chinese economy. Many successful family-owned businesses in China were established during the initial years of economic reform in the late 1970s and 1980s. Today, as the founders of these companies approach retirement, leadership transition is becoming a pressing issue. Among the various factors involved in family business succession are gender-specific obstacles faced by women who seek to achieve leadership positions. Women entrepreneurs in China are gradually increasing in number, but those who desire to take the helm of family-owned companies face important social and structural challenges in China’s male-dominated business culture. The Solution In this study, we used a qualitative interview approach to learn about the experiences of second-generation women entrepreneurs in Chinese family-owned businesses and to better understand their motivations along with the challenges and opportunities that they face. The findings revealed that the motivations of these women entrepreneurs were centered more on internal “pull” factors (e.g., self-actualization) rather than external “push” factors (e.g., economic pressures). The major challenges that were reported included tense relationships with parents, gender-role conflicts, and alignment issues in relation to their family businesses’ established culture. Understanding these factors can help in identifying opportunities for effective human resource development and promoting women’s entrepreneurship in the Chinese context. The Stakeholders Second-generation women entrepreneurs, family businesses in China, women leaders, and human resource development professionals.
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Karataş-Özkan, M., A. Erdoğan, and K. Nicolopoulou. "Women in Turkish family businesses: Drivers, contributions and challenges." International Journal of Cross Cultural Management 11, no. 2 (July 14, 2011): 203–19. http://dx.doi.org/10.1177/1470595811399189.
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The number and importance of women in family businesses have increased in the recent years. This is reflected in the growing academic and practitioner interest in the topic. In this paper, we have explored the role of women in family business in the context of Turkey by examining the key drivers for their active involvement, their contribution and the challenges they face. The conceptual framework of the article presents key drivers and challenges identified in the extant literature and introduces additional angles on the problematisation of the topic, mainly issues of succession, conflict and balance of work-life relationships. Drawing on empirical material collected through semi-structured interviews with participant Turkish women, we have highlighted importance of cultural dynamics in analysing drivers, contributions and challenges.
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Santiago, Andrea. "Inertia as inhibiting competitiveness in Philippine family businesses." Journal of Family Business Management 5, no. 2 (October 12, 2015): 257–76. http://dx.doi.org/10.1108/jfbm-07-2014-0015.
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Purpose – The failure to innovate has been recognized as one of the prime causes of business failure. In addition to this, the purpose of this paper is to explore whether it is the failure to act or inertia that can also explain the inability of family businesses to move forward. Design/methodology/approach – This research documented the experiences of five family businesses in the Philippines that were unable to sustain their business operations. Only five families were identified since it was difficult to trace the business owners of businesses that failed, and once identified, not all were willing to discuss the reason for their business failure. Findings – The cases showed that business decline actually results from the failure of family members to address the challenges brought about the change in the different life cycle dimensions. In hindsight, arresting a downward trend necessitates varied strategic approaches. While some family members may felt incapable of introducing innovation in their business, the failure to act, by itself, was a guarantee of business failure. Research limitations/implications – The research was limited to five family businesses in the Philippines. It is possible that there may be many other reasons for family business failure based on the experiences of other families. Unfortunately, many business families in the Philippines are tight-lipped about failure, even if there are lessons to be learned. Practical implications – This paper brings attention to the need of family business owners to be more proactive in meeting the changing needs of their family business. Formula that worked before may not be appropriate at a different time. Originality/value – Research has shown that there are many reasons for family business failure. This paper shows the importance of transcending the feeling of inertia so that family members can be more proactive in meeting the challenges that they are bound to face as their families, their products, their businesses, and the industries they are in, move from one stage of the life cycle to another.
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Hack-Polay, Dieu, Paul Agu Igwe, and Nnamdi O. Madichie. "The role of institutional and family embeddedness in the failure of Sub-Saharan African migrant family businesses." International Journal of Entrepreneurship and Innovation 21, no. 4 (March 9, 2020): 237–49. http://dx.doi.org/10.1177/1465750320909732.
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There is considerable interest among European politicians and policymakers in how to integrate migrants in the local and national economy. Drawing on in-depth qualitative interviews with 20 owners of Sub-Saharan African migrant family businesses (SSAMBs) in the United Kingdom, this article critically examines why SSAMBs fail or underperform. This investigation draws upon three streams of literature – notably migrant business failure, institutional theory and family embeddedness. The findings highlight the challenges of doing business and the reasons for business failure among this group. These are different from other small businesses and include culture, family interference and ethnicity. The main contribution of the article lies in the development of a conceptual model that highlights the relationships between institutional contexts and migrant family business outcomes. The model proposes that institution and family embeddedness results in the enactment of ethnic behaviours that drive migrant businesses into cultural markets leading to business underperformance or failure.
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Swartz, Stephen. "The Challenges of Multidisciplinary Consulting to Family-Owned Businesses." Family Business Review 2, no. 4 (December 1989): 329–31. http://dx.doi.org/10.1111/j.1741-6248.1989.tb00002.x.
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Weismeier-Sammer, Daniela, and Isabella R. Hatak. "Succession in the Family Business: Challenges for Successors from an Entrepreneurial Perspective." International Journal of Entrepreneurship and Innovation 15, no. 4 (November 2014): 279–84. http://dx.doi.org/10.5367/ijei.2014.0165.
