Upon completion of this chapter, you will be able to:
- Understand the role and importance of the family business and the basic concepts needed to understand the mechanism of family businesses.
- Trace the history of the family business in India and learn about some of the country’s particular and specific family businesses.
- Explain the roles, rights, and responsibilities of family members in a family business.
- Identify the types and models of family businesses as well as the challenges faced by family-owned businesses.
- Discuss the succession plan in family businesses.
- Discuss strategies for improving the performance of a family business.