REPUTATION AND VALUES OF FAMILY BUSINESSES – IN SEARCH OF THE RELATIONSHIP

Abstract

A family business, understood as a business-family-individual system, combines three value systems: business, family and individual values. Values expressed by the owners and successors of the family business determine a management model, as well as a reputation management model which should ensure its continuity and long-term operation. The study investigates the most important values in the process of reputation management in family businesses. We conducted quantitative research among the owners of family businesses and their potential successors (300 respondents). The results indicate that values such as a consistent image, education and knowledge, family reputation, trust, heritage and durability, company honour, profit are of particular importance for reputation-building.
Keywords: family business, values, reputation management
JEL classification codes: L14, L22, L25