The paper "Impact of Family Relationship Dynamics during Transitions" is an outstanding example of a management capstone project. The paper intends to investigate the dynamics of family businesses and family farms. The impact of family relationship dynamics on business-owning families particularly during transitions has been deeply analyzed in the study in the context of a small accountancy firm with eight staff members and family members comprising a father, three sons, and a daughter. Much attention has recently been drawn to the differences found among non-family firms and family firms. In many families, it is obvious that business tends to serve family and conversely, the family also serves the businesses.
In some of the business families, economic prudence dominates the process of the decision-making process while other family firms recognize the requirement of responding to family and economic considerations. In this paper, specific attention is paid to family and their business and the tasks and issues required during their succession processes. The need for preparing a succession plan has been augmented and the necessary training of successor has also been emphasized.
Many family businesses differ from prudence economic enterprises in their values and working operations as such the policymaker are required to be flexible during intervening for helping such community, particularly small and medium enterprise communities. Paper qualitatively explores the characteristics and effects of family relationship dynamics in family business systems undertaking the transfer of controlling ownership to the future generation like transferring control and ownership from father to son. The necessary anxiety imperatives and their management in the transition process have been discussed thoroughly with the conclusion about the characteristics of emotional dynamics in business-owning families. Chapter-1 Introduction Most of the developed countries have moved progressively from agricultural-based society to an industrial-based or information society.
Specifically, the latter half of the twentieth century is marked by a deterioration of communal circumstances in most industrialized countries. As such the combination of both these elements has presented some serious threats to the economy.
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