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Family Business - Research Paper Example

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Name Professor Module Date Family Business Family businesses function as big contributors to the national economy of any nation. Moreover, due to the way that they are created, they face unique challenges that do not affect ordinary corporate organizations…
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Family Business Research
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Download file to see previous pages The other family members in family-run businesses do not often accord the same level of respect to the decisions made by their siblings or relatives who may be in charge of the family business. Many times, siblings will overrule the decision of a sibling who was chosen by the parents to hold a position of authority. This shows a lack of structure that is vital in ensuring that organizations realize their goals. This lack of structure is also to blame for the procrastination of important tasks within an organization. Procrastination can result in delayed succession planning which is detrimental to a company. According to the family business survey, which was meant to assess different how the different functions in family-run businesses are conducted, only 12% of the reviewed family businesses had documented plans dealing with succession planning (The Family Business Survey, 5). This is somewhat better than the survey of Australian KPMG and Family Businesses, conducted to further understand the success of family businesses, which established that 80.7% of respondent family businesses did not have any succession planning program in effect (KPMG and Family Business Australia Survey of Family Businesses, 3). ...
Another common concern is favoritism. According to a family survey conducted in the UK, it was discovered that 18% of the respondents felt that their lives were in some way hampered by their responsibilities towards the family business. 17% of the respondents also affirmed that it is easy for business disagreements to bet in the way of building strong family relationships (The Family Business Survey, 4). There were similar findings from the According to CBIA/UCONN Family Business Program Survey, which established that only 31% of the participants felt that the responsibilities were fairly allocated (Rathgeber and Nino, 12). The accusation of favoritism is common in most family organizations and can sometimes interfere with realizing organizational objectives. The employment of qualified workers is another issue that often causes misunderstandings within family run businesses. For the most part, the children or relatives of people who launch successful businesses expect that they will hold positions of authority in the said businesses even if they may not be qualified for them (Miller and Le Breton-Miller, 39). However, for any business to succeed, it requires the input of skilled workers who are trained in professional institutions. Sometimes, parents have to hire workers from outside the family in order to keep their companies afloat while placating their children with junior positions. According to the Family Business Survey, 61% of the respondents had 2 or 3 relations who worked in the family-run companies (Family Business Survey, 7). The Australia KPMG and Family Business Survey’s results indicated that 40% of the surveyed ...Download file to see next pagesRead More
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Family Business
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