Family companies have an important role in the development of the world economy. The importance of the family companies, the contributions of them to the development of the country and economy increase day by day. Meanwhile,the family companies have an important place in our country’s economy. The conditions of competiton, working conditions and economic contidions in business world change constantly. The family companies, who change, provide the agreement among workers, have a fair relationship with the workers, accord with the environmental conditions, work with Professional business managers, keep up with the technology and renew themselves, can prosper. Those who cannot prosber face serious problems in management and the entity of the companies have troubles. Under these circumstances, the family companies should adopt to the present conditions in order to develop and grow the company and contiune their entitles. This can be achieved by institutionalization. The institutionalization of family companies consist of some factors such as; having several rules aboutthe situations concerning and affecting the company, receiving external aid on the subjects the company have problems ordeficiencies, working with Professional managers. The Schedule of the institutionalization of the family companies is also a significant point. Not responding timely in the institutionalization process, cannot provide any benefit for the company. Accordingly, the family companies should begin the institutionalization process before the stage of the corporate growth. Thus, the family company grows assimilating the institutionalization and continuesits entity.
Family Companies, Management, Management Functions
|Author :||Abdullah OĞRAK - & Okan KARATAŞ|
|Number of pages:||11-20|