This document discusses problems that family businesses often face. It begins with an executive summary outlining the topics that will be covered, including statistical data on family businesses, their notable features, common problems they encounter, and potential solutions. The main problems discussed are conflicts among family members, a lack of unified strategy and planning, prioritizing personal goals over business goals, personal conflicts negatively impacting business operations, not adopting a corporate approach, outdated marketing approaches, and failing to adopt new technologies. The document provides examples and research to support each problem discussed.
A family business is a business in which one or more members of one or more f...offnow321
A family business is one where family members have significant ownership and commitment to the business's well-being. Some of the world's largest companies are family-owned or controlled, including Walmart, Samsung, Tata Group, and Foxconn. Family businesses face unique challenges in balancing the interests of family members as owners and/or managers with the interests of the business. Successful succession and growth of a family business requires competency in managing these competing interests.
The document summarizes a presentation on mediating family business disputes to prevent generational and sibling conflicts. It discusses common issues in family businesses related to succession, employment, profits distribution and management. It notes that underlying family business disputes are often issues of fairness, respect, communication and systemic family dysfunction. The presentation reviews tools for mediators, including determining if the family or business system is dominant and addressing the real problems and interests of all involved parties to keep the family intact.
This document summarizes a study of family firms listed on the Singapore Exchange. Some key findings include:
1) Family firms comprise 60.8% of SGX-listed companies and dominate industries like construction, hotels, property, manufacturing, and services.
2) Family firms generally outperform non-family firms, registering a return on assets of 3.7% versus 0.9% for non-family firms.
3) Family members play a prominent leadership role, holding 78.6% of CEO and 72.9% of chairman positions. Founders are very involved and family members have long tenures compared to non-family directors.
4) Ownership is concentrated, with the top
This document discusses challenges surrounding succession planning in family-owned businesses in Zimbabwe based on interviews with founding entrepreneurs. The key challenges identified are:
1) Lack of communication as the founding entrepreneurs are reluctant to openly communicate about their succession plans for fear of causing family conflicts over who will inherit the business.
2) Lack of preparedness and appropriateness of potential succession candidates as heirs apparent may not be in good standing with the rest of the family.
3) Dysfunctional family conflicts as communicating succession intentions risks "opening a can of worms" and splitting the family apart over who should inherit control of the business.
4) Reliance on primogeniture where the oldest son is traditionally
Family businesses make up a significant portion of businesses worldwide, ranging from 65-80% and contributing 30-65% of GDP. However, family businesses often fail due to internal family and management issues rather than external market forces. The main reasons for failure include a lack of succession planning which leaves the next generation unprepared to lead, unfairly promoting family members based on attributes other than skills, and fraternal conflicts between family members over control of the business and inheritance. Failure to change with the times and reluctance of older family members to relinquish control also contributes to family business failures.
Family businesses do things differently!
Every family business is unique, we know that but the tensions and strains in a family business to a greater or lesser extent are always the same. in this seminar we look under the skin of the family business and shine a light of some of the common areas of conflict and stress.
The truth is out there - you are not alone!
A family business is a business in which one or more members of one or more f...offnow321
A family business is one where family members have significant ownership and commitment to the business's well-being. Some of the world's largest companies are family-owned or controlled, including Walmart, Samsung, Tata Group, and Foxconn. Family businesses face unique challenges in balancing the interests of family members as owners and/or managers with the interests of the business. Successful succession and growth of a family business requires competency in managing these competing interests.
The document summarizes a presentation on mediating family business disputes to prevent generational and sibling conflicts. It discusses common issues in family businesses related to succession, employment, profits distribution and management. It notes that underlying family business disputes are often issues of fairness, respect, communication and systemic family dysfunction. The presentation reviews tools for mediators, including determining if the family or business system is dominant and addressing the real problems and interests of all involved parties to keep the family intact.
This document summarizes a study of family firms listed on the Singapore Exchange. Some key findings include:
1) Family firms comprise 60.8% of SGX-listed companies and dominate industries like construction, hotels, property, manufacturing, and services.
2) Family firms generally outperform non-family firms, registering a return on assets of 3.7% versus 0.9% for non-family firms.
3) Family members play a prominent leadership role, holding 78.6% of CEO and 72.9% of chairman positions. Founders are very involved and family members have long tenures compared to non-family directors.
4) Ownership is concentrated, with the top
This document discusses challenges surrounding succession planning in family-owned businesses in Zimbabwe based on interviews with founding entrepreneurs. The key challenges identified are:
1) Lack of communication as the founding entrepreneurs are reluctant to openly communicate about their succession plans for fear of causing family conflicts over who will inherit the business.
2) Lack of preparedness and appropriateness of potential succession candidates as heirs apparent may not be in good standing with the rest of the family.
3) Dysfunctional family conflicts as communicating succession intentions risks "opening a can of worms" and splitting the family apart over who should inherit control of the business.
4) Reliance on primogeniture where the oldest son is traditionally
Family businesses make up a significant portion of businesses worldwide, ranging from 65-80% and contributing 30-65% of GDP. However, family businesses often fail due to internal family and management issues rather than external market forces. The main reasons for failure include a lack of succession planning which leaves the next generation unprepared to lead, unfairly promoting family members based on attributes other than skills, and fraternal conflicts between family members over control of the business and inheritance. Failure to change with the times and reluctance of older family members to relinquish control also contributes to family business failures.
Family businesses do things differently!
Every family business is unique, we know that but the tensions and strains in a family business to a greater or lesser extent are always the same. in this seminar we look under the skin of the family business and shine a light of some of the common areas of conflict and stress.
The truth is out there - you are not alone!
This document discusses family businesses in Latin America and outlines a three-stage model of a typical family business lifecycle. It also provides an overview of governance institutions that family businesses establish like family assemblies, councils, and offices. The document then discusses a case study of a Mexican pharmaceutical company called Quimica Farmaceutica Esteroidal that sought business consulting services to develop a family succession protocol. The consultant conducted a business diagnosis and provided insights that helped the company establish foundations for succession planning and formalizing processes.
Family Business Succession: What You Need to Know to Effectively Advise Busin...Nicole Garton
The owners of half of all small and medium size enterprises in Canada in Canada are set to retire in the next decade, with an estimated $1.9 trillion dollars of assets poised to change hands. Learn how to help your clients establish a successful plan for the transfer of ownership and management of the business to a chosen successor.
This document discusses organizational culture, leadership, and performance in the automotive components industry in Indonesia. It finds that leadership plays a strong role in improving organizational performance and shaping organizational culture. Strong leadership can initiate a culture that encourages superior performance. However, a strong organizational culture alone is not enough to improve performance. The study was conducted on 165 automotive component companies in Indonesia. It aims to provide a comprehensive understanding of how organizational culture and leadership contribute to performance and how they relate to each other.
There are over 10 million family businesses in the United States, and $4.5 trillion of equity in these businesses are predicted to transfer in the next five years. But successful succession is a real challenge for family businesses (67% failure rate), so here is an overview with suggestions to help plan for succession success.
Note: This was designed in PPTX 2007 with lots of animation that is lost in slideshare, so I've removed all the animations and converted it to a ppt. But some Slideshare glitches come through (white backgrounds turn black, background photos that don't screen back)
This document provides an overview of Sidney Merrill's internship with Northwestern Mutual. It describes Northwestern Mutual as a mutual insurance company focused on comprehensive financial planning in areas like risk management, wealth accumulation, and wealth distribution. It details the internship application and training process, and explains that interns work as college financial representatives, performing similar work to full representatives. The document also outlines the company structure and Merrill's responsibilities, objectives for the internship, and projects completed.
The document discusses the roles of government in business from Islamic and conventional perspectives. It outlines Muhammad Asad's Islamic view that government should provide education and economic opportunities to enable citizens' well-being and self-respect. The conventional view given by Musgrave is that government has three main functions: allocation of public facilities, distribution of national wealth, and stabilization of prices and employment. The document also discusses other government responsibilities in business like promoting trade, ensuring equal opportunities and environmental protection. It examines the relationship between business, politics and their similarities in getting voters/customers.
