Family Business Research Paper Example | Topics and Well Written Essays - 1000 words - 2

Family worry - Research Paper ExampleThe other family members in family-run businesses do not often accord the kindred level of respect to the decisions made by their siblings or relatives who may be in charge of the family business. some times, siblings will overrule the decision of a sibling who was chosen by the parents to hold a fructify of authority. This shows a lack of structure that is vital in ensuring that organizations realize their goals. This lack of structure is also to send for the procrastination of important tasks within an organization. Procrastination can result in delayed succession proviso which is detrimental to a company. According to the family business survey, which was meant to assess different how the different functions in family-run businesses are conducted, simply 12% of the reviewed family businesses had documented plans dealing with succession training (The Family fear Survey, 5). This is somewhat better than the survey of Australian KPMG and Family championshipes, conducted to further understand the success of family businesses, which established that 80.7% of respondent family businesses did not have any succession planning program in effect (KPMG and Family Business Australia Survey of Family Businesses, 3). ... Another common concern is favoritism. According to a family survey conducted in the UK, it was discovered that 18% of the respondents felt that their lives were in some way hampered by their responsibilities towards the family business. 17% of the respondents also affirmed that it is easy for business disagreements to bet in the way of building strong family relationships (The Family Business Survey, 4). There were similar findings from the According to CBIA/UCONN Family Business Program Survey, which established that only 31% of the participants felt that the responsibilities were fairly allocated (Rathgeber and Nino, 12). The accusation of favoritism is common in most family organizations and can sometimes interfere with realizing organizational objectives. The practice session of qualified workers is another issue that often causes misunderstandings within family run businesses. For the most part, the children or relatives of people who forward successful businesses expect that they will hold positions of authority in the said businesses even if they may not be qualified for them (Miller and Le Breton-Miller, 39). However, for any business to succeed, it requires the input of skilled workers who are trained in professional institutions. Sometimes, parents have to hire workers from outside the family in order to keep their companies afloat while placate their children with junior positions. According to the Family Business Survey, 61% of the respondents had 2 or 3 relations who worked in the family-run companies (Family Business Survey, 7). The Australia KPMG and Family Business Surveys results indicated that 40% of the surveyed