Functions of consulting businesses and its contribution to family business

Haldun Turan ()
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Haldun Turan: Istanbul Rumeli University / Turkiye

Holistic Economics, 2022, vol. 1, issue 2, 67-75

Abstract: The family business is often seen as a formation that the family provides for its livelihood. In family businesses, family members have high expectations of themselves, regardless of their skills and abilities. This is a dangerous step for both the company and the family. For this reason, it is necessary to check whether the quality of the workforce needed by the company and the qualifications of the family members are appropriate. Family members should educate themselves about ambition, business goals, and expectations.Participating in the economic needs of the family company with own resources, making quick decisions and getting to know the family cause the family company to have social support. Infrequent changes in management, stable policies, harmony and support of family members in management, focus of the whole family on work, linking of goals and objectives, harmony of cultural values and morals can be considered as strong points. The open cultural background of a family business can be seen as a great advantage in transferring the business from one generation to the next.There are also disadvantages of gathering all the authorities and responsibilities in a single person in the family business. As corporate functions become more diverse and complex, there are managerial shortcomings. In this case, managers, accounting, sales, personnel management, finance, production technicians, etc. tries to take on roles. Many managers do not have the knowledge and skills required for all of these roles.

Keywords: Family business; institutionalization; planning; decision-making processes; human resources (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:jle:jouauz:hoec1201

DOI: 10.55094/hoec.1.2.01

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