Strategic Management of the Family Business: Analyzing UK Society

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ACKNOWLEDGEMENT

My thanks go out to all who have helped me complete this study and with whom this project may have not been possible. In particular, my gratitude goes out to friends, facilitator and family for extensive and helpful comments on early drafts. I am also deeply indebted to the authors who have shared my interest and preceded me. Their works provided me with a host of information to learn from and build upon, also served as examples to emulate.

DECLARATION

I, (Your name), would like to declare that all contents included in this thesis/dissertation stand for my individual work without any aid, & this thesis/dissertation has not been submitted for any examination at academic as well as professional level previously. It is also representing my very own views & not essentially which are associated with university.

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TABLE OF CONTENTS

ACKNOWLEDGEMENTii

DECLARATIONiii

Project Title1

Objectives1

Context & Background4

Beyond profitability, social perspective5

Methodology & Sources of Data6

Pitfalls and Problems6

Rationale for a Qualitative Study6

Literature Search7

Research Design7

Preliminary Literature Review8

Anticipated Outcomes13

REFERENCES16

Project Title

Strategic Management of the Family Business: Analyzing UK Society.

Objectives

The family involvement in the business makes the goals and objectives of the family business a lot more different as compare to the no involvement of the family. It is different from the perspective of the value maximization goals of the firm which are considered publicly held and are managed professionally by non-family firms. Though, few efforts have been made to recognize these differences. Few researchers Westhead (2001) claim that the family owned business objectives are business centered. Whereas other authors believe that the objectives and goals of the business are transforming due to the interaction of the requirement of the business and family. For instance, three-stage development model of the family business was proposed by an author. At the initial stage, the requirements of the family and business are constant; the owner-manager is responsible for making all the decisions. Even though the families are not essentially monolithic units, but at this phase of the development of family business, study on the features and the motivations of the initiator can be significantly effective and helpful in delivering some suggestions of the objectives of family enterprise. (Andersson 2002 89)

The recent flow of research in this particular matter proceed parallel to the research and studies of the entrepreneur's features, apart from the literature relating to entrepreneurship focuses on the initial existence of the firm and the literature of family business deals with a later stage of the firm, more significantly when progression is forthcoming. Therefore, a thorough assessment of entrepreneurial study may generate further insight in the second phase, the owner-manager stay in control, but the development and growth of the children's of the family are of major importance for the family. As a result, the objectives of the family business are prone to change, replicating the major significance of discovering a place and protecting a future for their children's. In the final stage, the requirements and the needs of the family and business can arrive to ...