This document discusses different forms of business organization in India. It begins with an acknowledgement and introduction. It then discusses the key forms of business organization including sole proprietorship, partnership, joint Hindu family business, cooperative societies, and joint stock companies. For each form, it provides an overview and highlights some of their key advantages and disadvantages. The document serves as a guide to the different options for organizing a business in India.
This document discusses women entrepreneurs in India. It notes that while women make up 40% of the population, they have traditionally played secondary roles in society. However, increased education and awareness have led more women to become entrepreneurs. The document outlines some common characteristics of successful entrepreneurs and then discusses some key challenges faced by women entrepreneurs in India, such as access to financing, working capital, technology, and lack of confidence and management skills. It also reviews some government and non-government programs that aim to promote and support women entrepreneurs. Overall, the document argues that increasing women's entrepreneurship can help boost their economic independence and empowerment.
There are three main types of business organizations: sole proprietorships, partnerships, and corporations. A sole proprietorship is a business owned and run by one individual. A partnership is when two or more individuals come together to run a business and share profits and losses. A corporation is a legal entity that is separate from its owners, allowing it to raise capital from shareholders.
The document discusses different forms of business organization: sole proprietorship, partnership, corporation, and cooperative. It provides statements to determine whether each one is true or false. A sole proprietorship is owned and managed by one person and ends upon the owner's death. A partnership shares profits among partners based on agreement but partners are liable for each other's actions. A corporation is more complicated to set up but can raise funds through stock sales and exist longer than 50 years. Cooperatives achieve members' social and economic needs through resource sharing and require member participation.
The document discusses strategies used by long-lasting family-owned businesses to remain successful across generations. It finds that establishing strong governance through clear family rules and guidelines, prioritizing merit-based management decisions over nepotism, and actively managing business portfolios through engaged boards are key factors. Family businesses that have lasted over 100 years on average establish governance systems to separate family and management roles, appoint outside directors to boards, and only involve family in management if they prove their competence through outside experience.
This document discusses various aspects of corporate governance and women's participation in business in India. It defines corporate governance as the system by which companies are directed and controlled, with the four main pillars being accountability, fairness, transparency, and responsibility. It outlines how economic reforms in India transformed businesses and industries. While women's empowerment and representation in local governance has increased, their participation remains limited due to factors like lower literacy, patriarchal attitudes, lack of awareness of rights, and asymmetric power relations that perpetuate the exploitation of marginalized groups including rural women. The document also discusses the roles women can potentially excel at in corporate boards and businesses if given more opportunities and support.
Prospects and Threats of Women Entrepreneur in SME Sectors in Urban Area Bang...IOSRJBM
The aim of this paper is to explore the challenges faced by the women entrepreneur in Sylhet city as well as also exploring their prospects. Women also play a vital role for the growth of the economy especially in small and medium sector. The SME sector has higher growth rate than the industrial sector. It contributes big role for developing entrepreneurship and labor absorption. It also plays a vital role in economy and social development. it's contribute significantly for entrepreneurship development, employment generation and utilize the potentiality. Women in Bangladesh are still remaining vulnerable to poverty and social deprivation. Although the situation is now changing. A woman has to invest a lot of time for household work and child rearing but they are investing the extra time to business sector to support their family and also utilizing their hidden potentiality. A structure questionnaire has been used to collect data by survey and the target population is women entrepreneur in Sylhet city. This city has been choosing because a huge amount of remittance comes from abroad. In this study also try to find out the motivational factors that induce them to be entrepreneur. finally put some suggestion to minimize the challenges.
This document is the editorial board and contents page for the International Journal of Research in Banking and Finance (IJRBF) published by the Emirates Institute for Banking and Financial Studies (EIBFS). It lists the managing editor, associate editors from various universities, and the articles in the first issue including "The Changing Paradigm of Business Ethics" and discussions on corporate governance, gender rights, environmental ethics, and protecting investors from corporate fraud.
Impact Of M&A On Employees & Working ConditionsShiva Shankara
Mergers and acquisitions can have significant impacts on employees and working conditions. When two companies merge, there is often a clash of cultures that pulls employees in different directions and endangers the objectives of the merger. Individual employees and groups within the companies may experience ego clashes or a loss of control. Personnel issues like compensation and job roles can also be affected when organizational structures differ between companies. The merger process itself typically takes 6-9 months and involves reorganization that disturbs the work culture. Employees experience stress, uncertainty and fears about potential job losses or changes to their roles. Integrating the human resources of the merging companies is key to the success of the merger but can be challenging.
7. challenges of entrepreneurship in indiaPratap Tirkey
Indian entrepreneurs face several key challenges including family challenges in convincing family members that a business will be more profitable than joining the family business or getting a job. Social challenges also exist when friends who get jobs are able to purchase assets sooner. Technological challenges arise because the education system does not prepare entrepreneurs for online business models. Financial challenges also exist as it is difficult for new online entrepreneurs to get initial funding from banks or investors who do not understand new business models. Government policies also frequently change, creating uncertainty.
Broken Buffer: How Trade Adjustment Assistance Fails American Workerscoryhelene
The following report evaluates the Trade Adjustment Assistance (TAA)--the primary U.S. policy response to the job dislocations caused by trade. It shows the ways in which TAA has failed to respond adequately to the challenges facing dislocated workers. It highlights the need for a more comprehensive set of policies to help workers and families navigate the economic restructuring that has become an inevitable part of increasing trade and globalization.
Succession process among africa owned business in ukJohn Johari
1) The document discusses succession planning in family-owned businesses in Malaysia, focusing on retailing and manufacturing SMEs. It examines succession issues, planning, and developing a model for succession.
2) A survey was conducted of 126 family business owners in the East Coast region of Malaysia. The majority were middle-aged, married women with secondary education and 10-20 years of experience. Most businesses were first-generation family firms.
3) The study aims to understand succession challenges, attributes important for successors, and the current status of succession planning. A correlation analysis and regression model were developed to understand factors influencing successful succession planning.
Presentation on problems of entrepreneurship development in BangladeshMoniruzzaman Milon
This document discusses problems faced by entrepreneurs in Bangladesh. It identifies several key challenges including financial problems in obtaining capital and high interest loans, scarcity and high costs of raw materials, lack of technology and infrastructure, political instability, and lack of managerial skills and training. The document provides examples for each problem area and suggests that support is needed through financial assistance, research and development facilities, a stable political environment, and ensuring raw material availability to help address issues facing entrepreneurship development in Bangladesh.
Money markets and_fixed_income_securities essay sample from assignmentsupport...https://writeessayuk.com/
This document contains calculations and analysis of Australian government bonds from June and December 2011. It includes calculations of dirty and clean prices, modified duration, convexity, and holding period returns for individual bonds and a portfolio. Yield curves, spot curves, and forward curves out to 5 years are also estimated using available bond data from the given periods. Key findings are that the portfolio holding return increased from June to December 2011, while durations and convexities decreased slightly over the same period.
Marketing planning essay sample from assignmentsupport.com essay writing serv...https://writeessayuk.com/
This marketing plan summary provides an overview of Clayton's, a profitable supermarket in Yorkshire, and their plans to open a new mega-supermarket. Clayton's currently profits £750,000 annually from their 40,000 loyal customers in Yorkshire. However, they face competition from Tesco. The marketing consultant conducted a situation analysis using PESTLE and Porter's Five Forces models. They identified key barriers like objective/strategy confusion due to differing cultures and customer expectations. Their recommendations include opening a small store first to understand customer needs, lowering prices for higher volume/profits, and using digital marketing. The strategic planning process will focus on the SWOT analysis and meeting corporate objectives. The marketing mix of product, price, place
This document discusses family businesses in Latin America and outlines a three-stage model of a typical family business lifecycle. It also provides an overview of governance institutions that family businesses establish like family assemblies, councils, and offices. The document then discusses a case study of a Mexican pharmaceutical company called Quimica Farmaceutica Esteroidal that sought business consulting services to develop a family succession protocol. The consultant conducted a business diagnosis and provided insights that helped the company establish foundations for succession planning and formalizing processes.
