Challenges of Turkish family businesses related to effective management strategies

Abstract

Interest in family businesses has recently been on the rise in Turkey. The main reason for this is that family firms dominate business life and make a big contribution to job creation and exports. However, running a family business poses intrinsic human dilemmas and unique challenges. Family dynamics tend to affect business dynamics and vice versa. Managing family relationships is an important characteristic of a family business. Managed effectively, a family business offers rewards on many fronts; if managed poorly, the business, including the family, may face many problems, leading to bankruptcy. Therefore, it is important to determine predictors of family business sustainability for the benefit of both the economy and the families owning firms.