Balancing family relationship and financial control: the story of Peter Whitley Ltd.

Abstract

Family businesses and business families have existed long before the genesis of historians and economists. In most developed economies, the family business sector is estimated to represent over two-thirds of all enterprises and to account for about half of the GDP-economic activity and private employment. Paradoxically, the corporate odyssey of family firms came under the microscope of researchers only in the last two decades. The importance of this study is acknowledged by the fact that it empirically depicts strategic management and financial problems at Peter Whitley Ltd. The research procedure follows Yin's (1984) case method approach and Hofer's (1976) study of a single firm. The focus of the study is to present an assimilation of executive and managerial thinking that reflects a retailing business's strategic management experiences and initiatives. The study will shed light on critical issues challenging family controlled businesses, such as financial control, strategic planning, and family relationships.