SUCCESS FACTORS IN EXPANDING A FAMILY BUSINESS

Abstract

A family business's transformation represents a significant change in the company's strategic direction. The outcomes of this complex evolution process can be broad and varied. Although some new-generation leaders navigate these changes with ease to direct the company toward success and growth. Others may struggle with the obstacles and difficulties that come with the territory. The gap in outcomes emphasizes the significance of an in-depth comprehension of the factors that lead to success or failure in an environment of family business transformation. This research seeks to dive deeper into factors that enable a new entrepreneur's business to grow three times greater than the businesses of his parent's generation. The main concentration will be on core marketing principles particularly customer needs. besides understanding the target market's variable demands and preferences, but also focusing on the business strategy on product and service offerings accordingly. Marketing's role in coordinating and enabling such growth will be thoroughly examined. In addition, this study recognizes the critical importance of employee well-being in this transformative context. Employee well-being and satisfaction are critical not only for driving productivity but also for ensuring long-term growth sustainability. As a result, the research will investigate the various aspects of a positive work environment using a relationship-oriented approach. The strategies, practices, and challenges associated with this relational aspect will be thoroughly examined.