Family Business Essay Example | Topics and Well Written Essays - 750 words

Family Business - Essay Example According to the report there is detailed presentation of three key factors; owner, potential successor and environment, and their effects in family business transfers that guarantees continuity. Wise management of these three factors will ensure elimination of key challenges hence ensuring business continuity. From the study, there is an indication that family businesses in Austria operate on long-term orientation with the objective of passing on the business from one generation to the next within the family lineage. This makes issue on business succession an important process of greater importance to families.  From this discussion it is clear that  the process of business transfers entails various aspects of concern such as emotional elements and occurrences of intergenerational conflicts. The study reveals several initiatives that are required in the process of planning successive transfer process in a timely fashion. Substantial preparation on both owners and successors is c onsidered one of the major success factors in business succession.  Family business transfers require detailed incorporation of intention as well as inclusion of various generational changes. Such changes are crucial in ownership and management processes since they pose considerable challenge to the process.Communication plays a role in overcoming such obstacles especially on the ability to question and translate strategy into profitable action. Such actions are considered superior especially when markets are facing uncertainties.