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Kronmann Wholesale and Retail is an outstanding family business with more than 300 years of history. This teaching case tells the story of two cousins who follow their fathers into a business full of tradition. The case gives students the opportunity to gain insights into the complex succession process of family businesses, as well as the challenges with which successors are confronted in the course of family business succession.
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Trigos, Federico, and Mario A. Doria. "The Sustainability of Resource-Sharing Family Business in Relation to Family Non-Economic Goals." International Journal of Project Management and Productivity Assessment 8, no. 2 (July 2020): 69–80. http://dx.doi.org/10.4018/ijpmpa.2020070104.
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Small and medium family businesses have distinct characteristics that differ from large corporations, with distinct challenges to their owner-managers. Many entrepreneurial families seek to achieve non-economic goals and share familial resources without compensation, not necessarily maximization of their sustainable value. As a consequence, traditional financial reporting is of limited use to them, as it does not reflect their priorities. This article introduces sustainability elements in the socio-emotional-wealth theory; identifies a family business type called resource-sharing; proposes a financial ruleset to quantify the sustainable financial position of the company regarding the achievement of non-economic goals of the family; and introduces an integrated mechanism to identify strategic implications for both family and business. Concepts are applied to family businesses from three countries, to verify applicability and usefulness.
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Milton, Laurie P. "Unleashing the Relationship Power of Family Firms: Identity Confirmation as a Catalyst for Performance." Entrepreneurship Theory and Practice 32, no. 6 (November 2008): 1063–81. http://dx.doi.org/10.1111/j.1540-6520.2008.00273.x.
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This paper adopts a broad perspective on identity and identity relations and argues that family businesses can develop identity confirmation as a unique, hard to imitate competitive resource that unleashes and leverages the relational capabilities that differentiate them from nonfamily businesses. A person's identities are “confirmed” in a business, to the extent they are supported therein. Identity and identity confirmation research is marshaled to consider the impact of identity confirmation on succession. Implications for other relational challenges family businesses face are explored. The potential for family business research to contribute to a general theory of the firm is illustrated.
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Thomas, Jill. "Freeing the Shackles of Family Business Ownership." Family Business Review 15, no. 4 (December 2002): 321–36. http://dx.doi.org/10.1111/j.1741-6248.2002.00321.x.
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Ownership and management succession are recognized as defining processes for family businesses worldwide. Through the generations, as the family tree spreads, shareholdings become more dispersed, with no guarantee that all family shareholders will have the same degree of commitment to, and interest in, the family business. This paper discusses factors influencing the outcome of external and internal challenges to ownership of two interrelated Australian family businesses— one in its fifth generation, the other in its third. It concludes with guidelines to allow for effective and timely ownership transfer for those wishing to realize capital or retain control of their inherited investment.
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Braut Filipović, Mihaela. "Corporate Governance of Family Businesses in Croatia." Central European Journal of Comparative Law 2, no. 1 (May 14, 2021): 9–27. http://dx.doi.org/10.47078/2021.1.9-27.
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The importance of family businesses in the Croatian economy is well known. In this respect, Croatia is part of the larger picture in which family businesses are considered of fundamental importance to the European Union’s economy. The most specific feature that sets Croatian family businesses apart is that they are all relatively young, as they were mostly established in the 1990s. This is due to the socio-economic development of Croatia as a country that was part of the former Yugoslavia. In this regard, although the traditions of certain crafts and products are significantly older, the modern legal vehicles through which such business is conducted, that is, Croatian companies, are only around thirty years old. This fact contributes to the hypothesis that governance issues related to family businesses are an underdeveloped legal area. However, the need to address the specific needs of Croatian businesses is on the rise, as a significant number of the founders are now retiring, and the issue of successful transfer of these businesses has never been more important. The goal of this article is to question whether available legal instruments for enhancing the governance of family businesses from comparative law and practice such as family constitutions and family councils can be applied in Croatian practice as well. To this end, this study analyses the most significant legal forms in which a family business can be established in Croatia: crafts, family farms, and all types of commercial companies (with an emphasis on limited liability and joint-stock companies). Analysis of the Croatian legal framework from the perspective of family businesses will contribute to the comparative discussion regarding the specific legal needs and challenges of such businesses.
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Pounder, Paul. "Family business insights: an overview of the literature." Journal of Family Business Management 5, no. 1 (April 13, 2015): 116–27. http://dx.doi.org/10.1108/jfbm-10-2014-0023.
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Purpose – The purpose of this paper is to investigate how the family business literature has evolved, and to examine the factors influencing family-owned and managed businesses. The paper discusses important patterns in the present literature and new directions for future study. Design/methodology/approach – The research identifies key research topics and methodical approaches to understand family businesses. Insights into the reasoning behind the historic changes and the current direction and trends of the family business literature are also identified. Findings – The findings of this research argues that the main cause of the challenges in running a family business stem from the management of the interrelationship between family concerns and business concerns. Strong leadership and building a culture that accepts continuous change are key success factors. Research limitations/implications – Due to the specific nature of the family business dynamics and decision-making conflict, which can hardly be captured by quantitative studies alone, a promotion of qualitative studies is advisable. Practical implications – This study suggests that understanding the culture surrounding decision making in family business has great value. Characteristics such as aggressiveness, fearlessness and competition are key areas for investigation. Social implications – Overlooking the potential of non-family members for family business leadership can produce sub-optimal choices of successors. Further, the aspiration to change society’s and government’s view of family businesses warrants attention. Originality/value – This review of previous research offers researchers a broader and comprehensive view of the family business, which is inclusive of the challenges, decision making and solutions within the family business structure. Researchers, educators and practitioners will benefit from this paper.
