Current and future challenges of family businesses

• Authors: Hastenteufel Jessica , Staub Mareike
• Languages of publication: EN

Abstracts

EN

Family businesses are an important part of every economy. They are characterized by long traditions that combine aspects such as trust and reliability, as well as by features such as innovativeness, foresight, long-term focus and flexibility. Both family businesses and the entrepreneurial families themselves do have some weaknesses and face current challenges like digitization, internationalization and demographic change. These issues must be kept in mind in order to constantly develop appropriate solutions that will help them survive and thrive in the market. Moreover, the high relevance of the family in a family business is associated with opportunities – for example, when a family strategy with clear values, roles and goals is defined, and a socalled family business governance is developed.

Keywords

EN

family business; family business governance; business succession

• Publisher: Wydawnictwo AGH
• Journal: Managerial Economics
• Year: 2019
• Volume: 20
• Issue: 2
• Pages: 119-132

Contributors

author

Hastenteufel Jessica

• IUBH International University of Applied Sciences and Saarland University

author

Staub Mareike

• SIKB, sales management department