The impact of the family and the business on family business sustainability

• Published in: Journal of business venturing 2003-09, Vol.18 (5), p.639-666
• Main Authors: Olson, Patricia D, Zuiker, Virginia S, Danes, Sharon M, Stafford, Kathryn, Heck, Ramona K.Z, Duncan, Karen A
• Format: Article
• Language: English
• Subjects: 1997 National Family Business Survey; Families & family life; Family business success; Family business sustainability; Family integrity; Family owned businesses; Objective business success; Polls & surveys; Studies; Subjective family business success; Sustainable family business model
• ISSN: 0883-9026; 1873-2003
• DOI: 10.1016/S0883-9026(03)00014-4

The purpose was to identify strategies for families to utilize to increase the success of both their business and their family based on analysis of data in the 1997 National Family Business Survey (1997 NFBS). Both the family system and the responses to disruptions had significant effects on gross revenue and owner's perceived success. Reducing family tension, living in a two- or three-generation family, reallocating time from sleep to the business and hiring temporary help during hectic periods increased business revenue. Owners who perceived their businesses as more successful slept less and hired temporary help during hectic periods in the business more than owners who perceived their businesses as less successful. Business assets, age of the business, personnel management, owner's weekly hours in the business, family employees and hiring temporary help were positively associated with increased achievements for both the business and the family. The family had a greater effect on the business than the business had on the family.