Family Business Succession: What You Need to Know to Effectively Advise Busin...Nicole Garton
The owners of half of all small and medium size enterprises in Canada in Canada are set to retire in the next decade, with an estimated $1.9 trillion dollars of assets poised to change hands. Learn how to help your clients establish a successful plan for the transfer of ownership and management of the business to a chosen successor.
This document discusses organizational culture, leadership, and performance in the automotive components industry in Indonesia. It finds that leadership plays a strong role in improving organizational performance and shaping organizational culture. Strong leadership can initiate a culture that encourages superior performance. However, a strong organizational culture alone is not enough to improve performance. The study was conducted on 165 automotive component companies in Indonesia. It aims to provide a comprehensive understanding of how organizational culture and leadership contribute to performance and how they relate to each other.
There are over 10 million family businesses in the United States, and $4.5 trillion of equity in these businesses are predicted to transfer in the next five years. But successful succession is a real challenge for family businesses (67% failure rate), so here is an overview with suggestions to help plan for succession success.
Note: This was designed in PPTX 2007 with lots of animation that is lost in slideshare, so I've removed all the animations and converted it to a ppt. But some Slideshare glitches come through (white backgrounds turn black, background photos that don't screen back)
This document provides an overview of Sidney Merrill's internship with Northwestern Mutual. It describes Northwestern Mutual as a mutual insurance company focused on comprehensive financial planning in areas like risk management, wealth accumulation, and wealth distribution. It details the internship application and training process, and explains that interns work as college financial representatives, performing similar work to full representatives. The document also outlines the company structure and Merrill's responsibilities, objectives for the internship, and projects completed.
The document discusses the roles of government in business from Islamic and conventional perspectives. It outlines Muhammad Asad's Islamic view that government should provide education and economic opportunities to enable citizens' well-being and self-respect. The conventional view given by Musgrave is that government has three main functions: allocation of public facilities, distribution of national wealth, and stabilization of prices and employment. The document also discusses other government responsibilities in business like promoting trade, ensuring equal opportunities and environmental protection. It examines the relationship between business, politics and their similarities in getting voters/customers.
This document discusses different forms of business organization in India. It begins with an acknowledgement and introduction. It then discusses the key forms of business organization including sole proprietorship, partnership, joint Hindu family business, cooperative societies, and joint stock companies. For each form, it provides an overview and highlights some of their key advantages and disadvantages. The document serves as a guide to the different options for organizing a business in India.
This document discusses women entrepreneurs in India. It notes that while women make up 40% of the population, they have traditionally played secondary roles in society. However, increased education and awareness have led more women to become entrepreneurs. The document outlines some common characteristics of successful entrepreneurs and then discusses some key challenges faced by women entrepreneurs in India, such as access to financing, working capital, technology, and lack of confidence and management skills. It also reviews some government and non-government programs that aim to promote and support women entrepreneurs. Overall, the document argues that increasing women's entrepreneurship can help boost their economic independence and empowerment.
There are three main types of business organizations: sole proprietorships, partnerships, and corporations. A sole proprietorship is a business owned and run by one individual. A partnership is when two or more individuals come together to run a business and share profits and losses. A corporation is a legal entity that is separate from its owners, allowing it to raise capital from shareholders.
The document discusses different forms of business organization: sole proprietorship, partnership, corporation, and cooperative. It provides statements to determine whether each one is true or false. A sole proprietorship is owned and managed by one person and ends upon the owner's death. A partnership shares profits among partners based on agreement but partners are liable for each other's actions. A corporation is more complicated to set up but can raise funds through stock sales and exist longer than 50 years. Cooperatives achieve members' social and economic needs through resource sharing and require member participation.
The document discusses strategies used by long-lasting family-owned businesses to remain successful across generations. It finds that establishing strong governance through clear family rules and guidelines, prioritizing merit-based management decisions over nepotism, and actively managing business portfolios through engaged boards are key factors. Family businesses that have lasted over 100 years on average establish governance systems to separate family and management roles, appoint outside directors to boards, and only involve family in management if they prove their competence through outside experience.
This document discusses various aspects of corporate governance and women's participation in business in India. It defines corporate governance as the system by which companies are directed and controlled, with the four main pillars being accountability, fairness, transparency, and responsibility. It outlines how economic reforms in India transformed businesses and industries. While women's empowerment and representation in local governance has increased, their participation remains limited due to factors like lower literacy, patriarchal attitudes, lack of awareness of rights, and asymmetric power relations that perpetuate the exploitation of marginalized groups including rural women. The document also discusses the roles women can potentially excel at in corporate boards and businesses if given more opportunities and support.
Prospects and Threats of Women Entrepreneur in SME Sectors in Urban Area Bang...IOSRJBM
The aim of this paper is to explore the challenges faced by the women entrepreneur in Sylhet city as well as also exploring their prospects. Women also play a vital role for the growth of the economy especially in small and medium sector. The SME sector has higher growth rate than the industrial sector. It contributes big role for developing entrepreneurship and labor absorption. It also plays a vital role in economy and social development. it's contribute significantly for entrepreneurship development, employment generation and utilize the potentiality. Women in Bangladesh are still remaining vulnerable to poverty and social deprivation. Although the situation is now changing. A woman has to invest a lot of time for household work and child rearing but they are investing the extra time to business sector to support their family and also utilizing their hidden potentiality. A structure questionnaire has been used to collect data by survey and the target population is women entrepreneur in Sylhet city. This city has been choosing because a huge amount of remittance comes from abroad. In this study also try to find out the motivational factors that induce them to be entrepreneur. finally put some suggestion to minimize the challenges.
This document is the editorial board and contents page for the International Journal of Research in Banking and Finance (IJRBF) published by the Emirates Institute for Banking and Financial Studies (EIBFS). It lists the managing editor, associate editors from various universities, and the articles in the first issue including "The Changing Paradigm of Business Ethics" and discussions on corporate governance, gender rights, environmental ethics, and protecting investors from corporate fraud.
Impact Of M&A On Employees & Working ConditionsShiva Shankara
Mergers and acquisitions can have significant impacts on employees and working conditions. When two companies merge, there is often a clash of cultures that pulls employees in different directions and endangers the objectives of the merger. Individual employees and groups within the companies may experience ego clashes or a loss of control. Personnel issues like compensation and job roles can also be affected when organizational structures differ between companies. The merger process itself typically takes 6-9 months and involves reorganization that disturbs the work culture. Employees experience stress, uncertainty and fears about potential job losses or changes to their roles. Integrating the human resources of the merging companies is key to the success of the merger but can be challenging.
7. challenges of entrepreneurship in indiaPratap Tirkey
Indian entrepreneurs face several key challenges including family challenges in convincing family members that a business will be more profitable than joining the family business or getting a job. Social challenges also exist when friends who get jobs are able to purchase assets sooner. Technological challenges arise because the education system does not prepare entrepreneurs for online business models. Financial challenges also exist as it is difficult for new online entrepreneurs to get initial funding from banks or investors who do not understand new business models. Government policies also frequently change, creating uncertainty.
Broken Buffer: How Trade Adjustment Assistance Fails American Workerscoryhelene
The following report evaluates the Trade Adjustment Assistance (TAA)--the primary U.S. policy response to the job dislocations caused by trade. It shows the ways in which TAA has failed to respond adequately to the challenges facing dislocated workers. It highlights the need for a more comprehensive set of policies to help workers and families navigate the economic restructuring that has become an inevitable part of increasing trade and globalization.
