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Growing and Evolving Family Business

            
             In the past few decades there has been a drastic increase in the family .
             Today our economy has progressed to the point where" the .
             entrepreneur is the most important player in the building of the global economy" .
             (Naisbitt, 80). To run a family business is a challenging process and every .
             person needs different skills to overcome the start-up struggles. As Gersick .
             suggests in "Generation to Generation", family business can be understood .
             through a three circle model. The model describes the family business system as .
             three independent subsystems; ownership, business and family (Gersick 1997, .
             pp.6) (See Appendix A). These three different dimensions have different values, .
             responsibilities and structures. The ownership aspect deals with different forms .
             of family ownership. Another dimension is family which encourages family .
             members to enter the business and pass the business to next generations. The .
             third aspect is business, which describes the different stages that the business .
             passes through in order to be successful (Gersick, 1997). Through the three .
             circle model every owner can have a better understanding of running a family .
             business.
             Family Issues .
             In the family business cycle one of the most important issues that family .
             members need to address is how to deal with the change within the family .
             business. Some issues include entry of family members into the business, which .
             can lead to confusion and the struggle for recognition (King, 2001). In the stage .
             of entering the business, parents and children need to clarify whether the .
             business is really what the young generation wants. In today's, world there are .
             many different choices and decisions that the young and old generation can .
             make. For example future generation may have already established career .
             interests that differ from their parents and they may not be interested in working .
             or carrying the family business (Avila, 2003). In the article "Transfer of the family .


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