International Journal of Management Research and Emerging Sciences

Vol 14, No 1, March 2024, PP. 64-91

Exploring Challenges Forefront to Family Business Leaders: A Perspective of

Family Business Owners
Syed Yasir Abbas Zaidi
Human Resource Operations Lead– SMC Pvt Ltd.
Muhammad Waqas
Assistant Director, Punjab Higher Education Commission.
waqas_epouch@yahoo.com
Faisal Mahmood
Head of Programme, GIZ
principalsitara@yahoo.com

Corresponding: yasir2040@gmail.com
ARTICLE INFO
Article History:
Received: 12 Oct, 2023
Revised: 30 Jan, 2024
Accepted: 20 Feb, 2024
Available Online: 14 Mar, 2024
DOI:
https://doi.org/10.56536/ijmres.v14i1.545
Keywords:
Family firms challenges, Family
business leaders, Succession
planning, Governance, Family
dynamics
JEL Classification:
L20, M19, M10, O21, G30
ABSTRACT
Family businesses, owing to their unique blend of family dynamics and business
operations, often face distinctive hurdles that can significantly impact their
sustainability and growth. This qualitative study delves into the multifaceted
challenges that confront family business leaders, as seen through the eyes of
family business owners, which is a missing aspect in the extant literature
database. Through in-depth interviews and thematic analysis, this study aims to
shed light on the key challenges family business leaders encounter. The findings
of the study reveal that the family business leaders have challenges related to the
succession planning, financial management, conflict resolution, communication
breakdown, governance, HRM, and the evolving business environment in the
day-to-day business operation. These findings further echoed the need for a
personalized approach and support systems to face the challenges and to be
successful in the long run. These results not only contribute to the existing
literature related to the management of family business, but also provide a very
practical use to the practitioners in increasing the strength of both the family and
business while operating within the context with such complexity.
© 2024 The authors, under a Creative Commons Attribution-Non-Commercial 4.0.

INTRODUCTION
The work of Kustin (2021) finds that family firms have the capability to provide solutions to
the problems experienced in the world. Family businesses contribute a lot in terms of employment,
innovation, and even the economic performance of the global economy (Miller & Le Breton-Miller,
2019). These companies, unique in that they blend family and business systems in a unique way,
often face challenges that could affect their long-term sustainability and profitability (Chrisman et
al., 2020). Family businesses, the hubs of the financial sector, are influenced by a variety of internal
dynamics that are shaped by customs, governance structures, and relationships with the family, as
well as external market forces (Bettinelli, 2014). These companies are unique in their ability to blend
family dynamics with commercial operations, creating an organizational structure that is both
demanding and rewarding. The leadership of family businesses is predominantly vested in family
members, often transitioning across generations (Gomez-Mejia et al., 2018). As such, family
business leaders are entrusted with the responsibility of maintaining the family legacy, while
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simultaneously steering the company through competitive and dynamic business environments
(Habbershon & Williams, 1999).
Family business leaders–primarily family members who hold key managerial and ownership
positions–operate at the nexus of these interwoven systems (Chua et al., 1999). Their role demands a
delicate balance between business growth and family harmony (Ward, 2011). Family business
leaders are known to take a beneficial long-term approach, but better governance structures are
needed to contain the darker side of family business leadership (Vysniauskiene, 2021). Navigating
this complex landscape requires them to address several challenges that extend beyond typical
corporate concerns (Zellweger et al., 2019). Understanding the subtle nuances of family business
dynamics is vital so that when families inevitably face them, they can have measures and strategies
in place to proactively overcome them and avoid conflict (Botha, 2020). However, despite their vital
role, family business leaders often face obstacles that are underrepresented in the mainstream
management literature, thereby necessitating a specialized focus on their experiences and challenges.
Family owned companies face difficulties on their own (Haynes et al., 2021). Family businesses
have several obstacles that need to be navigated skillfully to be sustainable and flourish (Zaidi &
Jamshed, 2023; Zaidi et al., 2023). Family company executives must be flexible and adaptable
because of the shifting nature of the global marketplaces, technological advancements, and consumer
preferences (De Massis et al., 2012). Moreover, complexity in succession planning, conflict
resolution and governance structures arises from the natural overlap between family and business
systems (Hollender & Elson, 2019). For family companies to succeed, it is essential to recognize and
solve these issues. The nature of their business structure presents a distinct set of issues that family
owned enterprises must overcome, and it is critical to recognize these obstacles (Abellera, 2011).
Both conceptual and empirical family firm studies have generally originated in the U.S. and Europe
(De Massis et al., 2012; Janjuha-Jivraj & Woods, 2002). Although family firms are the dominant
business form in most countries across the world (Astrachan & Shanker, 2003; La Porta et al., 1999;
Morck & Yeung, 2003), especially in Asia (Jiang & Peng, 2011; Peng & Jiang, 2010), less is known
about the extent to which current theory and research in Western countries are generalizable to
family firms in Asia. While prior research has acknowledged the complexities of family business
leadership, gaps remain in understanding specific challenges from the perspective of family business
owners. Prior studies have investigated internal challenges, such as succession planning and
governance (Jasir et al., 2022; Miller et al., 2006), but there is a dearth of research focusing on the
intrapersonal challenges faced by family business leaders. Intrapersonal challenges encompass
psychological factors, personal conflicts, and identity struggles that may arise because of
overlapping family and business roles (Tagiuri & Davis, 1996).
Addressing these challenges is crucial for developing efficient support systems for family company
owners. By filling this knowledge gap, this study aims to advance our knowledge of the complexities
of family company leadership in Pakistan, eventually offering useful advice for the management and
sustainability of family enterprises. This study is guided by the question, "what are the primary
challenges faced by family business owners in navigating the complexities of the contemporary
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business environment, taking into account internal dynamics such as succession planning, family
conflicts, and governance structures, as well as external factors like market competition,
technological advancements, and regulatory pressures?" The aims of this study were as follows:
To explore the primary challenges that family business owners face in today's intricate business
climate, considering both internal and external factors.
Analyzing the contextual factors that contribute to the unique challenges faced by CEOs of
family businesses, such as family relationships, succession planning, and operational challenges.
Gathering the viewpoints and observations of family company owners via in-depth interviews
offers a personal narrative of their opinions and experiences.

