The process developed by the U.S. Department of Health and Human Services known as the Child and Family Services Reviews (CFSR's).

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ACKNOWLEDGEMENTS

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.

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DECLARATION

This project is submitted in partial fulfillment of the requirement for the degree of MBA. I, the undersigned, declare that this project report is my own original work. Where I have taken ideas and wording from another source, this is explicitly referenced in the text.

Signature:

I give permission that this report may be photocopied and made available for inter-library for the purpose of research.

Signed

TABLE OF CONTENTS

ACKNOWLEDGEMENTSii

DECLARATIONiii

CHAPTER 1: INTRODUCTION1

Background of the study1

Rationale of the importance of strategic management in family businesses2

Purpose of the study3

Significance of the study4

Problem statement5

Research Questions6

Hypothesis6

CHAPTER 2: LITERATURE REVIEW7

CHAPTER 2: LITERATURE REVIEW7

Family businesses and strategic leadership7

Successor for family businesses8

Family success and corporate perspective9

Intergenerational Succession and Family Firms11

Impetus for Change: Discrepancies in the Family-Business Relationship12

Factors Which Shape Development of the Family-Business Relationship13

Conflict in family firms14

Organizational conflict and its dimensionality15

Business requirements16

Strategic Planning17

Process of Strategic Planning18

Theories of Strategic Planning20

Goals and Objectives of Strategic Planning20

Strategic Planning for Family business Partnership21

Family constraints23

How discrepancies arise24

Adjustment of the Family-Business Relationship25

Overview of stages of development25

Stage I: Pre family29

Stage II: Family31

Stage III: Adaptive Family32

Stage IV: Post family33

CHAPTER 3: METHODOLOGY35

Introduction35

Research Design35

Research Philosophy36

Research Process37

Instrument37

Data Collection Method38

Sample Size38

Likert Scale38

Ethical Confidentiality39

Reliability39

Validity40

Significance40

CHAPTER 4: FINDINGS41

Statistical findings41

Final words from statistics findings45

Descriptive Statistics45

Cross tab47

Networking57

Relationships58

Customers58

Theoretical development60

Firm Resources and Sustained Competitive Advantage65

Resource Disadvantage66

Competition and Cooperation67

CHAPTER 5: CONCLUSION68

Challenge and Response70

Profitable and Unprofitable Strategies71

Survival Chances71

Organizational Competence71

Know/edge Resources72

Summary of the Major Findings73

Research Implications and Future Directions75

Arguments based on the research80

REFERENCES82

APPENDICES89

Questionnaire89

CHAPTER 1: INTRODUCTION

The research aims at understanding different problems and factors involved in family businesses by focusing on different questions like why do family business prefer family successor or why what are the conflicts in family business? Additionally emphasis was put on other factors like what are the factors that shape family business relationship? Or how family businesses are managed? To answer such questions, it is important to know that what is strategic planning, and how it can play a vital role in the research.

Background of the study

The strategic planning is an important topic that has been discussed among the researchers for long time. The strategic planning is the process of envisaging the future position of company according to the vision of the company's owner (Cowling 2001, 167). The goals and objectives set in this regard are of utmost importance as these are the means of deriving the company to high position. Thus, the strategic planning is the process of planning and setting the goals and objectives that helps the companies in achieving higher position in the future (Collins-Dodd 2004, ...