BUSINESS FAMILY AND FAMILY BUSINESS: COMPLEMENTARY AND CONFLICTING VALUES

Abstract

A family business can be defined as a business where a family exercises a significant influence over ownership and/or management. The objectives and the values of the family business and the business family can be complementary but they can also be conflicting. The entrepreneur has to take account of the wishes and objectives of his extended family and of his small family or household. An empirical research – made possible by the support of Cera Foundation - has been conducted with 1032 Belgian entrepreneurs, 501 in agriculture and 531 outside agriculture. Areas of conflict can be related to the allocation of profits and the position of individual family members in the family business. The survey shows that most entrepreneurs work very hard and spend a lot of time in the business. Only a minority of the respondents consider family values 'important', but when they do, the family gets a very high place in the hierarchy of values. Satisfaction on the job and autonomy (being one's own boss) are the most important values. Most entrepreneurs get considerable support from their husband or wife. They want to have a day of rest each week and want to leave business when their age is between 60 and 70. If a succession is possible, most prefer to have one of their children to succeed them. The succession is a process that has to be planned carefully. The interaction between the business family and the family business can have positive and negative effects, but in a market economy the competitiveness of the business must be preserved in all circumstances.