Thesis (MBA)--Stellenbosch University, 2014. / Family businesses struggle to be sustainable over multiple generations. In fact, most family businesses do not survive past the second generation. With this study the goal of the researcher was to provide family businesses with a conceptual model which could assist them to become multi-generational financially sustainable. This goal was achieved by answering the main research question, namely: What are the critical elements that a family business should consider continuously in order to ensure multi-generational financial sustainability? Those critical elements that a family business should consider were firstly explored through a literature review process. From this literature review a preliminary conceptual model was developed. Secondly, seven family business experts, with a total of 176 years of family business experience among them, were selected in order to gain their perspectives on the critical elements that family businesses should consider to be sustainable over multiple generations. They were also requested to evaluate the preliminary conceptual model and were invited to make suggestions for the improvement thereof. This exercise provided the researcher with ample information in order to create a valid final conceptual model, which in this study is referred to as: The Family Business Success Map. During the final part of this research study, the Family Business Success Map was applied to an existing multi-generational family business in order to evaluate the processes which it followed during two situations of succession, and some recommendations were made. This study can contribute towards the field of family business management through the development of a conceptual model, the Family Business Success Map. This can be used by owners and advisors to help family businesses to implement those critical practices that successful multi-generational family businesses have followed. The study found that family businesses needed to become more structured and professional. It further found that there were five critical practices which successful family businesses followed in order to be sustainable over the long term. Those five critical practices were conceptualised in the Family Business Success Map. The basis for all five practices is good governance, transparent communication and an entrepreneurial orientation. The challenge for family businesses is to grow their businesses faster than their families. In order to accomplish this, family businesses need to invest continuously in the entrepreneurial development of their management. This study found that the first practice which successful family businesses followed was that they formally planned for succession. This plan should clearly state what the ground rules of succession are and should be revisited and adjusted continuously. The plan should provide for both ownership and management succession. The second practice which successful family businesses followed was that they were governed by Advisory Boards. These boards should meet regularly and should preferably include some independent members. Continuous development of board members is important. This forms part of the critical element: the practice of leadership. Furthermore, it was found that the third practice which successful family businesses followed was that they had a formal strategic plan in place. They also recommended that the trusted advisors of the family businesses should be involved in the process of formulating the strategic plan. Family harmony, the fourth critical practice, could be accomplished through transparent and comprehensive communication from the businesses to the families. Through the establishment of formal family meetings, family matters that were not business-related, could be dealt with. The last of the five critical practices which successful family businesses followed was the use of cost accounting management practices, not only in their normal business decisions, but in strategic decision-making as well.

by Chau Tak-Tai Stanley, Ho Wai-Kit. / Thesis (M.B.A.)--Chinese University of Hong Kong, 2003. / Includes bibliographical references (leaves 40-41). / ABSTRACT --- p.3 / Chapter / Chapter 1 --- INTRODUCTION --- p.6 / Chapter 1.1 --- Market Outlook - increased unemployment rate --- p.6 / Chapter 1.2 --- The Changing Stereotype --- p.7 / Chapter 2 --- METHODOLOGY --- p.8 / Chapter 2.1 --- Overview --- p.8 / Chapter 2.2 --- Approach --- p.9 / Chapter 2.3 --- Frameworks --- p.9 / Chapter 2.4 --- Supporting Evidence --- p.9 / Chapter 3 --- HONG KONG FAMILY BUSINESSES --- p.11 / Chapter 3.1 --- Overview --- p.11 / Chapter 3.2 --- Definition --- p.11 / Chapter 3.3 --- Family Business Strategies and Motivation --- p.12 / Chapter 3.4 --- academic findings --- p.13 / Chapter 3.4.1 --- General identification --- p.14 / Chapter 3.4.2 --- Family Factors --- p.15 / Chapter 3.4.3 --- Financial issues --- p.20 / Chapter 3.5 --- Conclusion --- p.21 / Chapter 4 --- ANALYSIS --- p.23 / Chapter 4.1 --- Analytical Frameworks --- p.23 / Chapter 4.2 --- Michael Porter's Five Forces Model --- p.23 / Chapter 4.2.1 --- The Hong Kong Family Business Market --- p.24 / Chapter 4.2.2 --- Conclusion --- p.27 / Chapter 4.3 --- Cambridge Associates' Drivers of Value Model --- p.27 / Chapter 4.3.1 --- Cambridge Associates --- p.27 / Chapter 4.3.2 --- Drivers of Value Model --- p.27 / Chapter 4.3.3 --- Drivers of Value - Hong Kong Family Business 2003 --- p.28 / Chapter 4.4 --- Conclusion of the Analysis --- p.29 / Chapter 5 --- SURVEY RESULTS --- p.30 / Chapter 5.1 --- Survey Highlights --- p.30 / Chapter 5.2 --- Survey Limitations --- p.33 / Chapter 6 --- CONCLUSION --- p.34 / Chapter 7 --- RECOMMENDATION --- p.35 / Chapter 7.1 --- Planning --- p.35 / BIBLIOGRAPHY --- p.40 / APPENDIX --- p.43 / Surveys --- p.43

