Prospects of Success for a Uniquely Run Family Business

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Aim and Research Questions

The main aim of this research study is to explore the prospects of success for a uniquely run family business in the business world. As such, this research process would contextualize the merits and demerits of a family run business and the likely level of success that might be achieved thereafter. Then, it offer some recommendations on the same that may inform the business units that have strong family links or setups. In the same line of thought and argument, it would also weigh and gauge the excellence of some of the businesses that have been managed solely by family members as opposed to others that integrated non-family professionals in the course of their management. Accordingly, some of the outright research questions would border on:

- What are the chances of success for a family business in the event that it is uniquely managed and run by family members?

- Benefits and Demerits of a family business?

- Alternatively, is it proper to integrate non-family members in the professional running of a traditional business?

Research Tools

Metodology

Sampling Population

Research methodology can be understood as the systematic investigation conducted to uncover appropriate ways of resolving problems of a varied nature through a research study. Methodology in research entails the framework that was used by the researcher to arrive systematically at new information regarding particular phenomena (McGregor &Murnane, 2010). In this context and instance of family business, the primary research respondents would be founders and managers of family businesses. This is because they have the institutional memory regarding the challenges and successes their businesses have experienced. As such, they would be best placed to give advisory opinion on whether a purely family run business is better than an integrated one where non-family members are included? Also, experts and academicians would help to contextualize the response of the participants. As such, they will help to explain why the primary respondents opined the way they did. In brief, the analysts opinion is empirically verified because they have informed or educated opinion touching on the research process Saunders et al (2000).

Sampling Procedure and Size

This is a qualitative research process that would presume the nature of positivist research design. In principle, this research process would seek to explain the current situation pertaining the situation of succession in family business with a view of suggesting future direction on the same. As such, I used random sampling technique so as to reduce bias and get accurate results. Practically, I put ruffle tickets of some of the most notable family owned and run companies or business all over the world that have transcended the test of time with a considerable financial return base. (Intuitively, some of their critical information is available online in their websites and they also permit correspondence on questions touching on their history and succession modalities which is my main area of interest). This is to say that the out of the many notable family business, I settled on three of them so as to reduce bias and ensure that the final results are coherent without being tailored to a specific inference. They include Walmart stores, McKesson Pharmaceutical distributors in the United States and Nike a clothes and shoes consumer discretionary company. It is my respectful point of view that the sample size is sufficiently large and representative of the whole spectrum and nature of business in the United States of America (Wahyuni, 2012).They vary from supermarket stores, pharmaceuticals and the clothes and shoes business lines. It is imperative to note that all these companies belong to different industries that have varied dynamics and market conditions. Hence, their survival or lack thereof would be different from one industry to the next.

Research Philosophy

In this respect and matter, the philosophy would take a positivist approach that would seek to confirm the information given exhaustively. This means that the research approach would flow to conform or dispute the authenticity that the research process would seek to articulate. In principle, the information obtained would be subjected to rigor, and proof seeking modalities so as to obtain the desired inferences free from bias and mistake. Therefore this study is based on a positivist research philosophy. Positivist research paradigm is based on a qualitative research design where the research process would aim to explain and predict the likely future direction of succession in family businesses. Additionally, positivism stipulates that research process should conform to common realities that are observable through the lenses of people (Lyons, Everington, Hernandez, Li, Michaelides & Um, 2013). Therefore, reliability of a positivist study is assessed based on its ability to produce consistent results through many different but similar studies. On the other hand, validity of positivist studies is evaluated based on the ability of a study to accurately measure what it intends to measures and whether it adequately addresses the research question (Schultz & Schultz, 2010).

Research Design

Data Collection Procedure

Given the qualitative nature of this research process information would be collected through secondary sources such as data from their websites and other written and published academic materials. This means that the bulk of the information would come from secondary sources. However, I also prepared some simple questionnaires and interview questions that I sent to the respective family businesses to ask them to assist me in this regard. Accordingly, the data and information collected from secondary sources and direct response from the family business owners would also be balanced with expert opinion (Montana, 2008). As such, the experts would help me to give meaning and understand some of the answers or responses that were put forth by the research participants. This is to say that there is no specific interest in getting the top directors from the various firms to respond. But rather the official information that would be availed by the companies would be treated as fair and reasonable to help make appropriate inferences.