The paper "Determinants of a Successfully Owned Family Business " is a great example of management coursework. It is conclusive that a family business refers to a business type involving relatives with a vested interest in the corporation (Morris & William 1996, p. 76). Family businesses now for a number of years have progressively dominated the economy forming part of the oldest businesses in existence. The impact of the family business have received appreciation and recognition from the government brought its efforts in job creation, raising the living standards of the people, and thereby positively impacting the economy.
Family businesses have remained to be the backbone of the world’ s economies and contribute to about 60% of companies found in Europe and the United States of America. For a period of time, the family business has been overridden by the glamorous performance of businesses publicly owned. Return on investments and capital turnover have been considerably low. Business enterprises such as Armani and Walmart initially started as family businesses and now have an outstanding figure. However, family businesses continue to face various challenges including challenges in the market and challenges as a result of involving family members in the running of the business only to mention but a few (Davis, P.
and Stern, D., 1988 p. 74). The academics use various approaches in determining the success of a particular family business some of them including corporate governance, the performance of the business, philanthropy, governance of the family and social responsibility to only name but a few. Therefore, this paper aims at explaining these concepts further and even go to a further extent of explaining how other sectors such as Forbes magazine, society, shareholders of the business, and various industry sector awards have to say about the success of the business.
This paper also ends by relating the various issue handling in Tuke building and critically analyzing its successes and failures in relation to the concepts discussed (Davis, P. and Stern, D., 1988 p. 74).
Morris, M.H., Williams, R.W. and Nel, D., 1996. Factors influencing family business succession. International Journal of Entrepreneurial Behavior & Research, 2(3), pp.68-81.
Davis, P. and Stern, D., 1988. Adaptation, survival, and growth of the family business: An integrated systems perspective. Family Business Review, 1(1), pp.69-84.
Morris, M.H., Williams, R.O., Allen, J.A. and Avila, R.A., 1997. Correlates of success in family business transitions. Journal of business venturing, 12(5), pp.385-401.
Venter, E., Boshoff, C. and Maas, G., 2005. The influence of successor‐related factors on the succession process in small and medium‐sized family businesses. Family Business Review18(4), pp.283-303.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R., 2000. Investor protection and corporate governance. Journal of financial economics, 58(1), pp.3-27.