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Identify and discuss the criteria that academics and others use to assess the relative health of a family business. discuss and justify how well; family business one with which you are familiar ;matches up to two of these criteria - Essay Example

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Family business is a business where, one or even more members of a family or more families have a remarkable share ownership and important commitments in the overall well-being of a business. In a family business, the management team comprises of two or more members are drawn…
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Identify and discuss the criteria that academics and others use to assess the relative health of a family business. discuss and justify how well; family business one with which you are familiar ;matches up to two of these criteria
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Extract of sample "Identify and discuss the criteria that academics and others use to assess the relative health of a family business. discuss and justify how well; family business one with which you are familiar ;matches up to two of these criteria"

Download file to see previous pages Most of the companies that are public were once family businesses. Participation of the family members in the running and managing a family business strengthens the business since family members are mainly loyal and dedicated to the business of the family. However, family members’ participation as owners or managers of the business may present some unique complications since there is no balance between the dynamics of the business system and the family system.
The problems associated with family members operating a family business are such as; there may be no alignment between the business interests and those of an individual family member. The interests of the whole family may not balance with the business interests. In addition, one family member’s interest may not align the interest of another family member. Balancing of the family business is automatic where family business is owned and operated by one individual. The balancing is automatic since the owner balances the interests of the business and his own interests. In most family businesses, first generation owners make most of the decisions. The moment the second generation takes over control of the business, the issue of decision-making becomes consultative.
Decision-making may become more consensual when the third generation takes over the control of the business. Decision-making becomes more rational as it goes through generations of the founder. Most family businesses have grown in to big companies with world recognition. These family businesses are very vital to the economy because they provide a source of economic growth to a nation. They provide services to the people of the nation and provide job opportunities to the mass. Some examples of family businesses that emerged as a small family business and expanded to big world recognized companies are Wal-Mart, the Raymond, Motorola and Samsung companies.
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