Opportunities and Challenges for Family Businesses Pursuing Global Markets

Abstract

Global expansion is virtually an imperative for family businesses and is no longer avoidable as a strategic choice. Globalization strategies are far from the norm, however, among small and medium size family enterprises. This article reviews the primary opportunities and drivers for globalization, highlights the distinct characteristics of family businesses that may enhance or constrain global expansion, and provides a framework for strategically evaluating business capabilities and global market opportunities.