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Walsh, John. "Challenges of Economic Stress on Chinese Entrepreneurs and TheirFamilies in Laos." Journal of Social and Development Sciences 2, no. 1 (July 15, 2011): 31–37. http://dx.doi.org/10.22610/jsds.v2i1.650.
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Chinese are increasing in number in Laos as new inter-governmental agreements permit labour migration for infrastructure development. Entrepreneurs have been accompanying migrants and establishing their own businesses, alongside the long-standing businesses established over the years by ethnic Chinese in the country. Many industrial sectors are involved. Problems that Chinese entrepreneurs might face include language issues and discrimination, as well as lack of business infrastructure and support services. Additionally, Lao consumers are primarily motivated by price alone and have little interest in exploring new brands or products. While these business management related issues are clear, what is not clear is the impact that conducting business on such a basis has on additional family members, who are also commonly employed within the business. Key informants were Chinese entrepreneurs and their family members in the capital city of Vientiane and they were interviewed personally with a view to understanding what stresses there may be on family members doing business in an environment which is not entirely friendly or welcoming, especially under conditions of global economic crisis. Competition is intensifying as increasing numbers of Thai and Vietnamese entrepreneurs are seeking to establish a foothold in the Lao market. Many Chinese entrepreneurs have, as a result of these changing conditions, been forced to offer better deals for customers, thereby restricting profits. This has had a follow-through effect on family members.
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Babaei, Mohsen, Reza Abedi, and Masoud Safizadeh. "FAMILY ENTREPRENEURIAL BUSINESSES AND NEW VENTURES: FORMATION, CHALLENGES, BEHAVIOR, RELATIONSHIP." International Journal of Advanced Research 5, no. 1 (January 31, 2017): 29–47. http://dx.doi.org/10.21474/ijar01/2717.
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Bung, Purushotham, and Kirti Shivakumar. "R.N. Food Products: Challenges of Entrepreneurship and Family Owned Businesses." FIIB Business Review 3, no. 4 (October 2014): 43–48. http://dx.doi.org/10.1177/2455265820140404.
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Gill, Amarjit, John D. Obradovich, and Harvinder S. Mand. "Non-resident family members and the financial performance of small businesses in India." Corporate Ownership and Control 12, no. 2 (2015): 530–40. http://dx.doi.org/10.22495/cocv12i2c5p2.
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Recent literature in small business management suggests that small businesses are financially constrained. They also face challenges of poor financial performance, which leads to their failure. Literature also shows that family involvement improves small business performance. We asked research participants consisting of small business owners from India about their beliefs and perceptions regarding the relationship between non-resident Indian family members (NRIs), financial support from NRIs, internal financing sources, and the financial performance of small businesses. Results indicate that the involvement of NRIs as foreign directors, financial support from NRIs, and internal financing sources improve the financial performance of small businesses in India. Firms with NRIs are more likely to perform better than without NRIs. Moreover, the influence of NRIs on the financial performance of small businesses is higher in the service industry than the manufacturing industry
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Marques, Ana Paula. "Diversity and uniqueness of Family business in the North of Portugal." European Journal of Interdisciplinary Studies 4, no. 2 (July 24, 2018): 80. http://dx.doi.org/10.26417/ejis.v4i2.p80-90.
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Family businesses are the most omnipresent form of business organisations at the international and national levels. In Portugal, family firms account for more than 70% of all businesses, contributing with 50% in employment creation. Yet, most of the existing literature does not converge in a consensual and operative definition of what are core elements which distinguish family business from non-family business. Therefore, it is crucial to extend our knowledge on important family business topics due to the broadness, diversity, uniqueness and growth potential of family business in the whole world. In this sense, the ongoing project “Roadmap for Portuguese Family Businesses” (NORTE2020/FEDER) is focused on providing a better understanding and assessment of the impact of family businesses in the North of Portugal on the local, national and international economies. This research addresses a major problem that has been identified in Europe and consists in the lack of institutional visibility, particularly of accurate and up-to-date statistics in this sector. This paper begins by identifying some of the interesting research questions that emerge from examining the business family portraits. Then, based on some preliminary empirical findings gathered from ongoing research, first of all, we intend to identify interesting profiles of family business by mobilising some socioeconomic variables; and secondly, to point out major challenges faced by Portuguese family business.
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Quinn, Bernie, and Claire Seaman. "Artisan food production, small family business and the Scottish food paradox." Nutrition & Food Science 49, no. 3 (May 13, 2019): 455–63. http://dx.doi.org/10.1108/nfs-04-2018-0104.