Succession process among africa owned business in ukJohn Johari
1) The document discusses succession planning in family-owned businesses in Malaysia, focusing on retailing and manufacturing SMEs. It examines succession issues, planning, and developing a model for succession.
2) A survey was conducted of 126 family business owners in the East Coast region of Malaysia. The majority were middle-aged, married women with secondary education and 10-20 years of experience. Most businesses were first-generation family firms.
3) The study aims to understand succession challenges, attributes important for successors, and the current status of succession planning. A correlation analysis and regression model were developed to understand factors influencing successful succession planning.
Presentation on problems of entrepreneurship development in BangladeshMoniruzzaman Milon
This document discusses problems faced by entrepreneurs in Bangladesh. It identifies several key challenges including financial problems in obtaining capital and high interest loans, scarcity and high costs of raw materials, lack of technology and infrastructure, political instability, and lack of managerial skills and training. The document provides examples for each problem area and suggests that support is needed through financial assistance, research and development facilities, a stable political environment, and ensuring raw material availability to help address issues facing entrepreneurship development in Bangladesh.
Money markets and_fixed_income_securities essay sample from assignmentsupport...https://writeessayuk.com/
This document contains calculations and analysis of Australian government bonds from June and December 2011. It includes calculations of dirty and clean prices, modified duration, convexity, and holding period returns for individual bonds and a portfolio. Yield curves, spot curves, and forward curves out to 5 years are also estimated using available bond data from the given periods. Key findings are that the portfolio holding return increased from June to December 2011, while durations and convexities decreased slightly over the same period.
Marketing planning essay sample from assignmentsupport.com essay writing serv...https://writeessayuk.com/
This marketing plan summary provides an overview of Clayton's, a profitable supermarket in Yorkshire, and their plans to open a new mega-supermarket. Clayton's currently profits £750,000 annually from their 40,000 loyal customers in Yorkshire. However, they face competition from Tesco. The marketing consultant conducted a situation analysis using PESTLE and Porter's Five Forces models. They identified key barriers like objective/strategy confusion due to differing cultures and customer expectations. Their recommendations include opening a small store first to understand customer needs, lowering prices for higher volume/profits, and using digital marketing. The strategic planning process will focus on the SWOT analysis and meeting corporate objectives. The marketing mix of product, price, place
Theatre interactive- performance essay sample from assignmentsupport.com essa...https://writeessayuk.com/
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The document discusses the darknet and Tor network. It describes how the darknet began in 2004 and requires Tor to access. Tor was created to protect user privacy and sharing of sensitive information. The darknet protects both positive uses like free speech and advocacy, as well as illegal uses like child pornography, drugs, and weapons. In the future, the darknet could have both benefits of promoting free speech but also negatives of enabling more crimes since users remain anonymous.
SoLoMo refers to social-local-mobile marketing techniques that take advantage of increasing smartphone and mobile device usage. It combines social media, local information, and mobile accessibility to provide personalized targeted ads and information to customers based on their location. If adopted widely, SoLoMo could influence customer behavior and help companies build strong customer relationships through personalized mobile advertisements.
Comparison of-supply-chain-model-in-urban-food-production essay sample from a...https://writeessayuk.com/
This document presents a research proposal that aims to compare supply chain models for urban and peri-urban food production. The objectives are to study different ownership structures and markets, research intensive crop yields with limited inputs, identify suitable management structures, analyze the effectiveness on economic development and food supply, find the production-consumption balance, and analyze purchasing solutions. The proposal outlines a literature review on the topic and need to support urban agriculture given population growth. It proposes methodologies to determine and analyze current supply chains and improvements to benefit societies, firms, and farmers.
The document provides guidelines for citing sources and formatting reference lists according to the 6th edition of the Publication Manual of the American Psychological Association (APA). It discusses citing sources in-text using parenthetical citations as well as formatting the alphabetical list of references at the end. Specific guidelines are provided for various source types including books, journal articles, websites, and more. Proper formatting of author names, publication dates, titles, and retrieval information is covered.
Communication essay sample from assignmentsupport.com essay writing services https://writeessayuk.com/
1. Intercultural communication is important for international marketing success but can pose challenges if cultural differences are not understood and addressed.
2. Marketing supervisors play a key role in developing cultural awareness and ensuring effective intercultural communication within international marketing teams and with local customers.
3. Common issues that can arise include language barriers, differences in interaction and non-verbal communication styles, and lack of understanding of cultural values, norms and business practices.
SoLoMo refers to social-local-mobile marketing techniques that take advantage of increasing smartphone and mobile device usage. It combines social media, localized searches, and portable technologies to provide more accurate search results and help advertisers target customers based on location. By using SoLoMo, businesses can advertise directly to consumers through mobile devices rather than traditional channels, gaining an advantage in e-commerce as people increasingly rely on their smartphones.
Indian economics essay sample from assignmentsupport.com essay writing services https://writeessayuk.com/
New Delhi is the capital city of India and an important economic and political center. Its population has grown significantly over time, reaching over 12 million people according to 2010 data. Literacy rates are high at 86%, and the city contributes a large portion to India's overall GDP. Major industries include transportation, power, telecommunications, and real estate. The city provides many employment opportunities, with the largest portions working in private sector jobs, government jobs, and self-owned businesses. Delhi has high economic stability relative to other major Indian cities like Mumbai, Kolkata, and Chennai, balancing its large population and role as an important center of commerce.
Social marketing campaign essay sample from assignmentsupport.com essay writi...https://writeessayuk.com/
The social marketing campaign aims to raise awareness about healthy eating among young people aged 14-35. The campaign objectives are to change perceptions about alcohol/drugs and motivate audiences towards healthy eating's benefits like reduced disease risk and increased energy. Strategies include posters highlighting vitamins and stories showing healthy eating's impacts. The campaign will be promoted through social media, TV, radio and community events at no cost to audiences.
Referencing guide sample from assignmentsupport.com essay writing services https://writeessayuk.com/
Referencing styles provide consistent rules for citing sources in-text and in reference lists. There are many different styles that vary by discipline. Students must use the style required for their subject area. Consistency within a piece of writing is important, so different styles should not be mixed. To determine the appropriate style, students should check assignment instructions, ask their lecturer, consult faculty guides, and look at samples from their department. If still unsure, students can consult library staff, style manuals, or online resources for clarification.
The document is a template for a Master's dissertation submitted to the University of Stirling. It provides guidelines for formatting the dissertation, including styles for headings, text, figures, and references. It also includes placeholder text and sections for the introduction, literature review, technical chapters, conclusion, and appendices. The goal of the template is to help students structure their dissertation and apply styles consistently for editorial purposes.
Report format template sample from assignmentsupport.com essay writing services https://writeessayuk.com/
The document provides guidelines for submitting the final report for an EE 402 course, including:
- Reports must be submitted electronically in Microsoft Word or PDF/HTML format.
- The report should include sections on the problem, background, objectives, design approach, design documentation, test plan and results.
- The report must follow specific formatting guidelines for style, layout, headings, tables, figures, and references.
- Permission is required to use copyrighted materials from other sources.
Governance mechanisms that work in a family businessBrowne & Mohan
Adoption of good corporate governance practices and professionalization help business continuity of family business. This paper presents both formal and informal mechanisms that Indian family businesses of various sizes deploy to improve corporate governance. Formal mechanisms include family assembly, family office, board of directors for each business and independent directors. Informal mechanisms include shareholders assembly, and family outings etc..
Governance mechanisms for unlisted family businessesBrowne & Mohan
Family business need to adopt effective governance practices such as family office and on board independent directors. In this article, Browne & Mohan consultants describe what, when and how to go about implementing these in family businesses
The document discusses family businesses, including definitions, stages of development, common issues, and characteristics of healthy vs unhealthy family businesses. A family business is defined as a business with significant ownership and commitment from family members. Family businesses typically go through entrepreneurial, specialized, process-driven, and market-driven stages. Common issues include leadership succession, liquidity, non-family executives, and compensation. Healthy family businesses manage conflicts, respect boundaries, and make decisions to benefit both family and business.
