Question

family business sustainability, how applies sustainability to family business management?, depth discusion of the main findings

Answer 1

Family businesses struggle to be sustainable over multiple generations. In fact, most family businesses do not survive past the second generation.The family business experts used is this study are all based in South Africa. A two-phased qualitattive research approach was used in developing and validating the conceptual framework. In the first phase of development, current literature was used to identify success practices for a multi-generational family business culminating in a preliminary conceptual framework. During the second phase (validation), the resultant preliminary framework for multigenerational sustainability was then reviewed by seven family business experts during a personal interview process. The outcome of this validation process is an integrated framework in the form of a one-page Family Business Success Map (FBSM). The contribution of this study is a conceptual framework in the form of an FBSM that enables family business members, family business advisors, and family business managers to continuously benchmark their business practices in eight key family business practice areas to enhance the potential of a family business to be sustainable across multiple generations. The FBSM as reflected in this study is not an all- encompassing view on this broad subject matter, but rather a conversation stimulus to explore important management practice leverages to improve the sustainability of a family business over multi-generations.

*Sustainability approaches tend to result in increased operational efficiency, reduced waste and increased product differentiation,all of which help to improve business processes and profitability

* ''The landscape is shifting and with it an understanding that sustainability is not simply one function or siloed domain. It's a responsibilty that everyone -as an organisation -needs to own''.

* ''In the field of social responsibility, much like other best practice areas, there is no one solution that fits all, especially when considering the widely diverging cultures and institutional settings family businesses operate in"

* "Families often understanding the benefits of formalising responsible business actions, and how it can benefit their reputation and profitability".

* "Formalising sustainability practices of family businesses can reduce complexity; by creating and articulating a cohesive approach, it allows the business and its enjoy the benfits".