Hi, need to submit a 250 words essay on the topic Family Business.But it is very normal for governance issues to arise in a family business every now and then because a family business, like all other

Hi, need to submit a 250 words essay on the topic Family Business.

But it is very normal for governance issues to arise in a family business every now and then because a family business, like all other non-family businesses, involve more or less the same issues like personalities, passions, power, deadlines, resources, supervisors and subordinates. Conflicts can be avoided and resolved if arise because of good governance strategies that govern not only the business but also the family that runs that business. Many large and medium sized family businesses are running in the Middle East today that contribute a great percentage of GDP to the region. But most businesses survive only until the third generation and very few pass on to the fourth generation because of generational conflicts and difference of opinions and perspectives between the elders and the youngsters of the coming generations. Hypothesis: Governance issues bring bad reputation to the organization and are the main cause of splitting up or failure of a business that was running smoothly and earning large profits before the dispute.