Developing the insights and implications derived from the research findings into practical
recommendations and actionable advice for use by family business leaders, advisors, and
stakeholders to address and cope with the identified challenges.

Contributing to the knowledge base in this important field and provide insight into problems of
family company executives within the framework of scholarly discourse on family business
management.
The current study aims at providing essential insights in management and profitable strategies
through the achievement of these aims and pointing out the difficulties of the family company
executives. This is a study that is set to enhance the understanding of challenges faced by family
business leaders through the unique perspective of family business owners. From the perspective of
family-owned businesses, this is because their aegis encompasses an understanding of the
complexities involved in strategy development, conflict resolutions, and decision making (Sarathy et
al., 1999). This will be further likely to develop the theoretical understanding of the dynamics of
family business and provide practical implications for scholars and practitioners alike. The study
contributes to the advancement of family business management knowledge from an academic point
of view. By doing so, it strengthens the literature in that it overcomes the limitations which have
been identified from the point of view of family business owners, bringing the academic frameworks
closer to real practical experience. Practically speaking, professionals working with family
businesses, such as advisors and consultants, can gain from the knowledge offered by this research.
By tailoring advice and services to the specific needs of family business owners, the results can
promote healthier family dynamics and business growth. Comprehending the obstacles they
encounter can result in better-informed and calculated choices, guaranteeing the long-term viability
of the enterprise and family.
This study can provide governments and policymakers with information to help them create policies
that assist family companies in light of the difficulties they face. Tax breaks, help with succession
planning, and materials for family business education and training are a few examples. The literature
on family businesses and leadership issues is examined in the following sections, emphasizing the
complexity of the issues faced by family business executives. After presenting the methodology of
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this study, the challenges faced by family business owners were carefully investigated. The paper's
conclusion addresses the implications of the findings and future directions for research on family
business leadership.

LITERATURE REVIEW
In essence, the family business systems theory is based on the dynamics created by the
interaction of the ownership, firm, and family subsystems all overlapping and interdependent
(Gersick et al., 1997). For example, succession planning, resolution of possible conflicts within the
family, and balancing the needs of the individual and the commercial are some of the issues specific
for family-owned businesses to which the successful heads of the family company adapt and
demonstrate persistence for (Wahyudi et al., 2021). Through empirical research, the characteristics
and behaviors of family business leaders have been made clearer. In addition to it, gender
perspectives—enabling inclinations when included in firm leadership—are connected to the ethical
conduct, innovation orientation, and entrepreneurial mindset positions of the firm (Tirdasari et al.,
2022; Ahn et al., 2020). Family businesses are commercial organizations in which family members
are in charge of the management of the business's duties and obligations (Fang et al., 2022).

Family relations in the described firms are one of the key reasons for the effectiveness of leadership
operations. (Ahn et al., 2020) Relationships among trusted family members provide support for each
other in bad times and promote good decision making. Unresolved conflicts or power struggles may
block effective leadership and overall performance in a business. The owners of family businesses
face challenges at each level of their businesses' development and progression toward the next level
of development and expansion. These challenges, therefore, call for a characteristic set of business
acumen coupled with family-based strategies (De Massis et al., 2014). As such, leadership issues in
the family firm are hence different from those within the non-family organization. For instance,
employment or promotion decisions may be tainted by family linkages and hence there can exist
issues of nepotism in the firm. This could affect staff morale and how effective, overall, the
organization is (Maseda et al., 2023). Keeping the family together even as tough calls are taken on
finances that put long-term survival ahead is a kind of fragile balancing act.
Challenges forefront to family business leaders
Family business owners frequently face financial challenges that require skilled management. First,
people must reconcile their personal and business accounts (Ramadanti et al., 2021). This means
considering the demands of the family and keeping personal assets apart from corporate interests.
Second, because fewer external financial sources are available, raising money for growth and
expansion may be difficult (Chundu et al., 2021). To overcome this challenge, family business
executives can examine partnerships or strategic alliances. According to Wahyudi et al. (2021),
financial risk management necessitates long-term sustainability. To minimize any risks and
safeguard their financial stability, family companies must use effective risk-management strategies.

