Measuring the professionalism needed is important to measure a family business’s success. For example, a team activity task to describe the financial performance of the family business reflected the family’s economic needs in conflict and the need for financing and investment. During the discussion on the shareholders’ agreement, my peer points out the role of innovation, market position, and cultural values, along with formal performance, to improve business health. In this aspect, I suggested using basic metrics to track growth and customer satisfaction, which I found important as well as necessary to balance tradition with business needs. The video shown in the classroom was important to understand how changing consumer preferences, economic fluctuations, and intense competition could harm synchronisation, as seen in Ernesto J. Poza IV. The book by Ernesto Poza uses both text and cases to explore a diverse set of family firms, examining the interrelationships between the owners, making this the most comprehensive family book (Ernesto et al., 2013).
Reference:
Ernesto, J. Poza & Mary S. Daughtery (2013), Family Business, South Western, 4th Ed. (Chapter 13).