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Purpose This paper aims to draw together three strands of work currently being carried out at Queen Margaret University in Edinburgh to take an overview of food in Scotland and on-going local interventions. The provision of “artisan” food, defined here as food that forms part of the established tradition of its local area, usually produced on a relatively small scale, has become prominent in Scotland in recent years and is seen by many as part of a developing food culture that begins to address the Scottish food paradox. Design/methodology/approach A review of current research that considers artisanal food production and work that researches small and family enterprises was undertaken. Findings Small business support within the UK and indeed tailored support for businesses owned and managed by families is in a developmental phase at present. While there are numerous sources from which businesses can seek support, there are also acknowledged challenges for businesses in identifying the most appropriate sources of support, and the opportunity cost of engaging with business support agencies remains a serious concern for many. Further, much business support prioritises high-growth businesses, effectively de-prioritizing artisanal food producers. Research limitations/implications The development and promotion of appropriate business support systems tailored to artisanal food production is an area that would merit further development. Originality/value The value of this piece lies in its blending of two distinct areas of work, considering both the challenges faced by artisanal food producers and recent research in family and smaller enterprises.
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Royer, Susanne, Roland Simons, Britta Boyd, and Alannah Rafferty. "Promoting Family: A Contingency Model of Family Business Succession." Family Business Review 21, no. 1 (March 2008): 15–30. http://dx.doi.org/10.1111/j.1741-6248.2007.00108.x.
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Succession is a challenge to family businesses for a number of reasons, including the need to address the issue of intergenerational handover. This article focuses on one aspect of succession in family business by investigating when family members are preferred as successors. Results from 860 family businesses indicate that specific (tacit) knowledge characteristics combined with a favorable transaction atmosphere, in certain contexts, make a family member the most suitable successor. A conceptual model is presented that outlines when inside-family succession is preferred.
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Reddrop, Alan, and Gido Mapunda. "Family businesses: seekers of advice." Journal of Family Business Management 5, no. 1 (April 13, 2015): 90–115. http://dx.doi.org/10.1108/jfbm-08-2014-0018.
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Purpose – The purpose of this paper is to increase understanding of the often questioned willingness of family businesses (FBs) to seek external advice on challenges they face. Design/methodology/approach – Mixed methods were employed gaining 140 responses to a survey of FB CEOs on their use of advice, followed by 51 semi-structured interviews of FB owners, managers and advisers. It drew upon institutional theory and those concerning both trust and organisational knowledge creation; also upon experiential knowledge gained in advising FBs. Findings – Cost was found to deter use of professional advice, also unawareness of where it was to be found. Dissatisfaction with many advisers’ “soft” skills was prevalent. Clients took as given advisers’ technical knowledge; empathy and listening skills being the discriminants of successful practice. Effective means of skills creation were identified but seen to be obtained fortuitously, not systematically. The professional institutions of accountants, the most frequently used professional advisers, require tertiary institutions seeking their accreditation to develop their students’ “generic skills”, including “the ability to listen effectively”: conditions not being complied with. However, advice-seeking is found to be greater than assumed because of an unexpected resort to peers, often through networking. Widespread peers’ recommendations of professional advisers impart instantaneous “vicarious” trust, found to be more common than the “slow maturing” kind posited by previous researchers. Originality/value – This paper offers a rarely recorded FB client perspective on their use of external advice. It extends understanding of the trust upon which they rely. It discloses how some achieve a mutual learning that expands understanding of organisational knowledge creation. It describes a route, “shadowing”, through which professional advisers have achieved outstanding performance.
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Marques, Ana Paula, and Ana Isabel Couto. "Intergenerational Management Succession: Specificities of the Portuguese Family Business." European Journal of Economics and Business Studies 6, no. 1 (January 1, 2020): 43. http://dx.doi.org/10.26417/ejes.v6i1.p43-55.
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Family firms are considered the world’s most predominant form of business organisation. Notwithstanding the fact that there is a lack of consensus with regards to their definition, on recognise that family firms are different from non-family businesses due to their specific relations at three levels, namely ownership, business and family. It would appear that the family influences, shapes and conditions both the firm and its continuity, mainly through the intergenerational management succession, its planning and effectiveness. According to a recent research focused on the entrepreneurial succession in Portugal (AEP, 2011), 50% of family businesses are not passed on to the second generation, and only 20% reach the third generation. Also, taking into account the main results from the project “Roadmap for Portuguese Family Businesses” (NORTE2020/FEDER), the empirical findings have proved that the business succession planning has been identified as one of the most challenging steps in the life of the family firm, which demands for appropriate analysis. In fact, resistance to succession, relationship founder/ successor, planning of succession, type of organisational culture, among others, explain how executive succession is one of the most important and hardest tasks in organisational life. In this article, we aim to discuss the main management challenges of a family business, particularly the importance of succession preparation and the role of the family in the socialisation of the second (third or subsequent) generation. Based on an online survey (N 1148) and on in-depth interviews conducted to founder/ manager/ owner (N 23), we will seek to point out major challenges faced by the Portuguese family business, as far as this matter is concerned.
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Rashid, Sumayya, and Vanessa Ratten. "A dynamic capabilities approach for the survival of Pakistani family-owned business in the digital world." Journal of Family Business Management 10, no. 4 (April 8, 2020): 373–87. http://dx.doi.org/10.1108/jfbm-12-2019-0082.
