Family Business Theory

Family Business Theory explores how businesses owned and operated by family members develop unique dynamics influencing their management, succession, and growth. It considers the special relationships, values, and long-term outlooks that family members bring, which can shape decision-making and organizational culture differently from non-family firms. The theory also examines challenges like succession planning, conflicts, and balancing family interests with business objectives. Overall, it provides insights into how family connections impact business sustainability and performance over generations.