Family Companies in Business Organizations

Questions: 1. Critique the problem definition and research problem this research report addressed. 2. Are the methods used to collect data 3. Evaluate the report in terms of its presentation and communication. 4. Assess the research ethics in this research project, in relation to the respondents. Answer: 1. The problem raised in this report is that some family-owned businesses tend to perform better than others. The authors of this report argue that the previous surveys have been concentrating on comparing the performance of family-owned businesses and non-family owned business. Such surveys have pointed out that the persistence dominance and performance of family-owned businesses in the industry is attributed to their unique characteristics and objectives. The key characteristics that influence the performance of business owned organizations include family brand, family ethos, values, agile decision making and quality customer services. Moreover, the family-owned enterprises have the ability to carry out long-term business strategies as their competitive strength. Family-owned businesses tend to focus on multiple goals that are of significant importance to the needs of the business as well as the family members. The key objectives of these organizations include quality of life outsi de workplace, financial security for the family, quality life at workplace, family supportiveness, loyalty and cohesiveness, as well as personal challenges. The unique characteristics of family owned firms coupled with the organizations objectives, are the main reasons why these businesses outperform their non-family owned counterparts in the business realm. Although there is enough evidence to show that family owned organizations dominate the business industry, what remains to be revealed is the reasons behind the difference in performance of family-owned firms. This survey has adequately addressed the research problem by identifying business strategies employed by individual family-owned business as the main reason for the difference in performance of these firms. The survey explains that strategies such as conflict management, competitive strategy, application of the right technology, and business governance influence the performance of individual business organization. The survey also have identified the characteristics of high performing family businesses which includes entrepreneurial culture, financial resources, age of the CEO, outward focus and communication. However, the researcher only concentrated on the internal factors of the businesses and failed to look at external factors such as environmental factors, political, economic and competition in the industry. Such factors also have significant effects on the performance of family business. Therefore, any successful business organization should be in a position to address the macro-factors by employing effective management strategies For instance, the business should use strategies such marketing mix, product differential and effective pricing strategies to overcome stiff completion i n the market. 2. The methods utilized in collection data influence the quality and reliability of the results of a particular research. Therefore, the researchers should identify the most appropriate methods of data collection that are subjective, reliable and free from bias. The survey under consideration has utilized questionnaire, focus group as well as interview in collection of data. During data collection, the research distributed 53 item questionnaires that captured various themes related to the family business enterprises. The questionnaires were distributed to 1,700 family-owned organizations in Australia. The CEO of each selected family business was required to complete either online or paper-based questionnaire version. The focus group and interview methods were subjected to family business owners in Melbourne, Brisbane, Sydney and Adelaide. The population sample subjected to the interview was large enough to provide reliable feedback. However, this method is not effective because it re sulted to an overall response rate of only 12%. This implies that 88% of the participants did not complete the questionnaire forms and thus, the result from the interview was subjective in nature. The advantages of group focus and interview methods is that they save time in data collection as more information can be gathered from different participants at the same time. Also, these, methods are cost effective. The researchers did not have to incur more expenses in data collection. They were required to make formal arrangements to meet with the participants. The researchers only incurred transportation cost since they were required to visit the selected family owned institutions. The use of online version questionnaires by some of the participants helped the company to cut down the transportation cost. However, both group focus and interview method of data collection may lead to unreliable results because the information provided is subjective. The participants in the interview may p rovide biased, inaccurate or falsified information which may have compromised the credibility of the survey. Another limitation in these methods is that the data collected is qualitative in nature and cannot be subjected to statistical data analysis methods such as ANOVAs, and Strata. The analysis of the data was based on the patterns and themes of the subject under consideration. An effective data analysis should utilize scientific approaches such statistical analysis in to provide evidence based results. Therefore, the researchers of this survey should also have incorporated qualitative research methods in this survey to improve the accuracy and reliability of the findings and results of the study. 