Family-owned businesses operate in every country and may be the oldest form of business organization in the world.
They distinguish oneself by voting agreements as a basis for decisions, consistent management objectives, long term strategies and conservative approach to risks as the business is the foundation for family wealth.
These companies play a vital role in regional and local economies as they employ people from their area.
The family culture and the family network shape their business acting. The highest interest is paid on continuation of the family business but one of the biggest problems nowadays are problems of generational changes and continuation of the business.
We want to record the history of the family business as a useful method to improve communication and understanding among family members. Telling the story of how the business was founded, its struggles and development helps members of succeeding generations better understand the values and attitudes of the family toward the business.
This helps to preserve unique business culture and can be a good marketing tool too.
It is also a training ground, a way of narrative retention and transfer of management knowledge which helps in professionalising the family business according to the global challenges.
cocoate.com coordinates that two years project, partners are institutions with different backgrounds from Wales, Lithuania, Latvia and Turkey.