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The Family Advantage - A Strategic Profile
As of April 27, 2017
August 28, 2013
ELECTRI International – The Foundation for Electrical Construction, Inc. commissioned a study to examine family-owned and -managed electrical construction companies. Generating Success: An Exploration of the Issues Facing the EC Industry Through The Lens of Family Businesses was researched at Stetson University (DeLand, Florida) by Michelle DeMoss, Ph.D., and Greg McCann, J.D.
Their work created a profile of the membership of the National Electrical Contractors Association (NECA). Based upon responses to the survey that investigators used to gather the data, they found that
- Close to 98% of NECA member companies are family businesses.
- The profile of the “average” member is a 48-year-old male, second generation, who reports a high degree of family involvement in the ownership and management of the business.
- The majority of interviewees believe that family involvement in the business creates a strategic advantage which, in turn, has a positive impact on the performance of their business.
Electrical contractors in family businesses identified seven top areas of business planning that they perceive as essential to the family-run environment. The top three listed were strategic planning, succession planning, and estate planning.
The three top “family-oriented” issues these companies face include transitioning family members into and out of the business; establishing clear business roles and boundaries; and dealing effectively with communication and conflict.
The researchers’ primary recommendation is that in order to succeed and to capitalize on the relationship advantage, the family needs to start by clarifying its vision, values, and reasons for working together. The investigators suggest that it will take significant reflection, discussion, and collaboration among relevant family members for family-owned firms to define and achieve success.
About ELECTRI: ELECTRI International – The Foundation for Electrical Construction, Inc. is the primary research arm of the electrical construction industry. Foundation research helps to improve the productivity, professionalism, and competitiveness of electrical contractors. ELECTRI International also represents the U.S. electrical construction industry internationally. For more information, visit www.electri.org.
For additional information about the ELECTRI International Research Center, contact Sylvia Selwood, ELECTRI Director of Operations and University Relations, at 301-215-4539 or firstname.lastname@example.org.