Based on the research findings, future research suggestions are:
• Comparative case studies, single or multiple, on regional SME family business governance, of family businesses of similar size, across industries and within the same industries;
• Comparative single or multiple case studies on family business governance, across regions within the same industry, and different industries; and
• Contextual research into the nature and influence of cultural dimensions of family business owners on family business governance in Africa.
6.6 CONCLUSION
Chapter six reviewed the original study objectives, discussed the empirical findings, presented a theoretical family business governance model, noted the limitations of the study and suggested further research.
The family business is an incredibly dynamic entity and family business governance is influenced by many contextual factors. The clarity of vision, family harmony and unity, trust and respect, continuous learning, passion, love, discipline and clear roles are critical in designing and manifesting governance structures conducive to prosperity. As
James stated: “Family business is a way of life”, encapsulating the importance of
synergy and unity of and in the family and business systems for survival, and to develop distinctive competitive advantages.
Governance in general, and as identified in this study, is strategic leadership in manifestation. Strategic leadership in that it is made of actions that, in order to be successful in attaining a vision, must harness the synergies of resources to produce reciprocally mutually beneficial outputs with all stakeholders possible; without jeopardising the survival of the family or the business.
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APPENDIX A – INTERVIEW QUESTIONNAIRE (English)
4 October 2010 Dear
Thank you for your participation in this research study of family business governance. Your input in understanding the dynamics of family businesses and their governance is invaluable in developing insight so as to assist the economic backbone of society, the family business, survive and prosper.
The importance of SME family businesses cannot be overstated. Family businesses make up approximately 70% of the economy, most of which are SMEs. Only 30% of family businesses survive to the second generation, and those that make it to a third generation (10%) usually have low levels of growth. Given that family businesses create employment, and in doing so – help to stabilize societies, their survival and growth is of paramount importance for current and future economic development in South Africa. It is on this note, that your input is requested.
The good governance of businesses has been proven to promote long-term business survival. The perspective for this study is that; governance means to steer, direct and account; it is also leadership, which is to accept the responsibility of directing and controlling activities and actions (and sometimes shaping intentions and motivations) toward achieving an aim, goal or vision. Strategies are the means or actions taken to attain an aim, goal or vision. It can therefore be deduced that governance is strategic leadership.
As it pertains to business; it is the intent of the founder or owner manifest in