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Creating enthusiasm and support for change, preparing successors, building trust and confidence
among successors, and establishing a clear business strategy are essential for the transformation and
survival of the family business (Nwuke & Adeola, 2023). Succession planning is one of the most
important issues facing family business leaders (Gersick et al., 1997). There are many emotional,
psychological and strategic difficulties in transferring leadership from one generation to another
(Handler & Kram, 2003). Research shows that choosing the right family members and ensuring the
continuity of the company can be a difficult task for family business owners (Lansberg, 1988;
Tagiuri & Davis, 1982). The conflict between family loyalty and firm performance has been studied
extensively in the family business literature (Chirico & Salvato, 2008). Control, as well as success, is
an important concern for family employees (Chrisman et al., 2003). Good corporate governance
promotes accountability, transparency, and alignment of company and family interests while
reducing conflict (Schulze et al., 2001). However, creating a management model that addresses the
characteristics of family companies is a difficult task (Miller & Le Breton-Miller, 2005).
Establishing appropriate governance structures is often complicated by ideological factors, unclear
boundaries between ownership and management, and differences in ownership (Carney 2005; Le
Breton-Miller & Miller 2006).
Organizational politics are observed to moderate the link between employee performance and
leadership (Rathore et al., 2017). Family businesses usually have trouble with governance and
decision making. Establishing effective governance frameworks is crucial for the long-term success
of the firm and the family's harmony (Ramadanti et al., 2021). When conflicts arise between the
interests of family members and company goals, it is frequently required to carefully negotiate in
order to create a balance that sustains both family connections and corporate objectives (Ardyan et
al., 2023). Family business executives also have challenges in making strategic decisions because
they must strike a balance between the long-term objectives of the firm and the interests of many
stakeholders (Wahyudi et al., 2021). This necessitates both a keen understanding of market dynamics
and the ability to adapt to changing circumstances.
Additionally, blurred lines between the family and the business might result in role and
responsibility confusion, which might not be good for family togetherness as well as the
effectiveness of the firm (Dyer, 1986; Dyer & Whetten, 2006). The act of preferential treatment to
the family members regarding any other workers that are non-family with regard to the hiring and
promotion decisions has been termed as "nepotism" (Berrone et al., 2012). If not managed correctly,
such incidents could have a damaging effect on organisational enthusiasm and creativity among the
non-family staff (Craig et al., 2008; Schulze et al., 2003).
Moreover, disagreements amongst related co-owners might arise in family firms (Pearson et al.,
2008). Conflicts that endanger the company's long-term viability might arise from disagreements
about dividend policy, resource allocation, and strategic direction (Chua et al., 1999). Effective
conflict resolution techniques and open lines of communication are necessary, according to prior
research, to reduce these disputes and promote healthy family dynamics (Uhlaner et al., 2007).

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Additionally, Younas et al. (2023) discovered connections between workers' performance, positive
organizational behavior, information sharing, and authentic leadership.

In essence, the complex interactions between family and corporate issues present a range of
problems for family company CEOs. Because succession planning, governance, role entanglement,
nepotism, and intra-family disputes are complicated issues, managing them effectively and ensuring
long-term sustainability need a deep grasp of these subjects.

RESEARCH METHODOLOGY
The present study illustrates qualitative techniques that have been employed in assessing the
problems that family business managers have faced. In other words, this study aimed at gaining an
in-depth understanding of the multitude of problems faced by administrators of family businesses
due to the unique organizational settings within which they operate.
Using a phenomenological research approach, we explored the views and lived experiences of
family business owners as they faced leadership challenges. Phenomenology provides an in-depth
analysis of participants' thoughts, emotions, and perceptions regarding the difficulties they face
(Creswell, 2013; Moustakas, 1994). This design enabled us to uncover the true essence of the
problems described by the informants. Twenty Pakistani family company owners and leaders with
extensive experience were selected using purposive sampling method. The participants for the study
were chosen on the basis of their experience with running and managing a family business for at
least a decade so that they could have a better understanding of the challenges faced by family
businesses in the long term. Aiming to gain insights into diverse aspects of family firm executives’
experiences, the researcher strived to get a sample of family firms across different sectors and sizes
(Patton, 2015). Table 1 below provides an overview of respondents. The main tool for data colle-
ction was semi-structured interviews. The goal of these free-form questions was to let participants
think about their leadership journeys and talk about challenges they encountered. Keeping it aligned
with the research objectives, the interview plan was modified accordingly based on initial interviews
(Fontana & Frey 2005).
We adopted the technique known as thematic analysis to capture the data from the interviews. This
process gave us a good insight into the issues that CEOs who run a family business run into (Braun
& Clarke, 2006). We used NVivo, a computer program from QSR International, to handle data in a
way that was effective. The investigation moved forward in several ways. An important part of the
cycling included getting to know the data, writing initial codes, searching themes, reviewing,
defining and naming themes, and in the end make a report (Braun & Clarke, 2019). Precisely with
those strategies, we confirmed whether the results were correct. The participants were able to give us
feedback, because we revealed our early results to them. Additionally, we were consulting with our
teammates with experience in qualitative research. This in turn made us refute whether our
judgments were right (Lincoln & Guba, 1985). With the approval of the Institutional Review Board,
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this research was then undertaken. Parties to the involvement knew that they were getting into it and
they also had the option of walking away from the involvement whenever they wished (Creswell &
Creswell, 2017).
The purpose of the research was to find out issues small and medium businesses are caught
with. They also wanted to find out what can shift leadership inside those companies rather than only
focusing on the culture or practices. They explored the pool further by way of interviews and
reviewing the key notes. This helped to ensure that firms could grapple with the issues their business
families, as well as the business community, might face.
Table 1: Respondents profile
Participants Industry Company Size Experience Job Domain
Participant 1 Construction Small 10+ years CEO
Participant 2 Real estate Small 10+ years Director
Participant 3 Conglomerate Large 10+ years Chairperson
Participant 4 Textile Medium 10+ years Managing director
Participant 5 Healthcare Medium 10+ years Director
Participant 6 Hospitality Medium 10+ years CEO
Participant 7 Furniture retail Large 10+ years CEO
Participant 8 FMCG retail Large 10+ years Managing director
Participant 9 Chemical manufacturing Medium 10+ years Director
Participant 10 Water processing Small 10+ years CEO
Participant 11 Maintenance services Small 10+ years COO
Participant 12 Dairy distribution Large 10+ years Director
Participant 13 Logistics & transportation Medium 10+ years Managing director
Participant 14 IT Small 10+ years Director
Participant 15 Vehicle trading Large 10+ years COO
Participant 16 Security services Medium 10+ years CEO
Participant 17 Electronic media Medium 10+ years Director
Participant 18 Interior designing Large 10+ years Chairperson
Participant 19 Sanitary and plumbing Large 10+ years Managing director
Participant 20 Ceramics and tiles Medium 10+ years CEO

RESULT AND DISCUSSION

Findings
This section spells out the main categories of findings after the analysis of data from the in-
depth interviews with family business owners. The purpose of this study is to get further insight into
the challenges faced by family business owners in the contemporary business landscape. Figure 1
presents the main takeaways from the findings. According to the interviews, family business owners
handle a variety of problems that affect their regular business operations.

