scholarly journals Professionalism and Family Business Management The Synergy Leading towards Business Excellence

2019 ◽  
Vol 8 (2) ◽  
pp. 6549-6553
Keyword(s):  
Family Business ◽  
Analytical Approach ◽  
Business Management ◽  
Business Owners ◽  
Family Businesses ◽  
Business Managers ◽  
Business Excellence ◽  
The Family ◽  
Domain Expertise

If family businesses are praised for the expertise with technology and deeper knowledge about the markets, they are criticized for lack of professionalism in management. Business excellence models demand professionalism and strong leadership with a systematic analytical approach to business. This article posits that if family business owners can adopt professionalism they in fact would be in a commanding position in their business. They can forge a synergy, leveraging their domain expertise with the help of a professional approach and achieve sustained business excellence. The article evaluates this possibility of the family business owners-cum-managers adopting professionalism in order to achieve business excellence. It is based on a survey of 400 family business managers and this article presents the results of the survey that gathered relevant inputs in line with the objectives framed for the study.

scholarly journals Investigating value-laden leadership styles among family business owners

2016 ◽  
Vol 47 (4) ◽  
pp. 35-46 ◽  
Author(s):  
E. Venter ◽  
S. M. Farrington
Keyword(s):  
Leadership Styles ◽  
Leadership Style ◽  
Family Business ◽  
Business Performance ◽  
Business Owners ◽  
Primary Objective ◽  
Family Businesses ◽  
Participative Leadership ◽  
Significant Relationships ◽  
The Family

Given the need for a different approach to leadership, as well as the need for further investigation on leadership among family businesses, this study investigates several value-laden leadership styles among family businesses. More specifically the primary objective is to establish the levels of Servant, Ethical, Authentic, and Participative leadership displayed by family business owners and the influence thereof on the Perceived business performance of the family business. A survey was undertaken and 266 usable questionnaires were returned from 133 family business owners and 133 from family business employees. The data analysis involved calculating descriptive statistics and undertaking t-tests. Multiple regression analysis (MRA) was done to test the hypothesised relationships. Although the MRA analysis revealed no statistically significant relationships between the leadership styles investigated and Perceived business performance, the vast majority of respondents agreed that the styles investigated were displayed by the family business owners. For both sample groups Ethical leadership returned the highest mean score, followed by Servant and Participative leadership. The importance of these value-laden leadership styles to family businesses is thus highlighted, contradicting the literature that family businesses owners are often autocratic in their leadership style. In addition, increased clarity on the effectiveness of these value-laden leadership styles within the context of family business is provided.

The Dynamics of Women's Roles as Family Business Managers

2002 ◽  
Vol 15 (3) ◽  
pp. 239-252 ◽  
Author(s):  
Florence Curimbaba
Keyword(s):  
Family Business ◽  
Three Dimensional ◽  
Family Businesses ◽  
Development Model ◽  
Business Managers ◽  
Professional Experiences ◽  
The Family ◽  
Business Structures ◽  
Managerial Positions ◽  
Depth Interviews

This study investigates the professional experiences of female heirs in a variety of family businesses located in three states of the Brazilian Southeast. The aim is to analyze both how the family and business structures affect the daughters' visibility in managerial positions and the resulting gender relations. Twelve open-ended, in-depth interviews were conducted. The responses were analyzed, and pathways were classified according to the Gersick, Davis, Hampton, and Lansberg (1997) three-dimensional development model of family businesses. Three groups were formed to describe the daughters' experiences: invisible, professional, and anchor.

scholarly journals Managing Family Business

Management ◽  
2014 ◽  
Author(s):  
Frank Hoy ◽  
Giacomo Laffranchini
Keyword(s):  
Family Business ◽  
Management Practices ◽  
Business Management ◽  
Business Owners ◽  
Journal Articles ◽  
Business Research ◽  
Childhood Education ◽  
Family Behavior ◽  
The Family ◽  
The Subject

The study of family business involves the interrelationships of owners, managers and employees, and family members, all functioning within broader cultural, legal, competitive, and other environments. Foundational disciplines for investigating family business management practices include anthropology, economics, family studies, history, psychology, and sociology. Additional contributing fields include agriculture, various business disciplines, early-childhood education, family behavior, and others. Early contributions to the family business literature came predominantly from biographies and autobiographies of family business owners and from consultants to families in business who shared their observations and advice from their experiences. With the introduction of the journal Family Business Review, the subsequent launch of other journals addressing the subject, and the initiation of academic conferences on family business research, the knowledge base of the field has expanded rapidly. The domain of managing family business encompasses the dynamics of families that exercise control over enterprises and the performance of those companies. The notion of management includes both the business and the family, separate and together. Major themes addressed in the family business literature are succession, governance, and financial and wealth management. With increased research contributions from scholars in diverse fields, there has been an expansion of topics being covered. In this article, the focus is on the state of knowledge regarding the management of the family firm. The materials cited in this article introduce scholars to seminal contributions to the management of family business literature and to books and journal articles that are expected to influence forthcoming streams of research.

scholarly journals Extrinsic rewards in family businesses: Perspectives of nonfamily employees

