CZECH FAMILY BUSINESS BRANDS AS A TRADITION BEARER
CZECH FAMILY BUSINESS BRANDS AS A TRADITION BEARER

Summary/Abstract: Czech family brands and the topic of family entrepreneurship appear more and more frequently before the eyes of both general and professional public on the page of Hospodářské noviny (Economic Journal) and Lidové noviny (People’s Journal), in the magazines Lobby, Moderní řízení (Modern Management), Trade News, on the television screens in the programme Cesty k úspěchu (Ways to Success) hosted by Marek Vašut, etc. The scientific objective of this article is to examine the history and the presence of unique Czech brands of family business, and the range of interpretations to their names. The text was elaborated on the basis of general scientific methods, in particular using the comparison method for secondary data of publicly available / published research, case studies, primary quantitative research, deduction and generalization. The findings of this study confirmed the assumption that family businesses/farms that continue a family tradition, present the first and last name of their founders in their name. One of the main objectives of a company facing the need to design a successor strategy is to pass on the family brand and tradition to the incoming generation. The successors are brought up to respect traditions and to share the knowledge that the family brand is one of the most valuable intangible assets held by the family. However, the core of the family brand must rely on an excellent product or service. If properly taken care of, the family brand constitutes a major competitive advantage of the family business over other market players.

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