The family business takes new meaning in Asian
countries. In Asian countries, these
forms of business are struggling to satisfy both family and business
needs. These struggles are due to
globalization and generational shifts that occur within the family. In order to keep the business in the family name
and amongst relatives, the heads of the families are hiring people that are
relatives regardless of if they are qualified to perform that specific
job. Some family members may lack much needed
skills that someone from outside of their kin could complete much more
efficiently. Hiring non-kin is now
essential to keeping the family business going.
This is causing family feuds and problems within the business. Family businesses are struggling when it
comes time for the offspring to take the place of the parent, this transitional
period is important, but can be damaging to the business. About seventy percent of Asian firms are
family owned; these include businesses such as Samsung and LG Group, both of
which are now global products. The needs
of the family members are not always the same needs as the business; here is
the foundation of company troubles.
With many
of these family owned companies being global products, products that we have
become accustomed to purchasing may be in jeopardy. Companies could reach their downfall if
issues with their families being part of their business are not resolved. This could lead to a depression in family
businesses impacting the greater consumerist society. If the products that we purchase are no
longer there, the consumer will have to decide whether or not to continue with
another similar product, or to stop using the product all together. I am sure that Asian firms are not the only
family businesses that are struggling to work through their difficulties; I think
that this is potentially a worldwide problem.
Family businesses can be a good idea; however when you are not willing
to make sacrifices and hire outsiders who are better qualified, your company
may begin a slow decline. Consumers
depend on these family companies, just like their employees depend on their
job, a resolution should be reached in order for these businesses to overcome
their challenges and become successful once again.
http://www.gmanetwork.com/news/story/246519/economy/business/asia-s-family-businesses-face-new-challenges
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