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Succession
Planning

Conflict Human
Resolution Resource
Management

Challenges
forefront to
Family
Changing Business
Business Leaders Governance
Environment

Communication Market
breakdowns Competition
.
Figure 1: Challenges forefront to family business leaders

Theme 1: Financial Management

Financial management was one of the main topics that came up throughout the conversation, with
participants highlighting the challenges of managing both family and business finances. Finding a
point between the family objectives and the company financial concern was realized.
It was at times a daunting and conflict-generating work that sometimes-made things difficult among
us.
"One of the major challenges that I am facing as the head of the family company is to
introduce proper governance. As we expand, the informal processes, ad hoc
procedures, and subjective performance criteria will need to be replaced with more
formal methods emphasizing standardization and measurement. The beginning was a
very small, ad-hoc team. Finding an appropriate balance to bear family traditions
coexisting with more practical approach could be very difficult.” Participant)
"Overseeing the allocation of assets and income among relatives was a persistent
difficulty. It was difficult to maintain justice while taking different participation and
contribution levels into account. It frequently resulted in strained relationships and
misunderstandings." (Participant)
"Conflict arose from the establishment of rules for family members who worked for
the company versus those who didn't. Some believed they should receive advantages

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even if they weren't actively participating, and others thought their contributions
weren't given enough credit.” (Participant)
"Collaboration and trust can only be fostered by maintaining financial openness.
Telling family members about the financial issues, though, might be difficult. Some
people can find it difficult to completely understand the complexity, which might lead
to potential disputes. Striking the ideal mix between openness and complexity is never
simple." (Participant)
"Allocating resources between family members and the business is a never-ending
battle. Making decisions that meet the needs of family members whose livelihood
depends on the business while still acting in the company's best interests is
challenging.”(Participant)
Theme 2: Conflict Resolution
Family conflicts may have an impact on the business, and vice versa.
"Family conflicts can affect the company's culture, while arguments over commercial
matters can strain interpersonal ties. I've had to focus on honing my abilities to
decide fast and professionally while not letting my emotions get in the way of my
judgment."(Participant)
"Family conflicts may easily find their way into the workplace, damaging
relationships on the professional and interpersonal levels. Knowing how to settle
conflicts in a professional manner without letting them get out of control is essential.
It takes a lot of emotional intelligence to walk this fine edge.”(Participant)
"Finding a balance between family dynamics and professional decisions is never
easy. It might be difficult to distinguish between what is best for a company and what
is personal. Family disputes make this problem much more challenging."
(Participant)
"Balancing fairness and meritocracy is tough. We want to treat all family members
fairly, but we also need to acknowledge and reward those who contribute the most.
It's a delicate situation that often leads to tensions."(Participant)
"Managing family disputes that spill into the business is a significant challenge.
Personal conflicts can disrupt the workplace and affect decision-making. Finding
ways to address these conflicts while maintaining business operations is
crucial."(Participant)
"Decision-making can be slow and contentious in a family business. Different family
members may have conflicting visions for the company's direction."(Participant)

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"We often encounter disagreements on critical business choices. Emotions can cloud
rational judgment, making it challenging to make the best decisions for the
company."(Participant)
Theme 3: HRM Challenges
Additionally, Human Resource Management surfaced as a critical challenge, as family businesses
often involve the employment of family members. Respondents expressed the difficulty in
maintaining a professional work environment while managing personal dynamics among family
employees. Struggles in handling employee performance evaluations, promotions, and fair
compensation were common points of contention.
"Maintaining a healthy work-life balance is another significant challenge. In a family
business, the lines between personal and professional life often blur. It's hard to
switch off from work when family discussions at the dinner table often turn into
business strategy sessions. This constant connectivity can lead to burnout.”
(Participant)
"Access to external talent is a challenge. Sometimes, the family environment makes it
difficult to attract and retain non-family professionals who can bring fresh
perspectives and expertise.”(Participant)
"Proving oneself as a capable professional rather than being seen as a beneficiary of
nepotism is an ongoing challenge. Others sometimes doubt our skills due to our
family connection."(Participant)
"Striking the right balance between hiring family members for key roles and bringing
in external expertise is essential. It's a challenge to justify our choices to both family
and non-family employees."(Participant)
"As a family business owner, it's hard to draw a clear line between work and
personal life. The business is always on your mind, and family gatherings can quickly
turn into business discussions. Achieving a healthy work-life balance while keeping
the business running smoothly is a real challenge." (Participant)
"Separating work from family time is tough. The business is always on your mind,
even during holidays or family outings.”(Participant)
"One challenge I've encountered is convincing family members to pursue external
professional development. Sometimes, there's a belief that being part of the family is
enough qualification. Encouraging continuous learning and skill improvement has
been an uphill battle."(Participant)

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Theme 4: Succession Planning

