| Summary: | Family businesses have unique dynamics and success stories but at the same time
face unique challenges. Intergenerational small and medium-sized family businesses
in South Africa play an increasingly important role in creating jobs together with
wealth distribution. This study attempts to explore the complicated relationship and
inimitable characteristics of family business surroundings against the added
challenges of family business perceived success and family business continuity.
Notwithstanding family businesses being a prevalent phenomenon in the economies
of most countries, insight into this form of enterprise is still limited. Topics such as
commitment, entrepreneurial orientation, job satisfaction, satisfaction with life and
perceived success of the family business, among others, were investigated.
In order to achieve the primary objective of this study, a survey was undertaken using
a structured questionnaire. The reliability of the questionnaire was determined by
calculating the Cronbach alpha coefficient, which indicated that the questionnaire
used in this study conformed to the criteria of acceptable reliability and can be
regarded as internally consistent. The survey yielded 143 usable questionnaires from
42 family businesses restricted to Gauteng province and the North West province in
South Africa.
The nature of this study was investigative and descriptive statistics was therefore
used to analyse the statements of all the participating respondents. The selected
determinants influencing the perceived success of small and medium-sized family
business was then measured and regressional analyses were further conducted.
Conclusions were drawn from this study on the outcomes of the selected factors
influencing the perceived success of small and medium-sized family business.
Finally, a critical evaluation was done and practical recommendations are suggested
to improve family business wellness and, subsequently, increase the sustainability of
such business. === MBA, North-West University, Potchefstroom Campus, 2015
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