Passion for family business in Singapore

Abstract

The project is an exploratory study of family business management in Singapore and the key objectives are to understand the unique characteristics, problems and issues with respect to family business. The study includes both methods using survey and interviews of respondents concerning aspects of succession planning, role-modeling, communication, sibling rivalry, style of management and the role of women in family business. The results obtained have provided an understanding of the attributes and their impact on the operations of family businesses in Singapore. As shown in the analysis, the management of family business is complicated by the issue of family relationship to the extent that decisions on employment, functions, role.s and succession, may be plagued with irrationality, biases which are strongly influenced by traditional values and the culture of family members. The implications of the findings and suggestions for management improvements are also discussed in the report.