Health of the Family Business "Consultant Report" Research Paper

Health of the Family Business "Consultant Report" - Research Paper Example Furthermore, these challenges may also come from the key stakeholders like the employees. If these challenges are not properly handled, they can contribute to the collapse of the business. These challenges can only be solved through communication. The owner of the business may initiate communication by the members of the family and the stakeholders to solve the issue at hand. The family business has no legal definition, and most people or commentators provide a variety of different ways of defining it (Danes, Haberman, & McTavish, 2005). Some people have given a broader definition like any business that regards its self as a business of a family. This so even if the family members are no longer part of the management of the business or are not anymore involved in the ownership of the business. In short the culture of the family business is enough for a business to qualify to be called a family business. In many economies around the world, family businesses are becoming very important. Their global economic growth sustainability as the business family of today carries the economic creating of wealth in most of the countries around the global. In the United Kingdom, a great number of businesses are categorized as a family business (Morck, & Yeung, 2003). In many places, a family business is same as most of the business organizations as a means of utilizing the available wealth creation opportunities to provide for the financial well-being of the family. Most of the organizations that are successful such as Ford, BMW, Wal-Mart, and Carrefour were mostly started by people who went on to build the Empire of their families (Allio, & Allio, 2005). It can be concluded that family business plays a vital role ion the development of the economy. This is not only through the contribution of their business but also creating an environment for investment that is transparent, safe, open and secure. Lit is important to consider different factors when talking of