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PurposeThe purpose of this paper is to identify the role of dynamic capabilities for the survival of family-owned business (FOB) in Pakistan. The paper aims at examining the impact of digitization on business landscape for FOBs.Design/methodology/approachData for this research were collected using in-depth interviews. About 24 interviews were conducted with the owners of 24 FOBs in four different states of Pakistan. Interviews were translated and transcribed. By using GIOIA methodology, first-order concepts, themes and aggregate dimension were identified that explained the additional dynamic capabilities needed for family businesses in digital era.FindingsThe results of the data analysis revealed that family businesses are struggling to cope with thriving digital market. Digital mind-set is needed to survive in the market. The ability to respond to change is needed. The intelligence and wisdom needed for creating and maintaining an intellectual asset should be used by investing in new technologies. Importantly, businesses need to maintain an emotionally and artificially intelligent brand.Research limitations/implicationsThe research is based on four different states of Pakistan. By focussing on each state could generate more data. The research is focussed on Pakistan to know about the dynamics of emerging economies. Replicating same research on other developing countries can bring more results. Lastly, it is a purely qualitative research. A quantitative analysis could bring a new context to the problem.Practical implicationsUnderstanding the challenges of family businesses for coping in digital market helps other family businesses to get a know-how before entering the market. Digital presence can help in building the brand but when not handled correctly can damage the brand as well. Investing in additional capabilities can provide a competitive advantage to family businesses. Family businesses possess a passion for the idea which helps to build the narrative for the brand.Originality/valueThis research is contributing to highlight the scenario of an emerging economy by studying the challenges of FOB in digitization. The literature provides more information and theories regarding developed countries. This research is a picture of developing economy and how wave of digital era has transformed the business landscape. In-depth interviews were conducted for deep insights which helps in contributing towards family business research.
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AlRebdi, Anas, and Khaliq Ahmad Mohamad. "Unsustainable Family Business in Saudi Arabia - The Roadmap Ahead." International Journal of Business and Management Research 9, no. 2 (June 30, 2021): 233–43. http://dx.doi.org/10.37391/ijbmr.090216.
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Family businesses play a crucial role in the global economy. The GCC especially the Kingdom of Saudi Arabia occupies a significant place in the global economic pie. It offers many employment opportunities to the Saudi and non-Saudi nationals and contributes a significantly to the GDP. According to the government sources there are an estimated 538,000 family businesses in the Kingdom and together this family business cluster contributes approximately 216 billion dollars to the national GDP and provides employments to approximately 7.2 million workers that constitute about 52 percent of the total workforce. Beside such a great potential there are only a few of them can thrive and survive in the present circumstances in the market. Just a third of family businesses are successful thanks to a new generation of entrepreneurs in command. Future success depends to a large extent on the successive achievements of these newly minted entrepreneurs and sustainability of family businesses of such companies in the past affects the success of future generations of these family businesses. There are many challenges these family businesses are facing once left them unattended may cause them to fail is the focus of this study. Hence there is a need to focus on several attributes of sound management in order to be able to continue and grow to remain sustainable would be contribution of this study. The purpose of this study therefore is to identify the various success factors associated to the question of unsustainability of these family businesses (FB) in Saudi Arabia (KSA). Our understanding indicated that Family Businesses (FB) is short-term oriented. For sustainability these FBs need to create and give more importance to factors such as strategic thinking, to train next of kin to ensure succession planning and sound corporate governance for business longevity. As recommendation the immediate family members and potential business leaders emerging from the younger generations need to be trained for their business continuity and survival.
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Gupta, Nakul, Radha R. Sharma, and Rupali Pardasani. "FragraAroma – accord in business, concord in family." Emerald Emerging Markets Case Studies 3, no. 7 (November 18, 2013): 1–11. http://dx.doi.org/10.1108/eemcs-06-2013-0085.
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Subject area Entrepreneurship, internationalization, family-owned business management, strategic management. Study level/applicability MBA/postgraduate management program courses on family business management. The case can be taught at the beginning of the course to acquaint students with the dynamics of family-owned businesses. MBA/postgraduate/undergraduate courses on entrepreneurship. It can be used in the middle of the course to highlight the challenges presented by an entrepreneur due to change in the business environment and macroeconomic scenario. MBA/postgraduate course on strategic management. It can be used at the beginning of the course to introduce strategies for managing and sustaining growth of a business. MBA/postgraduate course on organizational development. It can be used in the middle of the course to help students understand the importance of designing an optimal organizational structure for a family business. Case overview FragraAroma was an Indian fragrance company. Anil Gupta, the Founder and Managing Director of FragraAroma, and his sister Nisha were equal shareholders of the company. With changes in the Foreign Direct Investment Policy in 2013 in India, Anil and Nisha's husband Tarun had different expansion plans for FragraAroma. While Anil was planning to expand FragraAroma internationally, but his sister and her husband wanted diversification of the company's customer segment in the domestic market itself. The case is poised at the juncture, where Anil was facing a labyrinth of critical decisions. Would he go ahead with Tarun's expansion plan or stick to his plan of internationalization? Would his decision affect the harmony of the family? Was there a way that could enable him sailing his family and family business out of the doldrums? Expected learning outcomes This case is primarily about a family business and the dilemmas faced by the owner of that family business. The case captures the challenges faced by a family business in sustaining growth and competitiveness. The case can be used to understand how decisions are taken in a family-owned business. To understand the challenges faced by a family-owned business while developing and implementing its growth strategies. To understand the opportunities and challenges presented to a family-owned businesses when macroeconomic scenarios change. To understand the spillover effects of business decisions on family relations in a typical family-owned business setup. Supplementary materials Teaching notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes.