2014 ◽  
Vol 45 (3) ◽  
pp. 67-79 ◽  
Author(s):  
S. M. Farrington ◽  
E. Venter ◽  
G. D. Sharp
Keyword(s):  
Job Satisfaction ◽  
Family Business ◽  
Structural Equation ◽  
Job Security ◽  
Business Owners ◽  
Primary Objective ◽  
Family Businesses ◽  
Organisational Commitment ◽  
Extrinsic Rewards ◽  
The Family

The rewards employees receive in exchange for their labour play an important role in influencing their levels of job satisfaction and organisational commitment, and ultimately in retaining their services. The issues surrounding rewards are, however, complex in the field of family business. The primary objective of this paper is to investigate the influence of selected extrinsic rewards, namely, compensation, promotion opportunities and job security, on the levels of jobsatisfaction and ultimately on the levels of organisational commitment of nonfamily employees working in family businesses. Structural equation modelling was used to assess the hypothesised relationships, and the results show that compensation and job security are significantly and positively related to job satisfaction. Job satisfaction was found to be significantly and positively related to organisational commitment and also found to act as a mediator between these extrinsic rewards and organisational commitment. Establishing the perspectives that nonfamily employees have of the rewards given to them by the family businesses in which they work, provides family business owners with valuable insights into attracting and retaining this valuable stakeholder group.

Differences in management styles, levels of profitability, and performance across generations, and the development of the Family Business Success Model

2019 ◽  
Vol 32 (1) ◽  
pp. 32-50 ◽  
Author(s):  
Josiane Fahed Sreih ◽  
Robert N. Lussier ◽  
Matthew C. Sonfield
Keyword(s):  
Family Business ◽  
Financial Management ◽  
Emerging Market ◽  
Business Owners ◽  
Family Businesses ◽  
Business Success ◽  
Content Type ◽  
Success Model ◽  
The Family ◽  
Probability Of Success

Purpose The purpose of this paper is to, first, investigate the differences between generations in family businesses and, second, develop and verify the Family Business Success Model ability to improve the probability of business success measured by perceived profits, growth and meeting the owners’ expectations. Design/methodology/approach Data were collected through questionnaires and personal interviews. Overall, 98 usable questionnaires were collected for statistical analysis with a response rate of 82 percent. Findings One-way ANOVA hypotheses testing of the variables found four significant differences between generations. Regression analysis found the Family Business Success Model to be significant. Family business owners can improve the probability of success by utilizing a team-management decision-making approach, effectively handling conflict effectively, formulating specific succession plans, developing strategic plans, using sophisticated financial management methods, dealing effectively with the founder’s influence and if they seek to grow, they should consider going public. Practical implications This study provides family business owners, managers, educators and public policy makers with the means to help family businesses survive and grow effectively throughout generations by using the Family Business Success Model. In addition, this study can help consultants and advisors of family businesses to understand the differences between the first, second and third generation family businesses from a holistic perspective and help them implement the family business model. Originality/value This study contributes to the literature as one of the few studies in the Lebanese emerging market that examines how the first, second and third generations of family businesses differ. More importantly, it develops a Family Business Success Model that improves the probability of success.

Succession Experiences in Philippine Family Businesses

2000 ◽  
Vol 13 (1) ◽  
pp. 15-35 ◽  
Author(s):  
Andrea L. Santiago
Keyword(s):  
Family Business ◽  
Succession Planning ◽  
Asian Country ◽  
Family Values ◽  
The Philippines ◽  
Business Owners ◽  
Family Businesses ◽  
Leadership Succession ◽  
The Family ◽  
Succession Process

Western research suggests that family business owners must prepare for leadership succession in a systematic manner to ensure continuity. A review of the succession experiences of eight family businesses in the Southeast Asian country of the Philippines seems to indicate that the key to smooth succession for group-oriented families is not entirely dependent on succession planning. Rather, a family business's smooth succession depends on the succession process being consistent with family values. In fact, valuing the preservation of the family unit helps to avoid the ill effects that normally accompany the absence of succession planning.

scholarly journals MANAGING SUCCESSION IN A FAMILY OWNED SMALL-MEDIUM ENTERPRISES

2020 ◽  
Vol 3 (1) ◽  
pp. 21
Author(s):  
Honey Nandlal ◽  
Suresh Kumar
Keyword(s):  
Family Business ◽  
First Generation ◽  
Business Owners ◽  
Family Businesses ◽  
Business Survival ◽  
Key Informants ◽  
Development Agenda ◽  
The Family ◽  
Small Medium Enterprises ◽  
Medium Enterprises

<p>Nowadays, family businesses are of high number in countires and contribute to the development of the economy. This research was conducted due to the importance of family business survival and it focuses on factors that affect their performance. Recently, family businesses have been identified as one of the concerns in the global entrepreneurial development agenda. This is because of the existing problem which is caused by family business owners avoid planning and treat succession as a problem instead of an opportunity. This impacts the continuity of the family-owned business. This research is made to emphasize the importance of planning and the drawbacks of negative bias in viewing succession as a problem. This study is expected to make family business owners understand the importance of planning and treating succession as an opportunity to achieve continuity. Qualitative research method was chosen as the method of the research with first generation family business owners as the key informants. Three key informants are chosen; Mr. Untoro A. Suryadi, Mr. IS and Mr. AS. In conclusion, family business should stop strategizing succession and treat succession as a practice.</p>

scholarly journals Managerial competences in family firms from the service and production sectors

