Edited by Ritch L. Sorenson, Andy Yu, Keith H. Brigham and G. T. Lumpkin
Chapter 3: Performance in the family business: Financial and socio-emotional outcomes
A new business venture started around the kitchen table is often the beginning of a family business. The business grows, and over time a decision is made for a son, daughter, or other relative to pitch in at the business. The founder, who often does not even consider himself or herself an entrepreneur, realizes that this business venture is now something more than just a business. It is his or her business, his or her legacy, and his or her chance to make a stamp on the world. The business at this point can be considered a success for the mere fact that it still exists – approximately 85 percent of all new businesses fail within their first five years of operation (Poza, 2010). Yet the founder may not be content with the knowledge that the business “still exists,” the quest now is to successfully manage the business, to steer the ship, to provide for the family in various ways, hopefully for generations. But what is success, and how is it measured?
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