Family-Run Business

Paper Summary:

This paper presents a research paper that examines the family's impact on family-run businesses, looking the extent to which a family's impact will cause conflicts (when the family system and family system overlap) and which conflicts are positive and which are negative. The paper includes the questionnaire and resulting data from each question, which is presented in tables and graphs. Based on the review of the relevant literature and the findings from the questionnaire, the paper recommends enlisting the assistance of family members in financing and operating the enterprise; however, clear ground rules on how conflicts will be managed must be established. A case study of a family-run business is included as well as several tables and charts.

Table of Contents:
Research Questions
Research Objectives
Research Background and Literature
The Definition of Family Business
The Importance of Family Businesses
Family Dimension and Business Dimension
Table: Measures for Family Orientation and Business Orientation
The Managerial Behavior and Performance of Family Business
Table: Unique Qualities of Family-Owned Enterprises
Conflicts in Family Business
The Resolutions to Conflicts
Table: Common Conflict Resolution Techniques
Table: Individual Styles of Conflict Resolution
Research Methods
Table: Comparison between Different Research Methods
Project Plan
Data Analysis
Introduction
Part One: Case Study of a Family Managed Business: Harvey's Hardware
Part Two: Survey Results
Summary, Conclusion and Recommendations
Summary
How Family Influences the Management Behaviors and Business Performance In Family Business
How Conflicts are Likely to arise in Family Business
How Conflicts Influence the Management Behaviors and Performance
How to Solve Conflict
Future Development of Family Business
Conclusion
Recommendations
Appendix: Proforma Copy of Family Owned Business Survey
Appendix: Questionnaire Data Analysis Output Results

From the Paper:

"On one hand, issues related to family dimension include: children involvement, succession, family income, and share distribution. Some scholars perceive the family dimension as a restraint of the business requirements. If a conflict between the family system and business system occurs, the business requirements are likely to be neglected. However, on the contrary, the advantages of the family dimension are also evident; it helps to build long-term relationship, corporate culture, and helps family members to gain an in-depth knowledge of the business "

Sample of Sources Used:

• Alexander, G. (2002, October). A family affair: Now more than ever, family-owned businesses must craft solid succession plans to develop enterprises that grow and prosper. Black Enterprise, 33(3), 154.
• Anderson R C, Reeb M. (2003) Founding family ownership and firm performance: evidence from the S&P 500, Journal of Finance, 58:1301-1328.
• Craig E. Aronoff and Christopher J. (1999) Eckrich Trends in Family-Business Transitions - installing successor is critical issue, Nation's Business.
• Aldrich, H.E., Cliff, J.E. (2003) The pervasive effects of family on entrepreneurship: toward a family embeddedness perspective, Journal of Business Venturing, Vol. 18 pp.573-96.
• Bowman-Upton, N. (1987) Family Business Succession, Waco, TX: Institute for Family Business, Baylor University.

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