Family togetherness

• Main Author: Bhatnagar, Navneet
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2019
• Subjects: Entrepreneurial and Small Business Operations
• Online Access: https://ink.library.smu.edu.sg/ami/108; https://ink.library.smu.edu.sg/context/ami/article/1109/viewcontent/5._AMI_Issue11_FamilyTogetherness.pdf
• Institution: Singapore Management University

Family-controlled businesses are the dominant form of business organisation across the world, and particularly so in many Asian countries. A major challenge that family businesses face is the lack of togetherness or cohesion among the members of the owner family, especially across generations. This often leads to confusion, differences and confl icts within the family and poses a serious threat to the sustained growth and long-term survival of the business. Lack of family togetherness also puts the founder’s legacy at risk. Breakups and splits in large business families have the potential to create macro-level disturbances, especially given their massive scale and infl uence on their national economies. Therefore, in order to thrive for long periods, family businesses need to profoundly understand and effectively address the family togetherness challenge.