The findings emphasized the intricate process of Succession Planning, wherein participants
expressed concerns about identifying capable successors who possess the necessary skills and
commitment to steer the business forward. The absence of clear criteria for choosing successors and
the challenge of maintaining a balance between meritocracy and family traditions were recurring
issues.
"Making sure that the leadership transfer to the next generation happens smoothly is
one of the biggest problems. It's not an easy job to be both commercially proficient
and to live by your family ties. With succession planning the task is quite
difficult. Deciding who is the best person to lead a shelter who may have differences
in opinion could be challenging and might result in disagreements.” (Participant)
“The families’ fundamental task throughout the succession process is balancing the
business interests and the family interests. it is important to verify that the chosen
heir is capable of holding and preserving the family business’s heritage.”
(Participant)
"Successorship can be difficult. Family members who are close to the leadership role
are concerned that they do not get to keep control of everything. This requires a level
of abilities and emotional control.” (Participant)
“It is rather challenging to plan the process of succession. It can be especially
difficult because the older generation might not like the idea of letting go of the
power. The process which requires emotional control together with skill is similar to
that.” (Participant)
“I get up at night and think about the future. My concerns are: finding the right
successor from the family who is required to have the needed skills and take the
business to new heights. The fact that the business will continue in the future is one of
the issues on which I concentrate.” (Participant)
“Keeping a smooth successional transfer of the baton to the next generation turns out
to be one of the biggest problems.” An employee should be able to manage his
business responsibilities and family life well. While I want to make sure my children
are prepared, I also have to consider if they are the most qualified individuals to lead
the company." (Participant)
Theme 5: Governance
Furthermore, when participants talked about the necessity of establishing efficient decision-making
mechanisms, governance-related challenges became clear. Finding a balance between including
family members in significant choices and using expert management techniques was perceived as a
never-ending struggle. The findings pointed toward the need of developing well-understood and
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clearly delineated roles and responsibilities, maintaining open lines of communication, and
promoting a culture of mutual respect.
“It was also hard to ensure that the governmental and administrative processes were
carried out and implemented duly and in an efficient manner.
The decision-making became harder and slower as the family members increased
with the expansion of the business and some members who got married. To make sure
that decisions were made on the basis of merit and business needs rather than
interpersonal ties, we had to set explicit procedures.” (Participant)
“It was difficult to strike a balance between maintaining family peace and making
corporate decisions. Every now and again, we had to make decisions that the family
didn't like, but they were necessary for the business to grow. Handling these delicate
situations was a constant struggle.” (Participant)
"It might be hard to distinguish between family dynamics and corporate choices at
times. There may be conflicts of interest, and it might be difficult to balance
everyone's opinions.” (Participant)
"There have been instances where personal disagreements have erupted during
business meetings. To lessen these difficulties, it is essential to set up limits and lines
of communication that are unambiguous.” (Participant)
"In family enterprises, controlling the emotional component of decision-making
presents a special difficulty. Emotions can occasionally impair judgment and cause
people to make judgments that may not be optimal for the company.” (Participant)
“It’s difficult to keep family issues and business decisions apart at all times.
Arguments during the family get together might become work-related.” (Participant)
"Roles and duties might be difficult to define. There are situations where the demands
of a defined organizational structure conflict with family relations. There have been
times when a family member believes their contribution is not valued enough or that
others are treated better than them. Morale and general productivity may be
impacted by this.” (Participant)
Sub-Theme 5.1: Communication
"Working in a family company may make communication extremely difficult. We
sometimes think that everyone understands what's going through our minds since
we're so accustomed to one another. Misunderstandings and even confrontations may
result from this. It has been a learning curve to figure out how to communicate
effectively with family members and in the workplace.” (Participant)

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"Keeping lines of communication open is difficult.. As the business grows and more
family members join, ensuring that everyone is on the same page becomes complex.
Miscommunication can lead to misunderstandings and conflicts.”(Participant)
"Clear communication is essential, especially when working with non-family
employees. Sometimes they feel left out of decisions or think there's favoritism. We've
had to work hard to create an inclusive environment and ensure everyone feels
valued and informed.” (Participant)
"Communication breakdowns emerged as a recurring challenge within our study.
Poor communication among family members and between generations can lead to
misunderstandings and hinder effective decision-making.” (Participant)
Theme 6: Changing Business Environment
The interviews revealed that family business leaders are grappling with the Adaptation required to
thrive in a rapidly changing business landscape. Innovation and Technology emerged as a central
theme within this category, with participants expressing the challenges of integrating new
technologies into traditional business models. Many family business leaders acknowledged the need
for digital transformation but cited resource constraints and resistance to change as barriers to
implementation.
"We realized that the business needed to evolve and embrace innovation to stay
competitive. However, convincing older family members to adopt new technologies
and practices was met with resistance. Bridging the generation gap in terms of
business approaches was a continuous challenge." (Participant)
"Bringing in external expertise to professionalize certain aspects of the business was
met with skepticism by some family members. They were concerned that it might
erode the 'family' feel of the business. Finding ways to integrate outside perspectives
while preserving our core values was a complex task."(Participant)
"Survival depends on innovation, yet getting older generations to accept change can
be difficult. People are afraid of losing what makes their company special."
Participant)
It has been difficult to uphold traditional recipes while welcoming innovation in our
family owned bakery for many generations. It is difficult to bring fresh ideas and
items to customers without upsetting them. We wish to preserve the essence of what
sets us apart. (Participant)
"We were aware that our use of technology was lagging. Convincing the family
members to invest in new systems, however, was greeted with resistance and worries
about expenses."(Participant)

