scholarly journals Diunsa: An Entrepreneurial Family’s Digital Response to COVID-19

2021 ◽  
pp. 251512742110331
Author(s):  
Lauri Union ◽  
Carmen Suen ◽  
Rubén Mancha
Keyword(s):  
Customer Service ◽  
Family Business ◽  
Service Operations ◽  
State Of Emergency ◽  
Supply Chain Disruptions ◽  
Online Retail ◽  
External Resources ◽  
The Third ◽  
The Family ◽  
Brick And Mortar

On March 15, 2020, in response to the Covid-19 pandemic, the Honduran government unexpectedly announced a state of emergency and mandated immediate closure of all businesses. Diunsa closed its six stores. The family-owned retailer had anticipated supply chain disruptions, stocked from alternative suppliers, and formed a crisis management team. Now, to keep the business afloat during the unexpected closure and retain all its employees on the payroll, the company had to move sales from the brick-and-mortar stores to an incomplete online retail site. The third generation in the family business—the Faraj siblings, all in their 20’s—led the critical transition online and response to setbacks. As digital-native millennials, they helped improve the website, customer service, operations, and delivery in a short amount of time and using external resources and various technologies. As the situation stabilized, Diunsa’s leadership asked: How will Diunsa build on the momentum for digital transformation and turn its tactical actions into a digital strategy? How can we continue to tap into the leadership of our up-and-coming generation to achieve these goals?

The 3D IFB SWOT Analysis as a Strategic Tool to Develop Entrepreneurial Plans for Family Businesses

2020 ◽  
pp. 363-389
Author(s):  
Luz Leyda Vega-Rosado
Keyword(s):  
Family Business ◽  
Swot Analysis ◽  
Three Dimensional ◽  
Family Firm ◽  
Second Phase ◽  
The Third ◽  
Third Phase ◽  
The Family ◽  
Generational Groups ◽  
The Individual

This chapter provides a framework that family business members can use to strategically and entrepreneurially evaluate themselves before they prepare the final strategic plan of the family firm. The tool consists of four phases. The first phase is the Strengths-Weaknesses-Opportunities-Threats (SWOT) analysis of the Individuals that are members of the family business. The second phase is the SWOT analysis of the Family's generational groups. Each generation in the family business will work in groups according to their year of birth. The third phase is the SWOT analysis of the Business. The fourth and most important phase is the integration called 3D IFB SWOT Analysis. It is 3D because it is three-dimensional, integrating the Individual, the Family's generations, and the Business.

Thomas Wallace, 1891-1965

1966 ◽  
Vol 12 ◽  
pp. 503-519
Keyword(s):  
Nineteenth Century ◽  
Family Business ◽  
Mining Activities ◽  
Agricultural Machinery ◽  
Pure Science ◽  
The Third ◽  
Farming Community ◽  
Agricultural Community ◽  
The Family ◽  
The Subject

Thomas Wallace was the eighth child of a family of nine, three sons and six daughters. His father, also Thomas, was a blacksmith and agricultural engineer carrying on a family business at Newton-on-the-Moor, near Alnwick. From the beginning of the nineteenth century the Wallace smithy had served the needs of the local farming community, shoeing their horses and mending their simple agricultural machinery. Two of Thomas Wallace’s sons showed the family bent for engineering, but the third, who bore his father’s name and who is the subject of this memoir, had, as he often said himself, no skill in engineering nor any liking for the work; his interests were in scholarship, catholic at first, but soon to be canalized in the study of pure science. Thomas Wallace senior had married Mary Thompson, also of a Northumberland country family. Before their eighth child was born on 5 September 1891 he moved to Burradon, where he expanded his business by undertaking work for the collieries. Thomas junior’s childhood was spent in his native village, where although the country was still pleasant and highly farmed, mining activities had already begun to bring about those changes which later were to take away so much of its beauty. Wallace as a boy was attracted to the farms and he spent many happy days on them, playing and watching the men at work. As he grew older he began to share in the work of haymaking and harvest. It is to this country background that can be attributed the ease with which he later became absorbed in the agricultural community he served.

