Auto Repair Of A Family Owned Small Business Essay

A family-owned small business is defined as, â€Å"a corporation that is entirely owned by the members of a single family.† (IFC, 2016) For a family-owned business to succeed it, must establish and maintain the following attributes, the family’s commitment and ability to carry on the business, the ownership structure, meaning having enough capital to grow and having the most capable individuals in the right positions to run the business. It must have a strong governance of the company and a dynamic portfolio to allow for further growth. In addition, wealth management is key in maintaining the businesses current wealth and securing it for future generations, which leads to either creating or engaging with foundations to help promote the family values from generation to generation. (Casper, Dias, Elstrodt 2010) I chose to examine the auto repair business, as my husband owns an auto repair and resale shop, therefore I am more familiar with this industry of family-ow ned businesses than other types of family-owned businesses. The auto repair business has been around for many years and is not about to go anywhere, anytime soon. The target market is anyone with a car. Cars are required to be maintained and repaired in order for them to run. Most American’s rely on their vehicles to get them to work, to school, and so on. According to, Sageworks, people are holding on to their cars longer and â€Å"more people who do not own cars are in the market to become car owners.†Show MoreRelatedDesigning A System Design For An Automobile Repair Business1371 Words   |  6 Pages Our team, the Purple Pirates, is a team composed of 5 people. We have selected to put together the design for a service order and invoicing application for an auto repair business. 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