Conceptual Background of Success Factors of Sustainable Family Businesses

Abstract

One of the essential sources of prosperity and stability on behalf of the global economy and society is undoubtedly family businesses. However, the most important problem when it comes to family businesses is the sustainability, which is very limited either in our country or globally as well. For this purpose, when successful 2nd or 3rd generation family businesses are observed, it has been recognized that these businesses have some commonalities. When the literature is reviewed accordingly, it is emphasized that succession planning process, institutionalization process or HRM practices are crucially important for family businesses. Particularly in recent studies, the women in leadership, the brand value of family business, or cybersecurity investments have been observed under several different headings. In this respect, the target of this study is to analyze the success factors related to large and successful family businesses that have been sustainable for generations by the literature review of the studies since 2000 till today. In this context, the studies related to success factors of the family businesses will be analyzed, the common success criteria will be determined from the studies examined and the results will be supported by the recent reports and the questionnaires. Based on this comparative literature analysis, it is expected to shed light on both the researchers for their family business studies and the professional family businesses as well.