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Vera, Carolina F., and Michelle A. Dean. "An Examination of the Challenges Daughters Face in Family Business Succession." Family Business Review 18, no. 4 (December 2005): 321–45. http://dx.doi.org/10.1111/j.1741-6248.2005.00051.x.
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The literature on daughter successors of family-owned businesses suggests that they face many challenges. The purpose of this article is to determine the extent to which daughters face these challenges and discover new areas for study. Qualitative data were gathered via interviews with 10 female family business owners. Respondents encountered employee rivalry, experienced work-life balance difficulties, and never assumed they would one day be the successor. Although participants reported few problems with their fathers upon succession, many experienced difficulties succeeding their mothers. An interesting finding was the daughter's likelihood of being compared with her mother's managerial style. Future research directions are offered.
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Mura, Ladislav. "INNOVATIONS AND MARKETING MANAGEMENT OF FAMILY BUSINESSES: RESULTS OF EMPIRICAL STUDY." International Journal of Entrepreneurial Knowledge 8, no. 2 (December 31, 2020): 56–66. http://dx.doi.org/10.37335/ijek.v8i2.118.
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During pandemic and economic crises, business units are under constant pressure and face many challenges to find solutions for. Family businesses form a significant segment of the business sector. Competition and the current crisis force businesses to find solutions for sustainable entrepreneurship. Family businesses are gradually consolidating their position in the business environment, especially by introducing a personal approach to the customer (pro-customer orientation) and innovative activities. The concept of innovative marketing (INMARK) represents businesses' opportunity to establish themselves on the market more successfully than their competitors. This work aimed to verify the possibility of applying the concept of INMARK in the segment of small and medium-sized enterprises of family type as an innovative form of marketing management during the crisis. In addition to theoretical approaches, we rely on empirical data obtained by quantitative research in the business environment. In methodological terms, we applied hypothesis testing. As a part of the applied methodology, we verified the applicability of the INMARK concept in the real business environment. Based on the research results obtained, we can conclude that the pillars of the INMARK concept (product innovation, active application of marketing activities) have a positive response among the representatives of the younger generation of family business management, which can contribute to the successful management of these specific business units.
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Sonnenfeld, Jeffrey A., and Padraic L. Spence. "The Parting Patriarch of a Family Firm." Family Business Review 2, no. 4 (December 1989): 355–75. http://dx.doi.org/10.1111/j.1741-6248.1989.tb00004.x.
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Chief executive succession presents special challenges for family businesses. This article proposes a typology of retirement styles and recommends strategies for planning and managing the succession process.
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Jakob, Dominique. "The role of foundations in family governance." Trusts & Trustees 26, no. 1 (December 17, 2019): 4–10. http://dx.doi.org/10.1093/tandt/ttz120.
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Abstract Family businesses nowadays face numerous challenges caused by multinational family structures, the interplay of generations and inheritance law. This article deals with the role that foundations can play in safeguarding family governance within family businesses. It explains the various models of how foundations can be used as holding structures for businesses. However, as the force of law is limited, the article then focuses on how to integrate family values into the legal tools and attempts to identify the right questions that have to be addressed in order to successfully combine solid legal structures with sustainable family happiness.
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Julhas Miah, Md, Md Shahin Alam Khan, Omar Faruk Misto, and Md Rezaul Karim. "Women Entrepreneurship of Sylhet City, Bangladesh: Challenges & Opportunities." Management and Organizational Studies 5, no. 3 (July 20, 2018): 17. http://dx.doi.org/10.5430/mos.v5n3p17.
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The main purpose of this research is to find out the challenges and opportunities that most of the women specifically those who are entrepreneurs are facing these challenges in Sylhet area, Bangladesh. This report mainly depends on some documents and some practical observations. Women Entrepreneurship is a very essential turning point for the betterment of the women. Unlike the past, women today are no longer confined in the kitchen. They have raised their voice against conservative social outlook. Now women are entering into work force which is providing them a self-identity and right to participate in family decisional affairs. In Sylhet a huge number of women are also having various types of business organizations. The women those who are entrepreneurs of Sylhet, almost 35% are engaged in boutique businesses. There are some other businesses performed by them such as fashion house and cloth store, tailor, parlor, training center etc. Most of them have to maintain their family works despite having a business. But here they are not free from problems. The traditionalism of society, high interest rate of loan, lack of proper training facilities are the main barriers in the smoothness of business. Here every women entrepreneurs recommends that the Government should take necessary effective steps in (providing training, low rate of interest in taking loan etc.) this regard, as it is a very potential way to develop the country.
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Markoski, MSc Goce, and MSc Lidija Gosevska. "Impact of family businesses in the development of the national economy in the Republic of Macedonia." ILIRIA International Review 2, no. 2 (December 31, 2012): 309. http://dx.doi.org/10.21113/iir.v2i2.156.
