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    Family businesses are companies that are owned, operated, and managed by two or more members of a single family. They make business decisions considering both family concerns like employment and loyalty as well as operational concerns like production and costs. While family businesses benefit from flexibility, shared values, and commitment, they also face challenges like potential conflicts, lack of skills, and succession planning. There are different types of family businesses including those managed by a single owner, siblings, or cousins.

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    Family businesses are companies that are owned, operated, and managed by two or more members of a single family. They make business decisions considering both family concerns like employment and loyalty as well as operational concerns like production and costs. While family businesses benefit from flexibility, shared values, and commitment, they also face challenges like potential conflicts, lack of skills, and succession planning. There are different types of family businesses including those managed by a single owner, siblings, or cousins.

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    1 views7 pages

    Family Business

    Uploaded by

    manahilnasir67
    Family businesses are companies that are owned, operated, and managed by two or more members of a single family. They make business decisions considering both family concerns like employment and loyalty as well as operational concerns like production and costs. While family businesses benefit from flexibility, shared values, and commitment, they also face challenges like potential conflicts, lack of skills, and succession planning. There are different types of family businesses including those managed by a single owner, siblings, or cousins.

    Copyright:

    © All Rights Reserved
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    of 7

    FAMILY BUSINESS

    FAMILY BUSINESS

    • Family business, as the name suggests, is the business which is actively owned,operated
    and managed by two or more members of the single family.
    • Here members may be related by blood , marriage or adoption.
    • Basically in a family business; Single family owns majority percentage of ownership.
    • Examples: Walmart, Dell, Tata Group (India),Samsung Group ( Korea)
    • Directed and controlled by multiple generations of a family. For example:
    Agriculture,Restaurants etc
    NATURE OF FAMILY BUSINESS

    Family Concerns:
    • Care and nurturing of family members
    • Employment and advancement in the firm
    • Loyalty to the Family

    Business Concerns:
    • Production and Distribution of goods and services
    • Need for professional management
    • Effective and efficient operations of the firm
    ADVANTAGES

    • Flexibility
    • Common values
    • Strong commitment
    • Loyalty
    • Stability
    • Decreased Costs
    • Commitment and unified leadership
    DISADVANTAGES

    • Lack of skills and Experience


    • Family conflict
    • Favoritism
    • Succession Planning
    TYPES

    • Owner- managed Business


    • Sibling Partnership
    • Cousin consortium
    ASSIGNMENT NO 1

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