Professionalism and family business management the synergy leading towards business excellence

Abstract

If family businesses are praised for the expertise with technology and deeper knowledge about the markets, they are criticized for lack of professionalism in management. Business excellence models demand professionalism and strong leadership with a systematic analytical approach to business. This article posits that if family business owners can adopt professionalism they in fact would be in a commanding position in their business. They can forge a synergy, leveraging their domain expertise with the help of a professional approach and achieve sustained business excellence. The article evaluates this possibility of the family business owners-cum-managers adopting professionalism in order to achieve business excellence. It is based on a survey of 400 family business managers and this article presents the results of the survey that gathered relevant inputs in line with the objectives framed for the study.