FAMILY BUSINESS

Family Business

Table of Contents

Introduction1

Brief summary of the business, its size, its history, its industry3

Brief statement of family history and its involvement in the business4

Analysis of Family genogram5

Family system8

Family history, including key events9

Family values and norms10

Aspect of the family that may affect the business11

Business System13

Founding, key events, milestones14

How the business grew and developed15

Industry analysis, what is changing, trends, issues18

Family/Business Dynamics and Issues19

How is the family involved and impacting on the business?20

Family involvement21

Ownership structure22

Management structure and family involvement23

Transition management24

Provide advice on the future succession plan27

Professionalization of the family business28

Family Corporate Governance32

Critical challenges and proposed solutions33

Future concerns: ownership and management36

References38

Family Business

Introduction

Family businesses are a corporate achievement and considerations that are being planned by different individuals and companies throughout the time and for years to come within historic achievements and other instances. A family business is the one in which one or more members of the families have a significant contribution amount or a sense of ownership that they have achieved from the efforts and means of proper branding and other associated aspects of an overall business. Family business is differentiated and distinguished from the ones that are run by multiple vendors in a way that there is a considerable amount of interest and sense of commitment towards it; for the overall wellbeing of the association, there are measurements carried out and different steps taken to make sure that the name stays supervised and there are marketing edge over several other competitors which might be coming in the way of its success and highlighting nature.

In most of the countries, many of the public companies that are listed as firms are family oriented and they are run by individuals of great mutual understanding and learning abilities. A business is family owned and considered of greater advantage when a person is the controlling shareholders after having gained all of the possible percentage of voting rights and business details in comparison to other shareholders of the exact same market. The owning family from a family business involves about two or more members within the management team; they cannot be depending by the owners that are not related being family. However, there is a greater contribution of such individuals in the operational departments of the company and they are looking after everything that they are supposed to be performing in advance for the sake of company procedure and several other measurements.

Family businesses in capacity are medium to smaller in range but they can be of larger scale as well and in that case, one or more family members are the senior officers and managers affiliating with everything that is going on in the constitution of the administration. Their apprehension and starting off can differentiate as well because sometimes, businesses that now exist as supported confirmations once started back as public companies. The contribution of family business in a society can be well established and understood because this is something which provides the members of a family to be strengthened and ...