4

Family Business

LEARNING OBJECTIVES

Upon completion of this chapter, you will be able to:

  1. Understand the role and importance of the family business and the basic concepts needed to understand the mechanism of family businesses.

     

  2. Trace the history of the family business in India and learn about some of the country’s particular and specific family businesses.

     

  3. Explain the roles, rights, and responsibilities of family members in a family business.

     

  4. Identify the types and models of family businesses as well as the challenges faced by family-owned businesses.

     

  5. Discuss the succession plan in family businesses.

     

  6. Discuss strategies for improving the performance of a family business.
INTRODUCTION

We can define a family business in various ways. ...

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