Leadership and Transition Management in Family Business

This survey is conducted to understand the perception of owners, managers and other professionals on issues and challenges faced by family owned businesses in Sri Lanka. Your valuable inputs will be used to support family owned SME sector, which plays an important role in the economic development of Sri Lanka. 

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* 1. Most family owned business lack clear policies, procedures and rules to run the business effectively

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* 2. Family-owned business is very much informal and lack written strategies or plans to run the business

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* 3. Involvement of family members in the business may create problems associated with monetary benefits including salary, compensation and dividends

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* 4. Involvement of family members may create issues with regard to conflicting roles and responsibilities

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* 5. Family problems (such as divorce, separations, health or financial problems) will greatly affect the business

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* 6. Dominant intervention of family members in the business may prevent performance of qualified professionals / staff

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* 7. Turnover usually suffer when there is interference of family members who are not qualified to carry out management functions

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* 8. Family-owned business generally does not have proper succession plans for their next generation members

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* 9. Most family business do not adhere to principles of corporate governance such as accountability, transparency and clear responsibility.

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* 10. There should be specific training programs when family members are integrated in to the business in order to guide them on the right path

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* 11. Family-owned businesses lack good management practices as they are influenced by family traditions and ad hoc decisions

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* 12. Senior members of the family try to influence younger members to avoid changes and/or prevent implementation of new ideas

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* 13. Role confusion, emotions of the owners can create a great influence in the day to day operations of the business

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* 14. Family owned business lack long-term thinking and strategy to succeed and / or sustain growth in the business

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* 15. Family business generally lack exit strategy for key senior members who may creates too much of interference in the day to day operations of business 

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* 16. Owners lack knowledge of the worth of the business and factors that can affect the value of business

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* 17. Family owned business lack capital and new investment or are resistant to   re-invest in the business

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* 18. Generally, family members have conflicting visions for the business which may hinder its growth and/or confuse employees

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* 19. Due lack of participation of all family members who are engaged in the business, it is difficult to have right controls on the business operations

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* 20. Some family owned businesses have a narrow vision as they are not exposed to / not willing to accept outside opinions

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* 21. Issues and challenges in Family Businesses other than the points mentioned above

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* 22.
Any suggestions for good transition of family business

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