Effects of Institutionalization over the Raising Values of Family-Owned Businesses and a Practice

• Main Authors: Sefer Gumus, Hande Gulnihal Gumus
• Format: Article
• Language: English
• Published: Ümit Hacıoğlu 2016-01-01
• Series: International Journal of Research In Business and Social Science
• Subjects: Business, Family, Institutionalism, Family-Businesses
• Online Access: http://www.ssbfnet.com/ojs/index.php/ijrbs/article/view/112

The family businesses constitute the base of global economies. They provide contributions to economy and sectors with their assets and activities. Their reaching to plan, program and objectives occur through the sharing of experience, knowledge and accumulation. Their adaptation to domestic and global markets is the characteristic separating the definition, family businesses from other businesses. In this study, the advantages and disadvantages of this situation, management forms, institutionalism concept and its stages and elements of institutionalism, institutionalism stages in family businesses, problems preventing institutionalism, institutionalism of family relations that family constitution, board of directors, family council, inheritance plan, emergency situation plan and conflict management are explained and effects of family individuals over institutionalism, the general characteristics of institutionalized family businesses are defined and a practice regarding the issue of “Institutionalism of Family Relations”, which was performed in a family business through observation, conversation and interview, which was founded in Istanbul in year 1989 and carrying activities in textile sector over shirt, short and pant manufacturing were given place.  Literature review regarding family business were performed in this study and the concepts and theoretical information related with the subject were explained and combining the theory and practice, knowledge accumulation and experience sharing through a practice performed through observation, conservation and interview made with the management of a family business were provided and they were explained in our study with an academic language.