Family businesses account for significant part of the UAE economy. Family businesses dominate automotive, retail, fashion, real estate and manufacturing sectors. Family owned enterprises represent 90% of the businesses community in UAE and they contribute about 75-90% of the $500 billion plus trading activity. However, they face challenges on business continuity, succession, diversification, and professionalization front. In this paper, Browne & Mohan consultants present the approach to transforming UAE family businesses.
External directors can help family businesses in several ways:
1) They can help implement important business disciplines like strategic planning and risk management while still respecting the family's core values and culture.
2) Companies that may benefit from external directors include those going through a transition from small to mid-size, those committed to growth, or those in changing industries or markets.
3) Effective external directors bring experience from different sectors, understand family/business dynamics, and are willing to provide a different perspective to challenge existing thinking.
During my career I had an opportunity to work with most of the basic models of organization viz. Government Secretariat, PSU (Jt. and 100%), Private Sectors – Small, Medium, Reasonably large, my own practice and one of the finest and largest multi-national giants. Sitting back this lead me to think how human kind has evolved itself to organizing and managing its transactions
This document provides a summary of an assignment on ethical issues in corporate governance. It includes a cover page with details of the student, program, and word count. The document then summarizes key topics around corporate governance including shareholder activism, models of management ethics, and dilemmas in business ethics. It also provides an introduction to the Galleon hedge fund scandal and analyzes the ethical issues involved in the corporate governance of Galleon.
A compilation of selected articles on professionalizing ownership.
The Impact of Family Business
How family businesses affect and contribute to the global economy.
The guide provides insights to Professionalizing Family Business Owners
Professionalization in the Family System, Ownership System, and Business Systems.
PART 1: Competent, Committed, and Sustainable Ownership
• A Practitioner’s Perspective
• Insights from the Research
• Being Competent in Ownership
• Being Committed to Family Ownership
• Making Ownership Sustainable
PART 2: Competent, Committed, and Sustainable Ownership
• Shared Values and Goals
• Psychological Glue
• Ownership Competencies
• Informal Family Governance
• Formal Family Governance
• The Trigger for Change
Competent, Committed, and Sustainable Ownership
Historically family business has been the agenda of many research initiatives from academic anthropologists and historians since the 19th century (Perez & Colli, 2013).
There’s a lot of history noted in the evolution of family systems of organization and structures of social life in the post 1940s (Perez & Colli, 2013).
The family system had been a focus of many dissertations of European and North American scholars since the 1940s drawn from theories culled from extensive field research developed in Africa, South America, Oceania, and Asia.
The momentum of using all this extensive research and knowledge into a set of tools that will eventually be the arsenal of future family business consultants may have stemmed from the efforts of Barbara S. Hollander.
Hollander published first empirical studies emphasizing the relationship between the family and the Business.
During the 1980s the family firm began to be perceived as a unique business form and was quite a discredited topic at that time according to John Davis when he was interviewed May 13, 2009.
Those who were practicing family business consulting at that time see themselves as “Business Doctors” who solved problems, theorized, performed research, and published articles on family firms.
Since the beginning, the whole exercise of legitimizing family business studies was mainly a professional and academic process mostly taking place in the United States. Richard Beckhard and Ivan Lansberg organized a meeting in 1982 to bring together people who shared the same concerns about the family business.
This meeting eventually led to the founding of the Family Firm Institute or FFI with Barbara Hollander being its first president and founder.
FFI was officially incorporated in the Commonwealth of Pennsylvania with 22 founding members in 1986.
The document discusses the future of family businesses in India, noting that they account for a large percentage of GDP and employment in India. Family businesses are adapting by allowing younger generations more flexibility and input, and with continued professionalization they are expected to remain an important part of the Indian economy going forward. The success of transitioning leadership between generations will be key to the long-term success of family businesses.
Les MUST of Family Businesses- HOT EXECUTIVE TOPS.pdfSalim Hajje
Planning, starting, operating and retiring from a family business can be difficult. Issues such as succession and pay, corporate governance and recruiting top talent pose special problems for these kinds of organizations. Rivalry among siblings who inherit a family firm is often the kiss of death for even the strongest family business. Nonfamily members, even those who are senior executives or directors, often feel that the family treats them unfairly or fails to listen to them.
In this guide, Dr. Salim Hajje analyzes and provides excellent advice about how to solve such seemingly intractable problems. His suggestions come out of his long experience successfully advising family-run businesses in the MENA region. We recommend this sage and savvy guide to family-business founders, successors, inheritors and nonfamily executives or directors.
In this guide you will learn:
- What makes family businesses special
- What kinds of problems they face?
- Why the issue of succession is a major challenge for these businesses
- Why family businesses should bring in outside directors to supply disinterested advice
Family businesses make up the majority of businesses worldwide and have unique characteristics. They are defined as businesses with significant influence from family members through ownership, management, or board participation. There are three overlapping subsystems in family businesses - family, management, and ownership - which can each have different goals. Maintaining balanced boundaries between these subsystems is important for long term success across generations.
This document summarizes different types of economic organizations:
1. Sole proprietorships are "one-man" businesses where a single person owns capital and undertakes all entrepreneurial functions. They have advantages like quick decision making but disadvantages like unlimited liability and risk.
2. Partnerships involve two or more partners who jointly provide capital. They have greater capital and management than sole proprietorships but also unlimited liability if one partner acts inefficiently.
3. Joint stock companies involve shareholders who invest capital through shares. They can raise large amounts of capital for large-scale production but shareholders have little control and quick decisions are difficult.
4. Cooperatives are based on democratic principles but often lack business
How to transform a family business: insights from the trenches Browne & Mohan
The document discusses insights into transforming a family business. It begins by providing background on the prevalence of family businesses globally and in India. It then outlines some of the common challenges family businesses face, such as unclear roles and decision-making bottlenecks. The document recommends conducting an assessment of the family business' "maturity" to identify gaps. It suggests transformations on both the family side, such as establishing governance structures and succession planning, and the business side, like evaluating operations and investing in capabilities. The goal is to professionalize processes while preserving family identity.
- Family-owned businesses make up a large portion of the US economy, but many struggle with succession to the next generation due to conflicts between family and business priorities.
- These conflicts arise from the differing nature of families, which are emotionally-based, and businesses which are task-based and focus on results. Successful family businesses balance both sets of needs.
- Critical issues for family businesses include succession planning, defining participation and compensation, maintaining family harmony, and ensuring proper responsibilities and management systems are in place. With the right strategies, many family businesses can thrive across generations.
CFA Institute Corporate Governance for Asian Publicly Listed Family-Controlle...Thomas Berry
Family firms constitute the underlying component of the business environment across Asia and have been a major driving force behind the region’s economic prosperity. To expand operations during recent decades, several Asian family firms have turned to the equity markets for financing, which has led to substantial growth in the number of listings and the total market capitalization of many Asian capital markets. This growth is expected to continue. Nonetheless, Asian publicly listed family firms are facing various external (e.g., slowing economies) and internal (e.g., forthcoming generational succession) headwinds. Strong arguments have been put forward that an effective corporate governance system not only is fundamental in ensuring stability in the face of economic headwinds but also can aid in enhancing value creation and stock performance. Various financial crises and corporate scandals have provided a catalyst for strides in strengthening corporate governance practices and standards across Asia.
Full report at http://www.cfapubs.org/doi/abs/10.2469/ccb.v2017.n1.1.