Family Business in the Middle East: An Eexploratory Study of Retail Management in Kuwait and Lebanon

2006 ◽  
Vol 19 (1) ◽  
pp. 29-48 ◽  
Author(s):  
Dianne H. B. Welsh ◽  
Peter Raven
Keyword(s):  
Middle East ◽  
Customer Service ◽  
Family Business ◽  
Employee Perceptions ◽  
The Family ◽  
The World ◽  
Small Medium Enterprises ◽  
Medium Enterprises ◽  
The Relationship

The Middle East is a growing, lucrative marketplace that has recently captured the interest of the world for political as well as economic reasons due to the War in Iraq, which began in 2003. This exploratory study examines the relationship between retail small/medium enterprises (SMEs) that are family business owned, organizational commitment, and management and employee perceptions of customer service on a number of dimensions. The results suggest that managers and employees of family-owned businesses in the Middle East behave in ways similar to those in Western countries; however, there are differences, probably related to cultural characteristics. The Middle East is a richly diverse region, a myriad of unique cultures. As the market becomes more sophisticated, the importance of service quality increases. Global retailers can benefit from this study by better understanding the managers and employees in the region and the pivotal role of the family on business. Implications for practice are discussed.

scholarly journals THE DIFFERENCE PATTERN OF SUCCESSION BETWEEN SECOND GENERATION AND THRID GENERATION FAMILY BUSINESS IN INDONESIA (A REVIEW OF THE MEDIUM-SIZE FAMILY BUSINESS)

2019 ◽  
Vol 3 (2) ◽  
pp. 133-154
Author(s):  
Christina Whidya Utami
Keyword(s):  
Family Business ◽  
Second Generation ◽  
Family System ◽  
Medium Size ◽  
Third Generation ◽  
The Third ◽  
The Family ◽  
Generation Family ◽  
Business Succession ◽  
Family Business Succession

The purpose of this study is to find out whether there are differences on pattern of succession between the second and the third generation of family business in Indonesia. Research Design/ Methodology/ Approach: A cross sectional and comparative research design were used in this study, while the data survey was conducted to 41 respondents from the second-generation group and 48 respondents from the third-generation family business; the businesses has run for 5 to 50 years and were categorized as medium size family business. The study used multiple regression test via SPSS to test the hypothesis. Findings: In family business led by the second-generation successor, only personality system affects the family business succession. On the other hand, in family business led by the third-generation, personality, ownership, family, and management system variables affect the success of the family business; meanwhile, family system does not find to affect the family business succession. Research Limitation/ Implication: This study investigates pattern of succession in family business including personality system, ownership system, family system and management system. This study can suggest a solution in the regeneration process of a family business in order to maintain the continuity of the business. limitation: There are some biases found on family’s perspective of the assessment, and the study only focus on medium-size family business. Practical Implications: A right amount of focus on pattern of succession will help the second and the third generation of the family to manifest in business succession. Exploring the second and the third-generation perspectives in regard to succession pattern is the key to maintain the continuity of the family business. Originality/ value: This study offers a pattern of succession from various perspectives, including personal, ownership, family, and management, as well as the relationship to the long-term success of the family business.

scholarly journals Revealing the Third Generation Myth in Family Businesses

2020 ◽  
Vol 9 (1) ◽  
pp. 17-22
Author(s):  
Sabitha Rani Saraswati
Keyword(s):  
Data Collection ◽  
Knowledge Transfer ◽  
Family Business ◽  
Structured Interview ◽  
Family Businesses ◽  
Third Generation ◽  
Collection Method ◽  
The Third ◽  
The Family ◽  
A Company

A family Business is a company or business which is run and managed by a family. Hence, the purpose of this study is to find out the truth of the Third Generation myth in family businesses. This study uses a data collection method using a semi-structured interview. This research uses source triangulation method which aims to test the credibility of the data which is carried out by checking the data that has been obtained from several sources. In this study, samples will be taken from several sources. The resource person himself will be taken from the senior generation as the owner of the family businesses and the next generation. The results of this study states that the decline of family businesses did not occur solely because of the mistakes of the third generation. Therefore, the third generation myth is not true. Keywords: family business, trust, knowledge transfer, delegation, third generation

Hinduja Brothers: The Edgy Family Business at the Third Generation

2021 ◽  
pp. 231971452098215
Author(s):  
Hitesh Shukla
Keyword(s):  
Family Business ◽  
Fourth Generation ◽  
Financial Assets ◽  
Third Generation ◽  
High Court ◽  
Her Family ◽  
The Third ◽  
The Family ◽  
Group A ◽  
Legal Battle

The Hinduja Group, a closely held conglomerate, is among the world’s richest and valued centurion family business. Second-generation brothers are known for fellowship, legacy and togetherness. The four brothers’ sibling partnerships worked successfully for 50 years. They see all businesses as the Hinduja family’s business and not of any individual or any individual branch’s business. The third generation holds the reins and is working closely with the fourth generation. The family has a fortune worth $11.2 billion, which now stands disputed because the letter that all four brothers willingly signed in 2014 is now being contested in a legal battle in 2020. According to the letter, the financial assets of each brother belonged to every other brother and that each of them would appoint the others as their executors. The issue in the Hinduja family came in the light at the cousin’s consortium, when Srichand Hinduja’s daughter Vinoo moved to High Court in England, for the transition of ownership, seeking control of Switzerland-based Hinduja Bank for her family. The Hindujas face the twin threats of embarrassing exposures and a fragmentation of the family fortune at the third generation.

