Question

what are the challenges facing family business in Palestine and what are the recommendations and solutions for these challenges?

Answer 1

The key findings of this research paper clearly illustrate that the top challenges
facing family businesses in Palestine are:

(1) the general political and economic situation in the country,
(2) increasing competition locally and internationally,
(3) financial-related problems,
(4) introducing new products and services,
(5) finding more customers and markets locally and globally.
The results also indicate that family businesses regard family business continuity,
maintaining family unity, protecting the family name in the market, and protecting the family heritage and wealth as the most important benefits of succession planning. In addition, it is found that the good father-son relationship is viewed as one of the most critical factors that positively affects the outcomes of succession of family businesses. On the other hand, rivalry among family members is one of the factors that negatively affect succession outcomes.Moreover, preparing successor during the life of the current business leader is considered the best alternative for family businesses. On the other hand, having a written succession plan is not popular to most family businesses.
Finally, family and management dimensions of family businesses are the most critical
factors that affect, positively or negatively, the process as well as the outcomes of
succession of family businesses.

Recommendations –

The research provided some recommendations to family businessess as to effectively plan their succession. The recommendations include, among other things, conducting effective communications among family members, separating ownership and management, having boards of directors with independent directors, using trusted advisors in succession issues, training successors, and putting in place an effective communication mechanism among family members.

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