CONFLICT IN FAMILY BUSINESS AND ITS RESOLUTION PPT FOR B.COM ENTREPRENEURSHIPDr. Toran Lal Verma
Family businesses are prone to conflicts due to disagreements between family members over strategic decisions, roles and responsibilities, compensation, ownership, and succession. Major sources of conflict include lack of shared vision and values, unclear decision-making processes, compensation inequities, ambiguous ownership structures, and unresolved sibling rivalries. Successful family businesses establish formal conflict resolution mechanisms, clear governance structures, shared family goals and values, open communication forums, and seek mediation help when needed to prevent and resolve conflicts that could jeopardize both the business and family unity.
White paper company directors stacey martinStacey Martin
Company directors face significant personal financial risks due to their role. This includes risks to personal wealth from legal liability, lack of time available for personal financial management, and lack of awareness of optimal structures to manage wealth. The document provides an overview of these challenges and recommends that aspiring directors seek professional advice early on to properly structure and manage their wealth in order to protect their assets and provide for philanthropic goals. It also summarizes the role and responsibilities of modern company directors.
This document discusses organization development in family-owned businesses. It begins by defining the family business system as consisting of the business, ownership, and family systems. It then outlines some critical issues facing family firms, such as conflicts during generational transitions of leadership and ownership. The document concludes by describing some typical organization development interventions that practitioners can use when working with a family business, such as facilitating family meetings, addressing both business and family systems issues, and building trust throughout the engagement.
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Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
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+12349014282
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how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
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The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
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Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
3. 2
EXECUTIVE SUMMARY
The report herein will discuss the concept of family business along with its challenges and
problems. Family businesses in simple terms mean the involvement of members of the same
family in a business with equivalent or similar shares of each. It is managed and owned by
members of the same family. Most often the staffs or employees in the family can be non-family
members. But the managerial and the top positions are always secured by members of a family.
Researchers say that there are three different types of ownerships that exist in a family business.
They are family owned and family managed, family owned but not family managed and family
managed but not family owned. A family business is normally set up due to the trust and reliance
one member has on another. But at the same time many family businesses have been broken and
shut down due to betrayal of the members of the family itself. In points of decision making and
success planning most of the time members involve in problems and raise disputes. The main
problem that has been seen to initiate a problem in the business is when a member’s personal
interest hampers the interest of the business. Most often is has been seen that a member who is
incapable of handling a project is still kept in that position as he is a family member. This starts
the dispute with other members of the family.
After a thorough research it has been seen that most of the CEO s of family owned companies
feel that the involvement of their siblings or children that makes their business special and
unique. But at the same time many have also complained that they failed to succeed because of
betrayal and nonalignment of the interest of the family business. There are many causes of
problems which will be describes below. There are some common problems which all family
businesses suffer and there are some unique problems which only few suffer. With illustrations of
some famous family businesses the problems they encounter will be discussed further. At the
same time the elements of problem of a family business will be discussed in details too. As we
know that all problems have solutions if handled strategically. Thus all the strategies to solve the
family problems and challenges will be elaborated in details below. The aim of the report is to
describe the concept of family business and the problems faced there. The formulation of the
report will solely base on that. Despite of various problems faced by a family business rarely
they part and start something on their own. Somewhere the blood relationship ties them tight to
propel the business together.
4. 3
INTRODUCTION
A FAMILY BUSINESS is one where two or more than two members are drawn from the family
only. However members who are not a part of the family can also are introduced in the business.
The family members are in charge of the operational aspects of the business as well as in
complete control of all its activities. It is they who does the entire decision making and does not
need any permission from any outside authority to decide about the course of action. A family
business usually signify, family values, sentiments, morality, desires and ideals. It is not driven
by the external market psychology or external constraints all the time. The families members
have to arrange the funds, organize the factors of production and then play the role of an
entrepreneur. Thus the family is ultimately benefitted for all its gains and also bears the entire
risk in case of loss as mentioned in The Wall street journal.
STATISTICAL DATA AND RELEVACE OF FAMILY BUSINESS.
1)
More than 75% of the business of the world are run by the family businessmen. They are
entirely managed and controlled by members of the family only.
2)
In case of USA, the contributions of family owned business to the GDP of the nation is
more than 50% ( Till 2011)
3)
Another notable feature in case of USA is that more than 50% of the Public LTD
Companies in the USA are family business houses.
5. 4
4)
Worldwide, the common categories of family run business consists of the following
segments, Cottage and handicraft industries in case of Asia and African countries, agricultural
farms and farm houses in case of most of the countries throughout the world. Dairy and milk
product business in case of Denmark, Holland, Switzerland. Agro food based products in case of
India. According to Liza (August 2005) Cattle rearing and ranching, especially in the case of
USA and Argentina was important.
5)
Business houses do not mean only the small scale industries only. They have already
established a prominent place in the list of Fortune 500 companies. Names includes Wal-Mart,
Ford, Ikea, Tata Group, Aditya Birla group etc.
NOTABLE FEATURES OF A FAMILY BUSINESS.
1)
It is a business house or a company where the decision making and operational controls
as well as voting power lies in the hands of the members of the family only.
2)
According to Rick (2008) the family members are the founders of the business house.
Hence, the origin of the business has a direct link with the founders. Not like in the case of a
public Ltd company, where the promoters of the company hardly has any relations with the
owners.
6. 5
3)
The directors, managers or any other key management personnel as the designation might
require would be selected from the members of the family only. Generally, any outsider
management expert is not selected as a key member for the business house.
4)
The motto behind the formation of a family business is to keep the wealth of the business
house within the ambit of the family only. Hence, any investors or the public are not generally
entertained in stake in the business. Business goes on as usual and the mney gets circulated in the
hands of the family only.
5)
Most important aspect of the family business is the concept of succession. A successor
inherits the position of the owner as a descendant. Once the owners leaves the business, or retires
or passes away either, the business is immediately succeeded by the next successor.
6)
According to The Economic Times, India, (Nov 2007) the successor is generally being
selected by the family members who run the business. In case of only one child of the family, the
business is automatically vested into his or her hands as natural succession. In case of the
presence of the siblings, generally the elder one becomes the successor or that individual is
chosen after a common consent of the senior family members.
7)
The best feature of the family business, say in case of Ford, Fiat or Tata Group is the
presence of personal care and caution in the operations. The owners are self-conscious. They are
emotionally involved in the project as the business is regarded to be a substantial part of the
family. A common concept of Family Business is the Hindu Undivided Family, i.e. HUF of the
Indian society. According to Leslie (2008) it’s a legalized mode of family business operations
where the Karta is the owner, leader and the ultimate decision maker.
7. 6
8)
Maximum utilization of resources at a minimum cost, because the benefit of good
business accrues to the owners only.
9)
Disadvantage is that the owners have to arrange for all the capital and hence any kind of
business loss has to be borne by the family members only. Thus, bearing of loss is the sole
responsibility of the owners.
10)
According to Ram Charan and Bossidy (2005) Thompson financial study for Newsweek
shows comparisons of family firms to the rival on the basis of comparison of the six major
indexes with other non-family Public Ltd Companies. This report follows the parameters of the
specified index from London to Real Madrid.
PROBLEMS OF A FAMILY BUSINESS
There are a series of problems which are normally encountered in a family managed business
which are the major bottlenecks that hampers the business prospects as well as leads to it’s
gradual downfall. According to Bill (2009) the series of problems could be discussed are as
follows.
1)
Solving the problems among the children –This has become a major issue in the overall
picture of the family business. One common example on this matter with regard to the
international business scenario is the conflict among the Ambani Brothers of the India based
Reliance Industries ltd. Soon after the departure of the Reliance Stalwart and founder Mr
Dhirubhai ambani, there was a major conflict among two of his sons, Anil and Mukesh Ambani.
According to Jonathan (2006) the business capitalization of the, then reliance industries after
8. 7
Dhirubhai’s departure was INR600 billion. Soon, the platform was split between the two
brothers with specific allotment of particular number of shares to each of them. They formed
their new entities with individual leadership, thus breaking their 30 year old traditionally
managed family business leadership.
