Critically Discuss the Role and Benefits of Long-Term Planning for Modern Family Businesses

Essay from the year 2012 in the subject Sociology - Gender Studies, grade: 1,0, University of Edinburgh (Business School ), language: English, abstract: This essay has sought to understand how long-term planning in family business can be a successful means of enhancing their success and surivival in the future. Less than one third of family-owned businesses survive into the second generation, with between 10-15% actually being continued into the third generation, it is essential to understand which factors may increase the longevity of modern family businesses and enhance their success in the future. Family members oversee, look after and maintain the business so that it is in a strong position when it is passed down to the next generation of family members. This focus ensures that those managing the family business have their eye on the long-term success of the company, and are less interested in shortterm profits.

Auteur
Alexander Schmithausen completed his studies after graduating in Economics and Business Administration in the Netherlands, Germany, South Korea (SKK GSB), USA (Stanford) and the UK (LSE). In 2012, he received a master's degree from the University of Edinburgh in Scotland. In addition, Schmithausen titled FInstAM, Fellow of the Institute of Administration Management Award in London.He worked as a legal assistant for a securities trading bank and founded his own consulting firm.Since 2013 ...