%0 Journal Article
%T A Family Business Success Map to Enhance the Sustainability of a Multi-Generational Family Business
%J Open Access Journal of Business Management | Journal of Management Research
%D 2018
%X Family businesses struggle to be sustainable over multiple generations. In fact, most family businesses do not survive past the second generation. The main aim of this article is to present a conceptual framework which could be used to assist family business enterprises to become sustainable over multi-generations. The study¡¯s focus is on the challenge to sustain a family business over multi-generations. The family business experts used in this study are all based in South Africa. A two-phased qualitative research approach was used in developing and validating the conceptual framework. In the first phase of development, current literature was used to identify success practices for a multi-generational family business culminating in a preliminary conceptual framework. During the second phase (validation), the resultant preliminary framework for multigenerational sustainability was then reviewed by seven family business experts during a personal interview process. The outcome of this validation process is an integrated framework in the form of a one-page Family Business Success Map (FBSM). The contribution of this study is a conceptual framework in the form of an FBSM that enables family business members, family business advisors, and family business managers to continuously benchmark their business practices in eight key family business practice areas to enhance the potential of a family business to be sustainable across multiple generations. The FBSM as reflected in this study is not an all-encompassing view on this broad subject matter, but rather a conversation stimulus to explore important management practice leverages to improve the sustainability of a family business over multi-generations. Key words: Family Business; Family Business Best Practices; Family Business Governance; Family Business Succession Planning; Family Harmon
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