Family Business Research Journal: Balancing Family and BusinessAlthough research into family owned businesses has been previously neglected, the past decade has witnessed an increase of interest devoted to family businesses. Most of the research on family busienesses has been conducted in the last ten years (Shanker and Astrachan, 1996). So much so, that a new field has developed, specifically for helping owners of family businesses better manage their companies. A good indication of this phenomenon is that many colleges and universities have adopted procedures to bring family owners together with professionals who advise and study family businesses. Research has shown that the principles of management taught in most business schools do not apply to the family business (Fischetti, 1996). As a result, many graduate business schools have discovered the need to incorporate family business into the curriculum. Once ignored in the curriculum, family business has become a prime topic for courses and research projects (Le Van, 1999). No matter what the size of the company, the family factor subtlely (and sometimes disastrously) influences almost every major function, from marketing to acounting, and virtually all major decisions, from how the company will be organized to its rate of new investment and expansion. American are living longer, staying healthier, and as a result are struggling with the thought of transferring leadership to a new generation. A recent survey has shown that contrary to popular belief, many family owned businesses are not "mom and pop" run operations. Good portions of family run businesses are multi million dollar enterprises, constantly reaching out for new ways to improve their businesses. This book examines the research that has been conducted concerning various aspects of family businesses, because indications are that family businesses are significant contributors to employment in the United States. The first part of this book looks at the history of family businesses, significant data concerning family businesses, and how family businesses are defined and operated differently from non family businesses. The second part reviews research on the role of the family owned firm's founder, leadership, succession, and resolution of problems inherent in family businesses. The last section of this review looks at the inevitability of change, lessons research has taught us, and finally a summary and conclusion. |
