Management of Family Owned Real Estate Properties in London Dissertation

Management of Family Owned Real Estate Properties in London - Dissertation Example 1.3 Statement of the problem Fritz (1997) conducted management studies, which explored some of the complexities/ difficulties that are normally encountered in the management of family owned business and he concluded that the management of family owned businesses is quite different from other types of businesses and even the difficulties experienced are unique and rarely experienced in other types of business. In the studies conducted by Fritz (1997), he established that there are five common complexities that are normally experienced in the management of family owned business including real estate business. These complexities include family feuding that arises due to failure of the family members to separate their personal lives and business. The other complexities include nepotism, lack of a proper succession plan, inclusion of emotions in the running of the business, and the loss of crucial non-family employees who may opt to leave the company because of family conflicts and restricted growth opportunities since certain senior positions are preserved for the family members. It is because of these common complexities that family members of real estate businesses in London opt to use the services of property agents in order to avoid encountering these common complexities (Poutziouris et al 2006). 1.4 Research objective To establish how property agents have reduced the complexities involved in the management of family-owned real estate properties in London 1.5 Research objectives