Challenges and Opportunities in Family-Owned Businesses

Abstract

Family-owned businesses are a significant component of the global economy, contributing to employment and innovation. However, they face unique challenges that differ from those encountered by non-family enterprises. This paper explores the challenges and opportunities specific to family-owned businesses, examining how issues such as succession planning, governance, and family dynamics impact business performance and sustainability. By analyzing case studies and recent research, the study provides insights into best practices for overcoming common obstacles and leveraging familial strengths to achieve long-term success.