The purpose of this study was to describe the present circumstances and setbacks of the family owned business in Pakistan. The current study has described the characteristics, types and the threats to the family business in Pakistan. This emphasizes on variables that differentiate successful family owned businesses from non successful family owned businesses. It also shed light on the mode of financing that are used by the family business and also on the succession plan that is adopted by the family business. This is a secondary research study and the data is gathered from the past research papers, newspapers, dissertations, economic bulletins and websites. This analysis demonstrates several key findings, literature analysis reveal six different factors that are necessary for the success of the family business. It also describes the threats that are face by the family business and this research paper also suggests a model to cope up the threats to the family business. Interestingly the findings here are generalized from the literature of the current study. This study describes that if there will be a clear vision, shared values, clear procedure, expectations and proper succession plan, this will show the way to acquire the success of family business. After analyzing the threats this study suggests ten different dynamics which will be helpful to meet those threats. The study also describes the ways and procedures that are necessary for the survival and growth of the business after each succession.
Copyright: © 2018 The Author(s)
Published by Human Resource Management Academic Research Society (www.hrmars.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode