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"Adapting to change is a constant challenge. Family businesses can be resistant to

change, but in today's rapidly evolving business landscape, staying stagnant is a risk.
Navigating this balance between tradition and innovation is not easy."(Participant)
Theme 5: Market Completion
Market Competition emerged as a significant concern, with participants expressing the difficulties of
competing against larger corporations with greater resources. Navigating global markets,
understanding consumer trends, and differentiating their offerings were highlighted as key areas of
struggle. The findings emphasized the need for strategic planning, continuous learning, and a
proactive approach to staying competitive.
"Competition from outside markets increases pressure. Even if we might desire to
continue as we have, watching rival companies—both family run and not—innovate
and grow might cause us to reevaluate our tactics." (Participant).
"The market is changing so rapidly. To accommodate shifting consumer preferences,
we had to rethink our product lineup completely. Keeping up without compromising
our essential principles is difficult "(Participant)
"Globalization has presented opportunities and difficulties. Even when breaking into
new markets is simpler, competition is now very intense. It has been difficult to
modify our tactics to work in many cultural contexts.”(Participant).
It is challenging to keep the company's long-term goals in mind for future
generations. It's difficult to match everyone's interests, but we want to preserve the
company's legacy."(Participant).
"We must balance thinking about the future with delivering outcomes in the short
term. Finding the ideal balance between rapid financial gain and long-term
expansion is never easy.” (Participant).
Finally, our study sheds light on the complex issues that family company owners deal with.
Among these challenges include operational concerns, succession planning and governance, and
adjusting to a changing business environment. The findings demonstrate the necessity of certain
strategies and support systems to address these problems and maintain the profitability of family
companies.
Discussion
Through interviews with family business owners, we gained an understanding of their struggles.
This research digs deep into the problems they face daily. It lays out the tough things about running
and keeping a family business afloat. Pulling in ideas from older studies, this section points out
where our results match up or differ from before.

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Succession Planning and Leadership Transition

The period when the top CEO position will be vested with another person is dealt with extremely
competently in family firms. This involves identifying and putting into practice the thing that should
be handed down to the next generation by carefully evaluating the activities and the responsibilities
that the current generation needs to be responsible for. Survey respondents' emphasized the idea of
how to balance the overall performance and corporate history with an uncomplicated handover of
authority to the next generation of managers. Those findings correspond to the consequences of
earlier respective researches (Schulze et al., 2003; Habbershon & Williams, 1999), which stress out
the significance of optimal planning and transitioning of top management to prevent disruptions that
may arise during this transition. A rather sticky topic emerges when we try to find a balance between
ever existing familial relationship and meritocracy by taking into consideration the leaders of the
future. The recurring themes included as observed from the interviews were to do with uncertainties
about the readiness of the successors, disagreements among the family members on whether to have
a leadership share, and the fear about the destruction of their unique family heritage in case the
power is passed. A lot of people running family businesses had worries about whether the upcoming
generation would prove to be likeminded and ready to continue their legacy. This kind of a concern
resonates with studies conducted in succession matter which underscore the essence of having
formalized succession plans (Handler, 1994). This study revealed the imperative duty of family
businesses for leadership succession issues, bringing forward the skills development aspects and
preparing for future challenges.
Financial Strain
For the years now, the instability of the budgeting has occurred among a great part of the population
and of the companies, because of a close connection between the personal and corporate
budgets. The fighters acknowledged that it was a permanent forbidden zone to balance the family's
financial structure by being the bosses of the company during the economic unforeseen. Family
business’s behavior is similar to what Astrachan and Shanker (2003) found that showed there is
some tendency of family businesses to prefer their family finances above the reinvestment of their
company itself. With regard to family business executives this is against the background of short-
term family financial needs and long-term company success as the problem that still persists. Similar
to studies (Miller & Le Breton-Miller, 2005; Ramadani et al., 2020), our findings reveal that
business are ineluctably mixed with family matters that make family businesses and the ones they
conduct more complex. One of the recurrent trends here is economic burden which had also further
made worse by the responsibility of reinvesting in the organization and financial care for the family
(Danes & Stafford, 2017). Family members in business know this problem well enough and admit
the sacrifice that needs to be done in order to become more successful at work. Therefore, achieving
a balance between financial sustainability for a family and a career becomes very difficult.

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Governance and Decision-Making