Conflict among the descendants can also arise on account of several other reasons, such as
a)
Difference of interest-. With the passage of time and increase in the number of
descendants the interest and vision of the family business changes a lot. Some members would
like to follow the mission of Management by Objectives, whereas some others would follow the
goal of profit maximization. There would be conflict of ideas, goals and applications of personal
principles.
b)
Dr Marshal Northigton in his book, managing the family business, has mentioned the
point of children involved in the business. He emphasized on various details and researches
which shows that a business grows more competitive among the siblings due to the long
unresolved disputes among the ascendants. After the siblings starts applying their own business
techniques then a lot of undisputed issues and interests that started with the ascendants come
back into the picture. There could be multiple reasons such as distribution of family business
profits, ownership share, personal contribution and commitment issues.
c)
According to Nicholas (2009) Educational and technical barriers and frequently
encountered legal issues. The best example in this regard will be the case of the Shoen Family.
This has been cited by Prof. Nigel Nicholson, of London Business School. The journey of Shoen
family from Garrage to the National business leadership was a remarkable one. But in 2003, it’s
9. 8
splitting off into two rival fractions, lawsuits and direct conflict among the brothers as well as
physical altercations resulted in to the bankruptcy of the company in 2003.
2)
Lack of unified strategy and planning. India based age old family run business are the
Tata Group. According to Avani (2007) despite major economic crisis and downfall of the major
business houses since 2008, Tata has maintained its growth rate unaffected. The reason is a
combination of focused strategy and carefully planned goal of the business house. Prof. Nigel
Nicholson has again pointed out that the uneven distribution of management powers among the
family members, lack of open communication and non-identification of a common goal
gradually leads to the downfall of a well-established business house in due course of time. He
cites the example of a beer firm in UK, which has enough capital and resources but never had a
proper and open communication among the members. According to Boro (2008) this led to the
instigation to some of the family members who tried to focus their personal image much ahead of
the business. Thus there grew an unrest, unclear communication and uneven strategies and thus
ultimately led to the downfall of the firm as a whole.
3)
Planmanship. Normally, a corporate house divides the goals of the business into three
specific categories, the long, mid and short term goals. Based on these, the goals are further
allocated to further specific categories such as the tactical, technical or the operational goals.
This leads to the allocation of resources and utilities in a very systematic manner. But a common
problem in case of a family managed business is that the members align the goals of the business
with their personal goals. The goals are mostly profit maximization, property acquiring,
10. 9
developing personal image, improving the individual social status etc. Thus from the long term
aspect, the business house lacks the feature of a stable growth orientation. It is the business
which suffers at the cost of the personal desires and benefits of the family members. According
to Jenna (2010) the members might increase their personal images and status but the business
can hardly improve its wealth.
4)
Personal conflict and impact on its business- Differentiating the family dynamics from
the business dynamics is a serious subject. Like in a family, in a family business also it is
important to make compromises. According to Joseph (2010) there would be family strain,
pressures, conflicts and dis integration. But what happens is that these did orientations pre
occupies the business place and overlaps the business goals. Either the members don’t make any
compromise or they start splitting off to maintain peace and harmony. But they do not look upon
this extra strain as a source of dynamism and creativity. Instead of doing the SWOT analysis of
the business family as whole they do more focus on the personal barriers and differences of
ideas. In simple words, the family members are more concerned about the design of the boat
instead of planning out the long journey on the sea.
5)
Lack of a corporate approach. One of the success stories that stand contrary to the family
business problems is the example of Joseph P Goryeb, the founder of Champion Mortgage Co in
1981. According to Jessica (2007) more than USD 20 million with 2 of his sons and daughter on
key management positions and is a regular TV Broadcasted figure on Newyork-Philladelphia
area. But unfortunately, more than 50% of the family run business in USA lacks this corporate
approach. According to Nissa (2010) the major reason is the lack of control in a centralized
11. 10
manner. Without the scope of proper control and continuous monitoring, the operation of the
business goes wayward. Conflict over control is a common feature among the family members.
This is a common scenario that every family member has their own favorite employees over
whom they delegate their controlling power. This causes non uniformity of control mechanism,
clash of interest among the employees and destruction of synergy and growth. Gradually, both
the owners and the employees develop a spirit of divide and rule.
6)
Improved marketing approach- An outstanding example of marketing the family business
could be traced back to the case of India based global confectionery suppliers, Haldiram
Bhujiawala. According to Neha (2010) they had a very sharp end specific approach to modern
marketing. They introduced franchisee scheme of business, trained new business to run their
franchisee, maintenance of quality control, follow up of business policies and constant
monitoring of sales progress and difficulties. According to Shina (2010) more than 50% of the
family business houses in US, UK and Asian countries like India and Thailand don’t follow any
modern approach and innovative techniques to marketing. Following the traditional method
based technique they rely on the old customer base, old debtors and creditors. Neither they apply
modern advertisement techniques, nor advanced sales promotion, nor do they generally prefer
arranging management workshops to motivate their employees. Thus, they are stuck on to the
rots of business succession and ultimately perish when the modern business houses bring better
schemes and attractive packages for the consumers.
7)
Adoption of Technology- except the biggest family managed business like The Henry
Ford, later on the Ford, Tata Group, Wal-Mart, Cargill Inc. or the Koch industries, not much of
the family business has the tendency to innovate technologies or to hire latest production
mechanism. According to Ronan (2011) with the growing competition and high edge technology
12. 11
almost 250 major family business houses starting from Wal-Mart Stores to Michelin, Hallmark
cards or Prada has converted their older technology to high edge technique. But that percentage
is nothing when compare with the rest of the family business houses in the international scenario.
The overall percentage of family business in the world wide scenario is 75% of total business.
However the less than 10% of the family run business does adopts or uses modern technologies.
In case of agro based sector, herbal products, food products, garments and fabric sector, the use
of faster and modern technology is almost absent. Though these five categories constitute a
major chunk of the family run business but use of technology has hardly been thought. This has
resulted into lower production, not meeting sales target, reduced profitability, lack of
employment generation but still hardly there has been any specific solution in this regard.
8)
According to the business daily (2011) helps a Successor improve and get trained family
business research brings out the focus and problem on training a successor. Sudden death of the
head of the family, abrupt changes in the business structure, major business loss or putting an
unwilling son into the wheels of the family business can bring out certain harder challenges in
the family business. In most of the cases, the new successor is unaware about the market
changes, cannot determine the employees’ psychology, cannot co-ordinate the employees with
his family sentiments etc. On the other hand, there is no such specific technique available for the
business house to train the new successor. They have to learn through the normal process of
daily business, failure of which leads to the abrupt damage of the business unit.
9)
Creating a business culture- A common feature of the family business is the prevalence of
family culture and sentiment. This in one way is a boon because it instills the bond among the
employees and the owners. But it is a difficulty in some other perspective because it does not
boost the professional behavior among the employees. According to Alisha (2008) the come and
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go as you like or the fostering of family feelings creates more room for sentiment rather than
improved professionalism. Thus it is more like a cocoon where both the employees and the
employers are tagged into a comfort zone from which they develop a resistance to change. Hence
most of the family business carries on older management formulae, slower decision making
approach, un organized workplace, slower approach to market challenges etc.
10)
Room for inequality- Unlike a modern corporate house, where appraisal and promotions
are determined on the basis of well-set standard parameters, in a family business the concept of
increment and promotion hails from a separate approach. According to Julie (2007) any
employee who wins the confidence of his employer or who is much longer in service stands to
gain more in terms of monetary increment or career growth. However in certain cases the fresher
employees who though are performing extremely well does not stand to gain out of their quality.
Thus it is a decelerating source of motivation for the youngsters. Especially in case of farmlands
or the Asian cottage industries, the older are the rulers. What affects in turn is the creativity and
productivity of the young employees. They start following the set trend and gradually decline the
quality of production and creative ideas.
