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Consequences of long term family ownership - Admission/Application Essay Example

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Family members are the decision makers and they make policies. Family business is one of the oldest and common methods of economic organization. Today, family business ownership is acknowledged as the most…
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"Consequences of long term family ownership"

Download file to see previous pages For the family owned business to grow and build a strong foundation, two challenges must be tackled; achieving strong business performance and keeping the family committed to and capable of carrying on as owners. Family tends to hold on to their family because of the benefits they get from the business over a long period of time. This paper lists and discusses the consequences of long term family ownership in businesses.
This paper discusses family ownership in a family business and its long-term consequences. A family business can be defined as commercial organization where decision-making is influenced or done from generation to generations of a family. Family business is one of the oldest and common methods of economic organization. The most important element in a family business is that the family has a significant ownership stake (Bennedsen & Fan, 2014).In the case of small or medium businesses, one member or a group will own the entire business. In some of the companies, the majority ownership can be diminished to a minority stake as the firm continues to grow.
Family delivers little or no enhancement in the management value beyond the level that the non-family management can achieve, but there is no objection threatening its ownership. In this case, a need to hire professional management from outside the family arises, but the family still remains on the ownership side. A Swedish company IKEA is an example of this category; the owners hired management from outside the family circle, but the family still retained the ownership of the company (Bennedsen & Fan, 2014). When the founder Ingmar Kampvad retired, the leadership that had for decades been held by family members wasn’t passed on to the next generation. With the absence of the strong management skills from the family once he retired, it was natural that the family stayed out of the top management level. In the case of Europe, family companies are ...Download file to see next pagesRead More
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