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VOL. 6, ISSUE 1 (2024)
Factors determining the long-term sustainability of family businesses
Authors
Sylla Mamadou
Abstract
Although family-owned
companies support progress in society and the economy, their long-term
viability is influenced by a variety of circumstances. The elements that decide
a family business's long-term viability present challenges for proprietors of
family firms. Effectively recognizing the elements that impact family-owned
company sustainability and devising strategies to address them throughout an
extended business existence are the concerns of management. This qualitative
multiple-case study set out to investigate the variables that affect family
companies in Abidjan, Ivory Coast, in terms of their long-term viability. The
study included four Ivorian family business leaders who are struggling to
maintain their family industry's long-term viability inside their respective
companies. Five interview questions that were semi-structured were used to
gather data. Three themes that were important to the researcher came to light
using Yin's five-step analysis approach: nurturing the heir, the necessary
abilities for the heir, and interaction with the potential heir. A crucial
suggestion for family business executives is to create succession plans that
include defined benchmarks, responsibilities for the next generation of
managers, and connections to other partners' businesses. It was suggested that
in order to ensure the long-term sustainability of the family businesses,
leaders of Abidjan, Ivory Coast, keep tight ties with partner enterprises with
the heirs.
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Pages:1-4
How to cite this article:
Sylla Mamadou "Factors determining the long-term sustainability of family businesses". International Journal of Management and Economics, Vol 6, Issue 1, 2024, Pages 1-4
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