Family businesses constitute a large number of businesses worldwide contributing significantly to the global economy. Succession planning is a key issue influencing the sustainability of these family businesses. According to research, approximately 30% of businesses fail due to matters related to succession planning (Grote, 2003). Further research indicated that approximately 50% of family businesses do not have adequate succession plans in place. Hence, family businesses are exposed to significant risk in sustainability due to insufficient succession planning. An effective approach to succession planning in a family business increases the chance of success of a family business in both the short and long term. The purpose of this study was to develop a better understanding of approaches to succession planning in two family businesses in East London, South Africa. This purpose was to improve the commercial viability of family businesses and improve the body of knowledge from an academic perspective. To this end, a detailed literature study was conducted on family businesses and succession planning. A qualitative case study research paradigm was implemented to ascertain the nature of the approaches adopted by the two businesses. An interview process was conducted with the incumbent founders (fathers) and successors (sons) of the family business. This process suggested that each business requires a unique approach to succession plan which may include aspects of formal and informal processes. It is necessary to understand the nature of the family business, its interrelated relationships and context to adequately determine the success of a succession approach. It is for this reason that families aspiring long term sustainability should invest in effective succession planning approaches that integrate the nuances of the individual family business.

Thesis advisor: Hans de Wit / The family ownership context has been investigated across many business settings, within the manufacturing, trade, and services industries. The consensus among scholars has been that families that own and operate firms act in self-serving ways and frame organizational problems and make decisions with the primary goal of satisfying the family’s affective needs, i.e., preserve or augment what is referred to as socioemotional wealth. However, the theoretical reasoning of socioemotional wealth theory may fall apart in traditional university settings, where self-serving behaviors may lead to (pronounced) agency conflict. Universities have been long understood for their politicized governance environs in which multiple stakeholder groups have representation in decision-making. Within this reality, families involved in higher education management may be challenged to act self-servingly and protect or enhance certain socioemotional wealth. They may need to act in altruistic ways to avoid agency conflict. I investigate whether this is the case through a single, critical case study approach conducted at one family-owned or -managed university in India. I rely on what Yin (2003) refers to as “rival explanation as patterns” to test socioemotional theory relative to a rival theoretical framework. I ask the important question of whether this rival theory can address the limitations of socioemotional wealth theory when applied to the higher education context. As expected, findings generally suggest that where socioemotional wealth theory fails to capture family decision-making behaviors, the rival theory is relevant. This finding is important to consider and has several implications to theory, practice, and future research. Importantly, the findings support that current family-owned business theorizing is not enough to capture family decision-making behaviors in the context of traditional university settings. / Thesis (PhD) — Boston College, 2020. / Submitted to: Boston College. Lynch School of Education. / Discipline: Educational Leadership and Higher Education.

China is a country built on traditions and one of its most respected traditions is a preference for the family unit. The closeness of the family unit is carried over into the economic life of the country. Family members not only live together, but also work together in the fields or in enterprises. The advantage of this is that families have a guaranteed labour force that is not only loyal and can also be trusted. The disadvantage however is that positioning within the business is not always based on merit and competence, or trustworthiness which can ultimately impede growth. This research was an examination of Chinese family-owned businesses that focused on their management practices. The purpose of the study was to explore the management characteristics of Chinese family-owned businesses by means of interview data collected from five Chinese businesses in the Cape Metropolitan area. The emphasis of the project concentrated on the establishment, expansion and growth, ownership and leadership, management structure, the impact of cultural factors and the strategy for the future as well as challenges in terms of competitors and environments.

