Fast-growth family firms were surveyed about their business and strategic planning practices. Of the 65 fast-growth family firms surveyed, the majority prepare written formal plans. The business plans are in sufficient detail to enable the business to tie planning to actual performance and to adjust management compensation accordingly. The majority of the firms regularly share information with employees regarding comparisons between actual company performance results and goals or planned performance. Further, the majority of the firms describe their business strategy as a high quality producer strategy rather than as a low-cost or time-based strategy. Further, when bringing new products to market, these fast-growth family firms adopt a first mover or early follower strategy. Implications of these findings for growth-oriented family firms are presented.Business and strategic planning is critical for family firm success (
A sample of 168 family-owned fast growth small and medium enterprises (SMEs) was used to empirically examine the consequences of five human resource practices on sales growth performance. The results suggest that training and development, recruitment package, maintaining morale, use of performance appraisals, and competitive compensation were more important for high sales-growth performing firms than for low sales-growth performing firms. In addition, we examined the use of incentive compensation in the form of cash, noncash, and benefits and perks for four different levels of employees in family-owned SMEs. The findings suggest that high sales-growth performing firms used more cash incentive compensation at every level in the organization.
It has been reported that family businesses perceive excellent customer service as critical to the future of their businesses. However, little research into the customer relationship management (CRM) practices of family businesses has been performed. In this study, we examine CRM implementation among 82 family and 370 nonfamily firms. Family and nonfamily businesses report similar attitudes toward the importance of CRM, their knowledge of CRM, and their success when they do implement it. However, using a logit regression model, we find that the actual implementation strategies of family businesses are significantly different from those of nonfamily businesses. These results remain constant when controlling for size and industry sector.
This study is a reflective analysis of the perceptions of senior executives in family businesses that relate to their personal experiences of having been mentored. The study presents an overview of the topic of mentoring, defines key terms, and identifies questions addressed in the research. The rationale for this study rested on two facts.First, mentoring in non-family businesses constitutes the majority of the literature. That literature supports the importance of mentoring. Secondly, mentoring in family businesses has not been researched.A thorough review of research literature related to mentoring constitutes the second chapter. With the absence of research relating specifically to mentoring in family businesses, this was a worthy topic to explore, and will make a significant contribution to the mentoring literature. It also provides family businesses with a practical tool for the selection of appropriate mentoring methodologies.The third chapter identifies the specific qualitative research methodology, that was used to complete the study. Central to this methodology were 76 personal interviews of senior executives who had been mentored. A pilot study was conducted to determine the appropriateness of the interview questions. The interviews were conducted with executives selected from an existing data base at Baylor University's Institute for Family Business.The findings from this research reveal that those who have experienced mentoring believe it is a vital tool for success. The data indicated a strong belief that the selection of the mentoring technique should be dependent on the parties to be involved, and the situation surrounding the mentoring. This selection includes examining whether the mentoring should be done formally or informally, and whether it should be accomplished by a family member or a non-family member.There are six recommended topics for further research on mentoring in family businesses presented in the final chapter. Along with these recommendations, the author gives some insight into the practical application of the data that has been compiled. MENTORING IN FAMILY FIRMS:A REFLECTIVE
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