Finansowanie wzrostu firmy rodzinnej
The Funding of the Growth of the Family Business

Summary/Abstract: The article refers to the subject of funding of family business. The number of those firms is significantin every economy. They are present in every industry and are run as small, medium andbig companies. They show specific features in relation to non-family companies. They executespecific general strategies as well as financial strategies. They have lower debt-to-equity ratio andlower credit-to-debt ratio.T he growth of the family company (becoming bigger) seems to be accompanied with “maturing” and “professionalization”. It means that there are more people that own, control andmanage the company that do not belong to the family. The aim of the paper is to identify the way the family business is funding with the respectto the level of their growth. The research hypothesis to be verified was formulated as following:the family business execute lower debt ratio and more conservative financing strategies at everylevel of growth. The sample consists of 8 family companies at every level of growth. The research methodapplied is to compare the debt ratio and golden balance sheet rule of the sample companies withthe same ratios for a given class size and for the whole economy (basis for comparison). The results of this analysis allow to state that 7 family companies out of 8 perform safer oras safe as the companies from the basis for comparison. Only 1 family company from the sampleperforms more risky financing strategy and uses higher debt ratio than companies from the basisfor comparison.

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