Prior literature focuses on the causes and effects of ownership concentration between significant blockholders and minority shareholders. Anecdotal evidence shows that it is also important to look at the causes and effects of ownership concentration within controlling families as family ownership can become diffused after generations. Family trust is a popular vehicle for holding family ownership. It allows a founder to concentrate firm ownership on a long-term basis, preventing control loss after he/she steps down. Family members can enjoy control benefits such as preservation of their family intangible assets. However, there is tradeoff. Family members cannot resolve their conflicts by acquiring and selling off shares among them, since they are no longer the legal owners of the shares. / Using a sample of 216 family firms listed on the Hong Kong Stock Exchange with time series data spanning 1990--2008, I investigate the causes and effects of ownership concentration by means of family trust. I fmd that when family control is important (when there exists a large amount of family intangibles), there is a higher propensity that family trust is used to concentrate ownership and secure control, provided that the cost of using it is low (small family size hence low family conflict). However, when there are more and more family members after generations, the benefit of preserving the intangibles may not be high enough to cover the cost of potential family conflict, leading to firm value loss. Moreover, the cost of using trust magnifies during difficult periods such as financial distress, economic downturn and leadership succession. Hence, firms with high potential family conflict have poorer performance during difficult time if family trust is used for holding the firm's controlling stake. Family trust also induces common pool problem. Family members tend to extract resources from the family firm as much and as early as possible, leading to higher payout and slower firm growth. / Leung, Siu Ching. / Adviser: Joseph P. H. Fan. / Source: Dissertation Abstracts International, Volume: 73-03, Section: A, page: . / Thesis (Ph.D.)--Chinese University of Hong Kong, 2010. / Includes bibliographical references (leaf 58). / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. [Ann Arbor, MI] : ProQuest Information and Learning, [201-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. Ann Arbor, MI : ProQuest Information and Learning Company, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstract also in Chinese.

Lau Yuen-ke. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2001. / Includes bibliographical references (leaves 122-123). / Abstracts in English and Chinese. / Abstract --- p.i / Abstract in Chinese --- p.iii / Acknowledgements --- p.iv / Table of Contents --- p.v / List of Tables --- p.vi / Chapter Chapter 1. --- Introduction --- p.1 / Chapter Chapter 2. --- Literature Review --- p.5 / Chapter Chapter 3. --- Hypothesis --- p.24 / Chapter Chapter 4. --- Methodology --- p.43 / Chapter Chapter 5. --- Sample Description --- p.53 / Chapter Chapter 6. --- Empirical Results --- p.61 / Chapter Chapter 7. --- Conclusion --- p.72 / Appendix 1. Definitions and calculations of variables --- p.75 / Appendix 2. Piecewise linear regression model suggested by Morck et al(1988) --- p.82 / Appendix 3. Tables --- p.87 / Bibliography --- p.122