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The family-run business companies present a driving force of the society in which they function and take great part in identification of market needs. By developing skills and building new types of business, the business owners strive to satisfy those needs, reaffirming the work ethics and entrepreneurial spirit as a solid base for family-run business.The purpose of this paper is to emphasize the importance of family-run business and to recognize its significance in the new social, political background and economic system of our country. By developing strategies for family-run business, the country should boost confidence of young people regarding the possibilities these kinds of business offers in accomplishing individual ambitions.To be able to successfully the challenges of the environment, Family businesses have to adapt to new market conditions. Following the market supply and demand and appropriately responding to the same family businesses contribute to strengthen their market position. Also spur innovation, contributes to this kind of businesses to successfully cope with market competition.Development documents in all these years of independence of the Republic of Macedonia contain provisions for strengthening the small business sector by providing financial support to the operations of the companies, especially new and young enterprises. But despite the fact that several projects were opened several institutions and provide some funds for financing, there remains the conclusion that helping and strengthening the development of family businesses should be treated as a permanent process in the interest of faster employment, using creative potential employees, laid-off workers, young and educated people. Commitment to helping the development of family business is a constant and long-term process, which should be a permanent task and goal of macroeconomic policy.The absence of a quick and relatively easy access to capital, information and new technology, requiring long-lasting process in the policy of encouraging the development of family businesses.
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Distelberg, Brian John, and Adrian Blow. "Variations in Family System Boundaries." Family Business Review 24, no. 1 (March 2011): 28–46. http://dx.doi.org/10.1177/0894486510393502.
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Literature focused on the strength of the boundary around the family system has often provided mixed advice with some suggesting a rigid boundary and others suggesting a diffuse boundary. This study argues that these conflicting findings are due to the limitation of underlying research methods. This study employs a mixed method design that incorporates qualitative data, social network analysis, and multilevel modeling to categorize family businesses into three distinct boundary strength categories. Findings from this study suggest that extremes in boundary strengths provide unique challenges for family businesses. This study also identifies the impact of various levels of boundary strength on nonfamily employees.
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Isaacs, Eslyn B. H., and Christian Friedrich. "Family Business Succession: Founders from Disadvantaged Communities in South Africa." Industry and Higher Education 25, no. 4 (August 2011): 277–87. http://dx.doi.org/10.5367/ihe.2011.0049.
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It is estimated that 50–70% of all South African businesses are family-owned and that these businesses form the backbone of the South African economy, their qualities providing stability and resilience in the changing society of the nation. Succession is one of the biggest challenges for family business owners. Research shows that only 33% of all family businesses progress from the first to the second generation and only 16% progress to the third generation. This is because in many small and medium-sized family businesses there is no formal succession plan and no appropriate governance structures are in place. Matters may also be complicated by destructive conflicts, with more than one family member believing that he or she is best equipped to take over as leader. In most developed countries family business research is receiving the same attention as, for example, entrepreneurship, but in South Africa neither topic has yet come of age. Of the 23 registered universities and technical universities in South Africa, only one offers a full semester-based module on family business, while four of the other institutions offer around two credit modules, of which succession is a small part. It is clear from the investigation reported here that unless the topic of succession receives more attention unclear succession plans, incompetence and/or lack of preparedness of successors and family rivalries will continue to result in unsuccessful successions and business failures.
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Motoc, Adrian. "Romanian family business branding: contextual factors of influence of decisional processes." Proceedings of the International Conference on Business Excellence 14, no. 1 (July 1, 2020): 607–16. http://dx.doi.org/10.2478/picbe-2020-0057.
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AbstractDespite the difficulties of the economic environment and the challenges encountered, family businesses in Romania are drivers of economic growth. The tumultuous history and the cultural differences have impacted the way businesses are conducted and how decisions are made, especially in family-run companies, influencing how the family aspect is being portrayed and turned into a competitive advantage. The purpose of this paper is to determine how these contextual factors are influencing the promotion of the family aspect in the family business brand. The methodology of this paper is the exploratory qualitative interview-based study. Empirical data has been collected by way of in-depth semi-structured interviews with eleven Romanian family business owners or managers selected through non-probability purposive sampling, further analysed using content analysis technique. Results suggest that Romania’s cultural background directly affects family businesses and the way they promote their family image, identity and reputation. Although this has a positive effect, few Romanian family businesses are active and promote themselves on the marketplace as a family business. Romanian families have a high degree of autonomy and accountability in relation to local communities which can help or impede the development of a family brand because both families and communities require transparency and there is a high degree of uncertainty which can impact both the business and the family owners. The reference to current literature primarily relates to the position of the family in the business but most notably to branding. The role of family members is drawn to limit actions in certain aspects of promotion and branding, as a direct result of high-conservative views.
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Al-Ghamri, Nayef. "Challenges Facing Businesswomen and Their Negative Impact on the Performance of Small Businesses in the Province of Jeddah in Saudi Arabia." International Journal of Business and Management 11, no. 9 (August 7, 2016): 96. http://dx.doi.org/10.5539/ijbm.v11n9p96.