11)
Promotional parameters- think of a corporate house like Harley Davidson or IBM.
Promotion and training goes together. Sometimes the young population leads the company and
the older minds are mostly the advisors or strategy thinkers. But in case of a Saudi based oil
company or a Switzerland based numerous watch company does not cater much to the principles
of Six Sigma, leadership formulae or delegation of Authority. Hence lack of training and a
justified approach to promotion becomes a source of insecurity for the present employees. This
derails their focus from hard labor. Also not much training is being provided. However in any
family based business like cattle rearing, ranching, and dairy and food production, newer
14. 13
technology and improved training is a must. Just because of old dated training process,
production methodology is stuck upto a particular level only.
12)
Delegation of Authority- Delegation of authority denotes transfer of power and authority
from the boss to the subordinates with the purpose to ensure better control and accountability of
the operations. A family business, the family members or the owner has the complete authority
over his business and employees. Generally, the owner delegates his authority to someone who is
very close to him. But this does not necessarily denote that the best employee is being delegated
with the power. Hence the question of accountability arises. This employee in turn has the scope
to misuse his authority and exercise excessive supervision and demoralize other junior
employees. Delegation in case of a family business originates from the will of the owner and not
from any unified management decision and meeting.
13)
Succession of family business. As cited before, the Indian based global giant Reliance
India Ltd had faced the major crisis of inheritance. Both the successors, Anil and Mukesh
Ambani were close competitors and had enough skills, acumen and talent to manage and lead the
business. They faced the conflict of interest, decision making and ideas. Ultimately they had to
divide the business ownership and assets among each other and carry the business through two
separate entity made by them. This resulted in the lack of investor’s confidence in 2005 and
gradual fall in the stock market prices of their individual companies share. On the other hand,
Tata Group had faced a serious crunch in finding their successor. With, Ratan Tata, the last
successor who has already decided his retirement there were no other successor in the Tata
family to inherit the more than USD 2000 billion companies. At last a distant relative, Cyrus
Misty, had to assume the post of a successor, though literally it marked the end of the Tata
succession era. Similar problem has reached the crisis mark of Switzerland. Swiss Style, the
15. 14
Swiss magazine for the business leaders has brought a report stating that around 45000-60000
Swiss based family business are hardly going to find any successor after the lapse of next five
years.
In such a case the only option left to the business house is the Management by out or decentralize
the business and make it public Ltd Company, with non-relative key management Personnel in
charge.
14)
Legal hassle- In case of family managed business, the extent of litigation and legal
hassles are much more than any other form of business. As we have mentioned above numerous
legal battles and cases are fought among the family members of a business house than in case of
any other mode of business.
15)
Abuse at the workplace- Mostly in case of the family business, members are tolerant
about each other in case of drug or alcohol abuse. They tend to be protective and normally does
not disclose the sensitive issues about their own members. This might create an impact on the
mind of the employees. They are always keen to find out as to how the owners react to their
problems and complaints despite personally not being conscious about disciplinary objective.
16)
SWOT Analysis- If a family business is not organized then it is not much conversant with
the external environment. Only after a business is well organized about the internal and external
environment then it can do it’s SWOT Analysis well. SWOT Stands for Strength, Weakness,
Opportunities and Threats. Since this is a succession mode of business, that is why it inherits the
positive and negative strengths bestowed by the previous owner. Rarely, do the successor finds
out what is his original potential and weakness since he is caught into the circle of succession.
16. 15
Hence, most of the family businesses succumb to the external market changing forces. It believes
in the age old approach of brand loyalty and usual production technique.
17)
Research and Development- The major bottleneck of a family business is that it does not
focus much on the research and development wing. Non family business houses like Sony, Aiwa
or Hyundai are the premier research oriented companies. Research requires neutral minds and
decentralized form of management. A family business is cornered with anything beyond its
normal expenses. Hence it is over cautious about its return on investment, which is sometimes a
cause of long term loss for the sake of short term savings.
SOLUTIONS FOR AN EFFECTIVE FAMILY BUSINESS
Unlike any other mode of business, the family business entails a lot of confusion and emotional
issues. These are sometimes long unresolved and remain uncovered,. Issues among the owners,
autocratic leadership or the resistance to change creates majority of the problem whereas certain
other issues also crops up among the employees. Thinking from the following perspective could
chalk out an effective solution pattern for the family business in a generic sense.
1)
Family orientation with the objectives- Since family business is the source of wealth and
earnings for the family members, so they should be emotionally involved with the objectives of
the business. Once a family member gets close to the business, the motto and the ideas of the
business gets a positive approach. Members should fight for the problem together, build healthy
relation with the employees and must be creative enough to expand the business. Approach does
not mean spending half the time in the business office. Rather the owners should be coordinated
in their operations. They should control operations individually and also be accountable for their
ownership and job at the end of the day.
17. 16
2)
Synergy with growth and emotion- The personal conflicts and dis integrations has a
direct impact on the business house. This degrades the growth target and hampers profitability.
Emotion can bring dynamism but into a systematic manner. If needed the owners should not put
the family tradition and ideas in the business policies if situation does not demand the same. In
any situation, business policies should be a distinct set of goals that helps both the owners and
the employees to grow and gain simultaneously.
3)
Identification of the actual problem- Most of the family business crashes down due to the
personal family problem, when it enters the business scenario. An owners changes the business
policy according to his own will, or selects an employee according to his wish or wants his son
to be the next promising successor rather than his more capable nephew. These are the real life
practical instances of family business breakages. The family members along with the senior and
reliable employees must settle down with the problem together. Till the actual confusion and
problem is not nipped in the bud then the usual problems start creeping in, one after the other.
4)
Analysis of the environment- A family business is knit by the family values and the way
their ascendants did the business, except the successful ones. Till the owners have a competitive
drive and psychology, they cannot compete with the major market competitors. In gradual course
of action, a successful family business brands like Fiat follows a finer strategy to Compete
Hyundai and Wal-Mart focuses on the extreme market based consumer needs to compete Metro
cash and carry of Future Group in India which are both non family corporates.
5)
Mode of Leadership- As it was evident from the beginning of Tata group or Wal-Mart at
the beginning, they had an autocratic style of leadership, though gradually over time they have
changed their leadership to a participatory style. Order and get the job done have become a very
18. 17
negative aspect which demoralizes the employees. But unfortunately, in most Asian and African
family business, this form of leadership is still prevailing. Employees do not communicate
properly with their seniors, cannot suggest any better idea, feels scared to be relaxed and easy
going and thus cannot put their 100% effort at the workplace. Both Wal-Mart and Tata Group
should play the role model for the leadership management of the upcoming as well as prevailing
family business houses.
6)
Proper distribution of wealth- Oppression and mismanagement by one family member to
the other is common for a business being run by a family. To prevent dispute and oppression, the
owners should have a centralized legal aid and audit system. So that there should not be any
room for misappropriation of wealth by any of the family members. It will ensure monitoring
and accountability for each of the members.
7)
Training the successors- Both on job and off job training is needed to create good
successor. Through education the off job part could be settled. But to train a successor on job,
he/she should be motivated to mix freely with the employees, learn the job from them, and learn
the business as a whole. Till the successor is professionally and emotionally well used to the
business concept, he/she is an incomplete successor.
8)
Prevent favoritism among employees- The employees should have a feel of equality and
p[participation. They should not be promoted only on the basis of age, behavior or favoritism.
But they should be assured a reward for their commitment, intelligence and productivity. This
alone will solve a major part of employee-owner co-ordination in a family business.
9)
Justified compensation
19. 18
A common question arises very normally. An employee and a family member who does the same
job should be paid equal compensation or should they differ? Research shows that equal
compensation when paid boosts the happiness level of the employees. This is a trigger for
employee satisfaction and resolves at least half the conflict between the employer and the
employees. This ensures the employee loyalty and employers responsibility which both in turn
generates brand loyalty.
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