Professionalization of the Family Business? When do you transfer management to professionals? What criteria do you apply? How? How much? Is it necessary? When? Advantages and Disadvantages?
1) Make sure to define the concepts and explain using examples, use my headings and subheadings, add your own where necessary
2) It is very important to use the sources I have attached, and to find your own
3) MUST FIND well known family businesses to support my views and findings (2 examples, Please only refer to current (last 50 years) well known families….not defunct or last century)
4) Discuss and analyze arguments and counter arguments thoroughly
5) Write in your own words, I will have to put this through turn it in. PLEASE MAKE SURE TO DO IN TEXT CITATION
Intro…
– General info
– How family businesses contribute a lot to the economy …
– Thesis
– Purpose of my research paper
Main Arguments
Headings and Subheadings (add in more headings and subheadings where you see fit)
How Family and Ownership shapes Business Professionalism
– 3-dimension model; concept and theory
– focusing on different family cultures
– talk about issues faced by family firms
– talk about the professionalization concept; theory and practice
Determining how professionalized the family business is
– SOURCE ‘Why Can’t a Family Business Be More Like a Nonfamily Business? 6 Modes of Professionalization in Family Firms’ – by Alex Stewart
– difference between family firms and nonfamily firms
– The right time to professionalize
– professionalizing the family Business (steps)
– transition phase (effects to the business and family; in terms of relationships (within the family with each other, family and employees) and the financial success of the business)
– advantages and disadvantages of professionalization
Establishing Governance Structures to help professionalize the family business
– SOURCE ‘Importance of governance in family enterprises, to maximize economic and emotional success’ – By Alexander and Denise
– Governance; theory and concept
– Effects of informal governance
– Talk about family wars (use real life case studies)
Digging deeper into the concept of ‘Professionalization
– SOURCE professionalization waves, family firms, and management buyouts’ – By Carole
– Demonstrate that professionalization is a complex process occurring in waves, triggered by changes in firm ownership and management (refer back to the 3-dimension model to help explain)
– explore the process of professionalization
– Effect of professionalization on performance …
(MAYBE INCLUDE THIS, IF YOU THINK ITS RELEVANT)
Compare Ownership Life Cycle and Business Life Cycle using professionalization elements
– SOURCE ‘ A Framework of Family Business Professionalization’ – By Peru
Counter Arguments (make your own headings and subheadings)
– Is it necessary? use examples of family business who failed once they brought on professionals to lead important functional activities.
– Talk about complexities faced by professionalizing family firms, use real life examples
– Agency Cost; concept and theory
Conclusion
– Summarize
– Restate thesis statement
– End with a strong statement
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