Research: Benefits and Demerits of a Family Business

Aim and Research Questions

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The primary objective of this exposition is to consider the veracity of family businesses how its management and control moves from one generation to posterity. This is to say that growth of business from the traditional stature and stands of the family realms must then be moved to the professional management. 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?

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

Research Tools

Methodology

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 it becomes critical to get the right research participants to help reach the required results. In principle, the people who run family businesses would for basis of the research process. Specifically, people who founded, run or manage family businesses and their associates are primary research respondents. Secondly, experts such as distinguished business analysts and academic professionals would assist to give meaning to the concepts that would be discussed by the primary research respondents Saunders et al (2000). This means that the expert body would contextualize the concepts and notions that would be discussed by the primary respondents and as such help the general audience to appreciate and understand the inferences that would be arrived at the tail end of the research process.

Sampling Procedure and size

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. 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. 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.

Research Design

Data Collection Procedure

Given the nature of this research process, qualitative and quantitative aspects would be pursued. As such the 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. 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.