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Further Reading
Featured Reading:
Family Wars: Classic Conflicts in Family Business and How to Deal with Them
by Grant Gordon (Author), Nigel Nicholson (Author)
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| Key Family Business Research Studies Online - Part 5 |
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Posted by: Debra Andrews
The final research study we will be looking at is the 2007 Laird Norton Tyee Family Business Survey: What are the top challenges that family businesses face today? The survey suggests that succession of the leadership will likely be the biggest challenge for most family businesses. With today’s longer life expectancies, there are often multiple generations of a family involved in the business at the same time. This adds another layer of complexity to the succession process. Shorter business cycles, as a result of global competition, make it important for family-owned firms to formalize their business and strategic plans by putting them in writing. Many need to shore up their company and organizational structures by clearly identifying roles and leadership responsi¬bilities. Finally, the burden of estate taxes continues to be a major challenge. The study concludes that “family businesses are highly optimistic about their five-year outlook.”
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