An appropriate set of governance procedures should be adopted with an aim to minimize the
occurrence of conflicts of interests and ensure the company's strategic directions are directed to
that. Nevertheless, family businesses do have an internal struggle to the creation of governance
structures that may match both the needs the family desires with business necessities (Chrisman et
al., 2021). The positioning of both business reasoning and family emotions in decision-making
makes it difficult to distinguish strategic moves from emotional judgments as decision-makers
struggle to get an optical view. The time again and again, it was expressed the situation can take a
toll emotionally as well as the bottom line. Participants said that with a legacy as well owner to be
responsibility for not only a company but also the family’s legacy, then some decisions became
heavier to carry. This burden is certainly consistent with references to emotional labor (Dyer, 2006)
as being psychological in nature and predominantly emanating from the worry over choices one
makes that may put the company’s legacy a risk as well as the business itself.
Communication failures and conflict
The great historical background of dysfunctional operations as well as conflicts inside the family
business leadership (Tagiuri & Davis, 2019) can be described truly. This was evidenced by the
results of our studies, which demonstrated that the disputes on the subjectivity of decision brewed
worker vs viewpoint, thus challenging the overall strategic processes (Bennedsen et al., 2015). The
absence of well-established structures of governance frequently leads to such a conflict as there is no
way to set out unequivocal lines of authority and succession (Carney, 2021). In the same context, the
generational transfer turns out to be complicated while it is seen as a critical hurdle in terms of the
sustainability of families businesses (Cruz et al., 2022). Communication and the overall dynamics of
the dialogues were dominated by discussion conflicts. The family business issues left unresolved can
be a source of a problem in business decisions taken and the firm performance negatively affected,
as Duran et al. (2016) said. Analysis findings match the body of research, illustrating positive
outcomes related to utilizing open lines of communication and conflict-resolution techniques such as
dispute-resolution techniques, hence minimizes job dissatisfaction.
Balancing Family Interests and Business Goals
This study notes the hardship of balancing what is best for the business with what is right for the
family in family run businesses and unveils a noticeable mingling of business needs with family
oriented dynamics (Craig & Moores, 2020). The very process of role conflicts and the blinding
boundaries make strategic decision-making, especially, in the period of enterprise development
going on, such as expansion or diversification, harder and even impossible (Chrisman et al.,
2003). The role of family company leaders, who fill in the role of both family members and
company executive, present unique problems, that have been identified in studies (De Massis et al.,
2018; Miller & Le Breton-Miller, 2018). Ensuring that family priorities are not the source of
conflicts and, at the same time, maintaining the smooth function of the company continues to be the
most challenging matter (Gersick et al., 2020). Participants highlighted the multiple layers
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relationship between family and business objectives that come in line with the concept of the
enterprising family (Aronoff & Ward, 2016). That is to say, the family peace and the success of the
business as a result of the family peace are the challenge of a family enterprise, which manifests in
the relationship dynamics and conflicts among older and younger generations (Cruz et al.,
2019). Psychological interference by the past relationships of an individual can cause
communication failures between co-workers as well as the deterioration of teamwork which, in turn,
may result in the absence of a friendly atmosphere in the workplace (Aronoff & Ward, 2016).
HRM Challenges
Family-owned companies may be subject to a severe leadership challenge in the business of
succession and leadership development. Motorists are likely to point the things like lack of
promotions about compensation and performance evaluations by employees. The nature of business
is to remain in operation whether the leaders are the same. Thus, it is very significant that smooth
and fair leadership transfer between generations takes place (Cover et al., 2018). Here lie the tasks
like searching for the worthy successor, an equal distribution of property among the family members
with all fairness, and balancing between need for harmony and justice (Chrisman et al., 2012). A
common problem in family business is role ambiguity, where family members’ functions may get
into each other’s way, it affects the top leadership and influence decision-making (Zellweger et al.,
2012). Nepotism is seen as the main cause of discouragement of none family employees and as a
reason of a feeling of unfairness and frustration (Gomez-Mejia et al., 2011). Getting the balancing
act between maintaining family pride and external integrating junior appointments in the senior roles
display a dilemma to families business owners (Habbershon & Williams, 1999). A fair compensation
system that entails the consideration of the contributions of family members at the same time doing
the same for non-family employees is paramount to the equity and fairness (Uhlaner et al.,
2007). Fair pays with consistency remove possibility of unequal treatment among employees.
External Factors and Business Environment
The research also clearly demonstrates the challenges that cannot be controlled by different exterior
factors and within the surroundings of the company organization. The participants fathom the
hardness of seeing shocking economic forces, strict legislation and unpredictable market conditions
(Miller et al., 2006). The same finding is getting in tune with the earlier survey that says that family
firms should create both strategic flexibility and responsiveness in order to cope with external crises
(Ireland et al., 2003; De Massis et al., 2018.) The study's conclusions as well point out a fact of high
complexity of issues in the sphere of retaining the ability to think innovatively and independently. It
is therefore true or rather; there is sufficient research that conservativeness and unwelcomeness of
change are obstacles to innovation in family firms (Chrisman et al., 2012). Successful leaders of the
family run companies must look for ways to promote new ideas but accept what makes their
businesses truly special. The innovational drive and professionalization were the most common
problems which the family firm owners have faced. To list perhaps the core aspect in the
competitive field is the fact that the company needs to develop a harmony of both the traditional
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value and novel procedures (Zellweger et al., 2012). This would be in tandem with other research
(Chua et al., 1999; Dawson et al., 2018) which points that a family business's active growth or
survival point much on the need of professionalization and innovation.
Navigating the Modern Landscape
Family-run CEOs are not an exception to the rule and they have to solve new issues in the digital
age. Adaptability is needed as one of the elements of the journey of remaining competitive in the
face of the continuous introduction of advanced technological systems (De Massis et al.,
2015). Surprisingly, we found that the companies had an awareness of technology and also accepted
its value but took their time to introduce technological advances in the decision-making process
mainly because of fear over data security and some respect for the set methods of the
company. These problems show up among the countries which globalize their economies. With time,
family enterprises, who in the past could have concentrated only on local markets, should now have
developed a certain level of international notion as it is obvious that they already interact with a lot
of cultures and countries (Costa & Barbosa, 2024). Expansion brings regulatory compliance,
supplier management, and new client models in the negotiation's area.