VUZF Review ◽  
2021 ◽  
Vol 6 (4) ◽  
pp. 145-156
Author(s):  
Izabella Kęsy ◽  
Marcin Kęsy ◽  
Patrycja Ślusarczyk
Keyword(s):  
Family Business ◽  
Family Firms ◽  
Business Owners ◽  
Family Businesses ◽  
Primary Study ◽  
Measurement Tool ◽  
The Family ◽  
Business Entities ◽  
High Level ◽  
Or Team

In each organization an important aspect is to maintain balance in terms of resources, processes and systems. Lack of relationship between the various components of the company affects the reduction of efficiency in organization, which in turn affects the effectiveness of action. However, it is also important to maintain effectiveness in the implementation of tasks at the strategic or operational level, and this is particularly influenced by the leader of the organization or team respectively. In the case of family businesses decision- making can be reduced to the leader, who makes decisions independently, without obtaining data or information from the environment. Such actions carry a high level of randomness, which in consequence affects the lowering of economic profitability of the company. In the publication, theoretical and empirical considerations were carried out, which served the authors of the publication, to a limited extent, in juxtaposing the paradigm of the family business functioning in the theory of the subject with the results of the primary study, which was carried out using two qualitative methods, interview and observation. For this purpose, the measurement tool, the interview questionnaire, was developed and the planes of cognitive analysis that was conducted in the studied business entities were identified. The study was conducted on 30 family businesses operating through Poland, the only criterion for qualification for the study was the fact that this was the opinion of the business owners, which is in accordance with the theory of family business proposed by Frishkoff according to which a family business is an enterprise in which the owner admits that it is a family business, i.e. in this case the most important thing is the awareness of being one of the occurring types of family business.

scholarly journals A Study on Succession Planning, Prospective Successor Selection, Transfer of Idiosyncratic Firm Knowledge in Family Owned Businesses of Hyderabad

2021 ◽  
Vol 9 (1) ◽  
pp. 8-16
Author(s):  
Manchala Seema ◽  
Syed Sayf Ali
Keyword(s):  
Tacit Knowledge ◽  
Family Business ◽  
Succession Planning ◽  
Business Owners ◽  
Family Businesses ◽  
Indian Economy ◽  
The Family ◽  
Firm Knowledge ◽  
Survey Results ◽  
Insight Into

This study seeks to gain a better understanding of how the succession planning is undertaken in family owned businesses, most preferred qualities in the prospective successor and the transfer of tacit idiosyncratic firm knowledge from one generation to the next generation. The fact that family businesses contribution to the Indian economy is highly significant as well as the fact that most of the family businesses do not survive beyond three generations makes the study important. This study was conducted by distributing a quantitative survey containing numerous close ended questions to the family business owners, potential successors and successors. The survey asked respondents to explain how succession planning takes place in their firm, the most preferred qualities in the prospective successor and the mode of transfer of tacit idiosyncratic firm knowledge from one generation to another. The survey results provided insight into many important factors of succession planning such as the prospective successor being chosen with consensus of the all the family members, the process of succession being well communicated in the business and possessing leadership values is the most preferred quality sought in a successor. Learning by observing is the most preferred mode of transfer of tacit knowledge from one generation to another.

“We are a family firm”

2018 ◽  
Vol 8 (1) ◽  
pp. 2-21 ◽  
Author(s):  
Claudia Binz Astrachan ◽  
Isabel C. Botero
Keyword(s):  
Family Business ◽  
Family Firms ◽  
Family Firm ◽  
Business Owners ◽  
Public Companies ◽  
Content Type ◽  
Brand Building ◽  
Depth Interview ◽  
The Family ◽  
Family Associations

Purpose Evidence suggests that some stakeholders perceive family firms as more trustworthy, responsible, and customer-oriented than public companies. To capitalize on these positive perceptions, owning families can use references about their family nature in their organizational branding and marketing efforts. However, not all family firms actively communicate their family business brand. With this in mind, the purpose of this paper is to investigate why family firms decide to promote their “family business brand” in their communication efforts toward different stakeholders. Design/methodology/approach Data for this study were collected using an in-depth interview approach from 11 Swiss and German family business owners. Interviews were transcribed and coded to identify different themes that help explain the different motives and constraints that drive their decisions to promote the “family business brand.” Findings The analyses indicate that promoting family associations in branding efforts is driven by both identity-related (i.e. pride, identification) and outcome-related (e.g. reputational advantages) motives. However, there are several constraints that may negatively affect the promotion of the family business brand in corporate communication efforts. Originality/value This paper is one of the first to explore why family businesses decide to communicate their “family business brand.” Building on the findings, the authors present a conceptual framework identifying the antecedents and possible consequences of promoting a family firm brand. This framework can help researchers and practitioners better understand how the family business nature of the brand can influence decisions about the company’s branding and marketing practices.

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