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<p>Businesswomen are increasingly playing a significant role in the economy at both, national and international levels. Women-owned businesses provide job opportunities and contribute to strengthening the family and community’s cohesion. However, the majority of women business owners, whether small or big, in terms of size or those conducted without permits especially in developing countries, are all put at a disadvantage in starting businesses. The reason behind this is due to social, political, family and economic challenges faced by businesswomen in many countries. Other obstacles arise from the personality traits of women entrepreneurs and have continuously caused to hinder their engagement in businesses or their willingness to initiate their own new businesses. The impact of these challenges varies from one businesswoman to another. For instance, poor economic conditions may motivate a Chinese businesswoman; however, the same conditions may represent an obstacle to other businesswomen in some Middle Eastern countries. This research study, following an explanatory nonexperimental research design (Belli, 2008; Cook and Cook, 2008; Johnson, 2001) will focus on the most important challenges facing Saudi businesswomen, particularly including social and economic constraints, discrimination and infrastructure challenges. The study has outlined that family constraints are ranked at the top of those challenges. Recommendations aiming to help businesswomen overcome these challenges shall be drawn up in this study. The study is purposefully divided into several parts as follows:</p><p>Part I: Introduction: Addresses the research problem, its hypotheses, importance and objectives.</p><p>Part II: Addresses the research methodology, literature review and previous research.</p><p>Part III: Data collection, draw up conclusions and recommendations.</p>
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DeNoble, Alex, Sanford Ehrlich, and Gangaram Singh. "Toward the Development of a Family Business Self-Efficacy Scale: A Resource-Based Perspective." Family Business Review 20, no. 2 (June 2007): 127–40. http://dx.doi.org/10.1111/j.1741-6248.2007.00091.x.
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Given the importance of succession planning in family-owned businesses, our research is focused on identifying the key dimensions that could comprise a family business self-efficacy scale. We employed an explorative qualitative research methodology by querying a group of family business presidents to describe the skills critical for success. Using a resource-based perspective and relevant family business succession literature, we organized this feedback into a framework depicting the key challenges associated with leadership succession. The presidents' comments highlight a set of general and family business skill requirements that fall into the domains of social and human capital.
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Chukwujioke Agbim, Kenneth, and Anthony Igwe. "The Role of Social Network in Family Business Diversification: Evidence from South Eastern Nigeria." Interdisciplinary Journal of Information, Knowledge, and Management 14 (2019): 199–234. http://dx.doi.org/10.28945/4340.
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Aim/Purpose: This study seeks to investigate if participation in business association’s programs through the traditional and new media platforms influences family businesses in South Eastern Nigeria to diversify into similar or different businesses. Background: Before the advances in information and communication technology, businesses were carried on via the traditional media. The application of these advances has changed the way business communications and transactions are conducted globally in both family and non-family businesses. Businesses are adapting to today’s turbulent environment by opening similar or different businesses in the same or different locations that are hinged on the traditional and new media platforms. Nigerians are largely involved in social network through the traditional (face-to-face contact) and new media (e.g., Facebook, WhatsApp, Twitter, YouTube and Instagram). Moreover, in spite of the commonplaceness of family businesses in Nigeria, these businesses still experience weak diversification, bankruptcy and loss of socio-emotional wealth. Consequent upon the foregoing, this paper specifically investigates if involvement in social network via the traditional media (i.e., participation in business association’s meetings, workshops, seminars) and the new media (i.e., participation in the business association’s interactive sessions on trending business issues through the association’s online social platform like WhatsApp, Twitter), influence family businesses in South Eastern Nigeria to diversify into similar or different businesses. Methodology: The study adopted a qualitative methodology. The qualitative data were generated via interview involving 30 purposively selected businesses from South Eastern Nigeria. This comprises 15 family businesses each that have respectively adopted related and unrelated diversification strategies. Two respondents (i.e., the business owner and a top level manager) each were drawn from the selected businesses. In all, 60 respondents were interviewed. Since the unit of analysis is the family business, the interview transcriptions from all the respondents were subjected to thematic content analysis on the basis of the family businesses. Contribution: Active involvement and participation in all the meetings, discussions, workshops and seminars of the social network via the traditional and new media platforms facilitates the adoption of related or unrelated diversification in family businesses. Moreover, the adoption of similar social network platforms like WhatsApp and Twitter in all the relationships among and between employees and managers, and the transactions of the businesses is one of the key factors for achieving successful related or unrelated diversification in family businesses. Findings: In spite of the risky nature of the business environment, the adoption of related diversification strategies is significantly influenced by resources such as business consultancy services garnered through the traditional and new media platforms of the social network. Also, family businesses that are actively involved in a social network where the actors interact through the traditional and new media are influenced by the resources acquired to consider adopting unrelated diversification. These resources include: better understanding of the nature of business challenges, environments and experiences; and different lines of businesses. Thus, the traditional and new media platforms are complementary in their roles. Recommendations for Practitioners: Family business owner-managers could use the findings to develop related or unrelated strategies for diversifying into existing or new markets. This can be through the localization of manufacturing plant, improvement of product packaging, sitting of sales outlet closer to the consumers, introduction of lower prices for products/services, introduction of new and better ways of service delivery, or development of more compelling promotion strategies. Recommendation for Researchers: As a veritable guide, this study could guide future researchers in the formulation of their objectives, selection of instrument for data collection and respondents, and adoption of method of data analysis. Impact on Society: Successful diversification suggests the establishment of new or more businesses. Consequently, these new or more family businesses are expected to translate to more employment opportunities and by extension reduction in unemployment and poverty rates in the society. Future Research: Further studies should be carried out to enhance the development of family businesses, contribute to the existing literature and ensure the generalization of the findings.
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Makings, G. S. "Family business governance in the Middle East: the challenges facing the continuity of family businesses in the Middle East." Trusts & Trustees 15, no. 10 (December 1, 2009): 770–75. http://dx.doi.org/10.1093/tandt/ttp115.
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