The 3D IFB SWOT Analysis as a Strategic Tool to Develop Entrepreneurial Plans for Family Businesses

2022 ◽  
pp. 268-294
Author(s):  
Luz Leyda Vega-Rosado
Keyword(s):  
Family Business ◽  
Swot Analysis ◽  
Three Dimensional ◽  
Family Firm ◽  
Second Phase ◽  
The Third ◽  
Third Phase ◽  
The Family ◽  
Generational Groups ◽  
The Individual

This chapter provides a framework that family business members can use to strategically and entrepreneurially evaluate themselves before they prepare the final strategic plan of the family firm. The tool consists of four phases. The first phase is the Strengths-Weaknesses-Opportunities-Threats (SWOT) analysis of the Individuals that are members of the family business. The second phase is the SWOT analysis of the Family's generational groups. Each generation in the family business will work in groups according to their year of birth. The third phase is the SWOT analysis of the Business. The fourth and most important phase is the integration called 3D IFB SWOT Analysis. It is 3D because it is three-dimensional, integrating the Individual, the Family's generations, and the Business.

scholarly journals Successes and failures in Hungarian family businesses

2020 ◽  
Author(s):  
Máté Repisky ◽  
Éva Málovics ◽  
Gergely Farkas
Keyword(s):  
Coping Strategies ◽  
Family Business ◽  
Family Businesses ◽  
Common Point ◽  
Regulatory Change ◽  
The Third ◽  
Family Enterprises ◽  
Business Failures ◽  
The Family ◽  
The Common

Family business researchers widely investigated the loss or the threatened loss of socioemotional wealth. Another growing theme within entrepreneurship is the consequences of business failures affecting entrepreneurs. However, these two fields rarely overlapped. The aim of this study was to explore different challenging events’ effects on the family entrepreneurs and to identify the factors that can determine the successfulness of the coping strategies. In this study, we present three case studies about family enterprises, which went through a challenging period and balanced between failure and success. In two cases the main challenges rooted in familiness of the enterprises and in the third case the challenge came from external regulatory change. The two inner challenges were generated by the retirement of the founder and the divorce between the two owners. We could observe both successful and partially successful coping strategies, but the common point was that all of them were strongly rooted in the socio-emotional wealth of family businesses.

Human Resources in the Family Business

2016 ◽  
Author(s):  
David Ransburg ◽  
Wendy Sage-Hayward ◽  
Amy M. Schuman
Keyword(s):  
Human Resources ◽  
Family Business ◽  
The Family

Zakat as a Measure of Social Justice in Islamic Finance : An Accountant’s Overview

2013 ◽  
Vol 1 (1) ◽  
pp. 64 ◽  
Author(s):  
Pranam Dhar
Keyword(s):  
Social Justice ◽  
Islamic Finance ◽  
Poverty Eradication ◽  
The Third ◽  
The Family ◽  
Additional Amount ◽  
Important Form

Zakat is an important form of religiously mandated charity under Islam. It is the third pillar of Islam. The giving of Zakat is important for Muslims, as this leads to purification of their wealth from all sins. This paper examines the role of Zakat as an instrument of social justice and poverty eradication in society. Each Muslim calculates his or her own Zakat individually. Generally, this involves the payment each year of two and a half percent of one's capital, after the needs of the family have been met. One can donate additional amount as an act of voluntary charity but Zakat is fundamental to every Muslim. Zakat is the Islamic contribution to social justice: those who have to give charity share the benefit of their prosperity to those who have fallen short. This is the Islamic approach to remove greed and envy and to purify one's soul based on good intentions. This is the institution of Zakat in Islam. The institution of Zakat serves to eradicate poverty in the community and uphold the light of Islam. Allah says “whatever is paid as Zakat for the sake of Allah shall be rewarded in manifolds”.

Sign in / Sign up

Export Citation Format

Share Document