本論文研究華人家族企業與華人家族之間的互動關係，並且以南洋兄弟煙草公司和簡氏家族作為本論文的個案研究。在論文中，將討論家族如何與為何影響公司的擁有權、控制權、公司經營和未來發展。同時，也將討論公司如何且為何影響一個家族的成立與擴張，與其他家庭的關係，以及如何從家族變成宗族。 / 在結論中，我將指出簡氏家族是一個成員不多的小家族，因此必須依賴親戚和廣東同鄉來經營。此外，雖然他們可藉著與簡氏家族的關係而進入南洋，但是他們在南洋的升遷與發展，則依賴他們的表現和與簡家的關係變化。因此在華人家族企業中，家族成員、親戚與同鄉可通過他們與家族的關係而進入企業工作，但是他們的未來取決於他們對公司的貢獻與表現，以及他們與家族之間的關係有何變化。 / 大部分的簡家成員是通過他們在海外的工作經驗而接觸並學習現代化技術，而非通過教育。此外，雖然簡氏家族在引入現代化技術以改善南洋的生產和管理，並且看似大膽且現代化，但實際上當他們在公司的權利可能因而受影響時，他們則表現得保守與傳統。因此，華人家族企業的現代化取決與華人家族企業的擁有權和控制權是否遭受威脅。如果擁有權和控制權不受影響，現代化的改革則得以實施，不然將仍然保留傳統的模式。現代化並非單純的零和模式，因此許多華人家族企業是現代與傳統的混合體。 / 由於與政治界缺乏有效的方式與溝通，南洋與簡氏家族都不可避免地受到政府的影響，無力拒絶政府的要求並為他們自己爭取更好的機會。如同民國時期其他商人與企業，當中國出現大一統政府時，他們就無法取得比較好的機會與待遇。 / 本研究也為華人家族企業指出了四個新理論。第一，當華人家族企業為股份公司時，其擁有權將影響其控制權。第二，家族成員、親戚與鄉親可進入公司，但他們的地位取決於其貢獻與表現，以及他們與家族的關係。第三，華人家族企業的現代化，取決於家族是否可保有對公司的擁有權和控制權。第四 ，企業家精神有時對公司不是好處，而是壞處。 / The thesis is a research based on a case study of the inter-relation of a Chinese family firm and a Chinese family: the Nanyang Brothers Tobacco Company and the Jian family. The article will be discussing on the rationale and practices that influence a firm on its ownership, authority, operations and developments; In addition, the ground of these influences towards its family growth, expansion, connection with other families, eventually leading to a lineage evolution. / Throughout the study, I have indicated that the Jian family is a small family. Hence, most of its members have to rely on their paternal and maternal relatives, or the Cantonese fellows to operate Nanyang. In the beginning stage, this group of family members could obtain a position in Nanyang through relationship with the Jian family. However, their career paths in Nanyang are subject to their performances and the changes of relationship with the Jian family at some point in the future. / In spite of ample working experience gained in overseas, most members from the Jian family did not learn about modernization through academic choice. Notwithstanding the evidence that the Jian family has introduced the modern skills and technology into the process of Nanyang’s manufacturing and management, it is unlikely that the authority could forgo the conventional methodology in order to adapt to the advanced formulas. Over and above that, this group of family members regards this phenomenon as a disadvantage towards their position in Nanyang. The threat level of present authority and ownership determines the success rate of the evolution within a Chinese family firm. Modernization could be realized if only the present authority were not affected. However, the evolution within a firm is not a zero-sum game. And therefore, many of the Chinese family firms adapt to the integration of modern and conventional management approach. / The lack of communication efficiency between the local government and Jian family, as well as Nanyang is the fundamental of its political position. Due to its political positioning, Nanyang unavoidably faces difficulties in declining requests from the government and to strive for greater opportunities. Like any other merchants during the Republican Era of China, they could not gain a better treatment under these circumstances. / The research indicated four principles for these Chinese family firms. Firstly, when a Chinese family firm is also a stock corporate at the same time, its ownership of the company’s share will directly impact on its individual authority. Secondly, family members, relatives, and fellows could achieve an easy entry into a Chinese family firm based on its relationship. However, the career paths in the firm are subject to their individual performances and the relationship with the family. Thirdly, the threat level of present authority and ownership determines the success rate of the evolution within a Chinese family firm. Modernization could be realized if only the present authority were not affected. Otherwise, modernization will be denied at the initial stage. Lastly, entrepreneurship is a double-edged sword. It allows a firm to unleash its greatness; or, a significant drawback. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Chong, Henry Ren Jie. / Thesis (Ph.D.) Chinese University of Hong Kong, 2015. / Includes bibliographical references (leaves 277-292). / Abstracts also in Chinese.

China is a country built on traditions and one of its most respected traditions is a preference for the family unit. The closeness of the family unit is carried over into the economic life of the country. Family members not only live together, but also work together in the fields or in enterprises. The advantage of this is that families have a guaranteed labour force that is not only loyal and can also be trusted. The disadvantage however is that positioning within the business is not always based on merit and competence, or trustworthiness which can ultimately impede growth. This research was an examination of Chinese family-owned businesses that focused on their management practices. The purpose of the study was to explore the management characteristics of Chinese family-owned businesses by means of interview data collected from five Chinese businesses in the Cape Metropolitan area. The emphasis of the project concentrated on the establishment, expansion and growth, ownership and leadership, management structure, the impact of cultural factors and the strategy for the future as well as challenges in terms of competitors and environments.

Thesis (Ph.D.)--Mississippi State University. Department of Management and Information Systems. / Title from title screen. Includes bibliographical references.