3. The research information should be presented in a manner that is easy to interpret. Also, effective communication skills play a significant role in delivery of the results of the survey to the target audience. The data should be explained in simple terms that are understood by the audience. A critical evaluation of this study reveals that the authors have effectively utilized their research skills to ensure effectiveness in delivery of the research findings to the audience. The information in this survey is presented in a systematic manner that allows the reader to understand the themes and objectives of the information. The research contains a table of content that provides a breakdown of the key areas captured in the counted. The audience is introduced into content by a well explained research problem which is preceded by a thesis statement. The body of the content covers key themes of the subject such as characteristics of family-owned businesses, conflict management and resolu tion, technological changes, governance approaches and leadership. The authors have also provided a conclusive summary at the end of the research which helps the audience to understand the view point of the research toward the reasons why some family businesses perform better than others. The research also have utilized visual aids such as pictures, colors, images, graphs, and diagrams to capture the attention of the audience while reading the content. The author has utilized used colors in highlighting specific area. For instance, the heading and subheading of the content are highlighted in blue and yellow colors emphasize on the key themes of the research. The first two pages of the report contain eye-catching pictures that are blended with multiple captures to make the report look more appealing to the readers. The data collected from various studies are well presented in form of tables, graphs and percentages. For instance, page 22, contains a table of figures with percentages of components of success plan. The visual presentation of data has simplified the content of the research in a manner that the professionals from different fields can understand. Moreover, the authors have utilized the right terminologies that are simple to understand and relevant to the bus iness disciplines. The main limitation of the report presentation is the spacing of the content. Most of the pages are too much squeezed with the content, pictures and tables. The authors could have used a bigger font size in typing the content and put the diagrams and tables on separate pages. 4. Research ethics refers to the values and standards that the researchers are required to consider while carrying out the research. The objective of the research ethics is to protect the rights, believes, privacy and culture of the participants. The researchers are required to ensure that the activities involved in the research do not have adverse effects to the environment and do not compromise the privacy and safety of the research. The data collection methods utilized in this research enabled the researchers to adhere to the research ethics. During the Family Business Survey, the researchers got permission from the family business organizations in which they were expected to carry out the research. The CEOs of the companies approved the request to carry out research in these institutions. Permission is one of the crucial components of research ethics. It helps the authorities of the institutions in which the study to be conducted to understand the intention of the research as som e individuals could pretend to be researcher yet they have ill intentions for the institution. In addition, the permission enables the researchers to be held responsible of their actions in research sites during the survey. The researchers take full responsibility of any harm done to the participants on the institutions environment that may be caused by the activities or behavior of the research. Also, the researchers in this survey got the consent of the various individuals who took part in the study. The participants in this study included the CEOs of the organizations, workers and the owners of the family businesses. The participants were informed about the objectives of the research, their roles as participants and the various factors that were likely to affect them during the survey. The researchers held a meeting with the participants prior to the research and informed them the scope, goal and content of the survey. During the meeting, the participants were given the opportunity to seek clarification, and provide their views concerning the research project. The researchers exercised high levels of confidentiality concerning the personal information of the participants as well as that of the company. It is unethical for the researchers to reveal the confidential information of institutions in which they conduct research to third parties. Crucial data of the company such financial details, bank account details should not be shared to the public without the permission of the institution. Personal information of the participants such as health history, and financial status should not be exposed to the public. Besides, the researchers need to respect and p[protect the interests , beliefs and culture of the participants. For instance, the participants should not be en gaged in activities that conflict their religious beliefs.During the interviews the researchers utilized appropriate language that respondents could understand. They utilized vocabularies that were familiar with the participants. The questionnaires were in a multiple question format which enables the participants to understand easily. Also, the questionnaires items covered the key topics regarding family businesses and relevant to the family business owners, the CEOs of these companies as well as the workers. During the collection of the data, the researchers ensured that the process did not have a negative impact on the environment of these institutions. The interviewing process and completing of questionnaire was done indoors and did not disrupt other workers in these institutions.