CONCLUSION AND POLICY IMPLICATION

Theoretical Implications
This research has contributed to the expansion of the existing knowledge base on the
management of family business, by portraying numerous theoretical implications. The research also
explores how parents in family organizations deal with the unique aspects of a family firm, thus
contributing to the growing body of knowledge on the intricacies of family businesses. Moreover,
one of the non-parametric theoretical contributions of this study is on the identification and
assessment of the conflict-resolution methods employed by the family business executives. The
study's principals state the importance of clear communication, established responsibilities and well-
organized decision-making procedures in fixing issues in family firms (Bettinelli et al.,
2022). Through offering a detailed account of how family businesses employ concrete strategies of
preserving unity that not only retain temperament but limit conflict, the study becomes a significant
addition to the conflict resolution literature. Originally, there was some documented evidence on the
leadership development process, and the mentioned study show that a solid succession planning
process mapped the individual goals to the organisational objectives (Miller & Le Breton-Miller,
1993). And this highlights the need for building strategy to develop capacity and define leadership
transition in family firms and the direction that leads to long-term sustainability. Another thing, there
is a thesis according to that maintaining balance between family and work is the practical problem in
the family management in business is the theoretical comprehension of the complexity of border
control in family businesses. This study brings a new input into the overall theme of role theory in
the family businesses where flexible ascribing of roles at home and work is of a high
importance. Lastly, a look at the hindrances endured proposes that family business executives are
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rather resilient and capable of dealing with obstacles. This study is valuable as it brings to light the
expertise obtained from family business leaders, while they negotiate multiple obstacles. The
dimensions of this impact contribute supplementarily to the branch of knowledge concerning family-
owned businesses, leadership, and organizational durability. In addition, they foster connections
among family business practitioners, leading to the scaling up, and settled our family businesses.
Practical Implications
The research is aimed to highlight key issues for the family businesses leaders as well as offer
provisions that could be applied to make decision making more appropriate to the situation, sustain
growth and ensure cohesion of the family. One of the main triggers here is a complexified transition
in family businesses. The definitive solution to this is to devise strategic succession planning, which
involves defining and incoming family members' aspirations, agreeing on the selection of successors
at early levels, ensuring they are trained as well and equipping them with whatever is useful, and
finally, an orderly leadership transition brings it to term. Moreover, the second point is practicing a
professional approach to managing the family business that relates to ethical issues and competency
problems (Strik et al., 2018). The re-organization is particularly the identification of who gets
promoted and the establishment of formal management structures, the addition of independent board
members, and hiring of external managers to correct malpractices, introduce new ways and reduce
unnecessary internal conflicts. The research confirms that communication and dispute management
tools are fundamental to harmonious family relations and good business performance (Schulze et al,
2003). Effective communication, weekly household meetings, and conflict resolution plans
strategically encompassing individual and organizational needs are also stressed. Moreover, the
research distinguishes the impediments emerging from the productivity in family firms, where
especially the executives are urged to take different paths by deploying more resources for research
and development (De Massis et al., 2015). It is the matter of creating a culture of openness and
creativity within the organization concerning which the practices will be developed in an innovative
way (Zaidi & Jamshed, 2021; Zaidi et al., 2022). To complete this process, the family business
executives of an organization are urged to utilize wider business environments, comparable
industrial associations, and networks of ideas for solutions. Setting up relations with other family
business owners and asking for professional experience counseling might be a source of very useful
opinions. In conclusion, an entrepreneur can accomplish the above objectives through the
employment of the approaches indicated below. These include; succession planning,
professionalizing management, enhancing communication, embracing innovation, and seeking
external advice. In this way, an entrepreneur can address all obstacles and create a durable and
sustainably profitable firm.

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Limitations
This article aims at highlighting the difficulties that befall executives in family run businesses;
however, it is paramount to note the limitations of this study such as the composition of the sample,
the methodology used, and potential biases that affect the depth of the findings with the
generalization that should be exercised in its interpretation Initially the volunteers come from a
particular localization then their application can be questioned on the wide scale. Besides that, it is
highly possible that interests of big corporations may be pushed out of the limelight while those of
some small businesses may not be discussed thoroughly. Besides self-selection bias the research
population may differ in experience or characteristics from those families who decided not to
participate, underestimating the perception and depiction role of difficulties faced by family business
executives (Guba, & Lincoln, 1989). In third place, if someone with the difficult alternative is
socially available, they might conceal their feelings regarding the sensitive issue (Podsakoff et al.,
2003). What is more, recall bias maybe as a cause for the decreased accuracy and fullness of
challenges kept in people’s memory because they think about what they had experienced during
recent past (Schwarz et al., 1991). Lastly, the use of the cross-sectional methodology implies
difficulties at a particular moment without a longitudinal vision that would give a more
comprehensive understanding of the way the challenges evolve and resolve over time in family
companies (Chrisman et al., 2005).
Future Directions
As for the following the results of this study, we are to pay our attention to the ways how the subject
is to be explored further to fully understand its complexity and handle the issues
appropriately. According to the studies by Heras-Rosas and Herrera (2020), the significant issue
would be the discovery of how sustainable practices can be incorporated in the operation of family
owned companies in their different specific sites if they are to long run and to also serve
society. Experts e.g., Baltazar et al. (2023) suggest doing some further research on the kinds of
succession plans that work well considering among other things differences in skills, generations and
leadership issues relating to the new work environment. In order to be assured the worldwide
business is on the right track, we need to understand how businesses that are family owned deal with
cross-cultural complexity and changes of the international market. Another drawback is the
frustration of executing the task of professionalization while dealing with family relationships. A
scrutiny of the idealized structure of governance and the role of the non-family executives that was
highlighted by Villalonga and Amit (2019) will provide answers to the question of how to properly
manage the multi-faceted relationship between professional management and family influences.

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Concluding Remarks
This study explores the challenges the family business executives are facing. The research directly
hears the voices of owners and stresses the necessity for distinct strategies that are to be used to
manage family-run enterprises because they have unique features. Furthermore, there is a demand in
the report for advanced research focusing on specific sectors and regions to gain more detailed
contextual conditions, providing very precise management advice on succession planning, internal
family communication and smoothness in alignment of family and business goals. The case for
flexible leadership and flexible usefulness show the most important points, including that it is to
answer the changing consumer preferences, technology advancing, and the fierce in global
competition. Hence, they are saying that the company has to have them to answer the above-
mentioned challenges. It highlights that leadership enhancement is stepping stone and the successful
leaders will be flexible, innovative norms, aim for balancing personal and professional
conventions. The study makes it clear that executive of the familial businesses have their task cut out
for them in terms of developing and nurturing philosophies that focus on communication, strategic
succession planning, creativity, and market awareness. Policymakers, education sectors and traders
should help out through forms of services customized to help the family enterprises improve their
leadership. The result of the research shows that the strength and the duration of these entrepreneurs
are determined by their leader’s style of handling difficulties from one hand and preserving their
tradition and principals on the other hand.

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