A Need for Study on Critical Success Factor of Family Business in Malaysia

Family business is not something new in our country. Many Malaysians prefer to open their business with their family members as they have a strong relationship which can help the start-up process. You can find them anywhere as there are a lot of restaurants, grocery stores and others are from family business.

Family owned businesses have contributed much to the national economy development. Some of them have been listed in Stock Exchange and become multinational companies for instance Tan Sri Lim Khok Tay’s Genting Group and Tan Sri Lee Shin Cheng IOI’s Group.

According to Economist, the top 15 families in Malaysia control assets worth 76 per cent of the country’s gross domestic product (GDP) (Malay Mail, 2015). In 2017, according to Credit Suisse Research Institute, Malaysia ranks seventh globally in terms of number of family-owned businesses based on their third edition of of the CS Family 1000 report (The Edge Malaysia, 2017).

Therefore, there is a need of study on the critical success factor of our family owned business in Malaysia. At this time, I opine we are lacking of this kind of study but there are many articles focus on the lack of succession planning in family owned business, which is also important to be discussed.

On the other hand, the topic on critical success factor is also too focusing on the companies and business organisations from other countries. If we can publish the study about the Malaysian family business, it will indirectly promote our country name throughout the world.

This topic is something interesting to be discussed and hope there will be some effort to do research on this.

Give your feedback at muhammadadamiium@gmail.com