Strengths and Weaknesses of Family Business of the Czech Republic: Case of Family Wine Firms
Strengths and Weaknesses of Family Business of the Czech Republic: Case of Family Wine Firms

Author(s): Anastasia Murínová, Vojtěch Koráb
Subject(s): Social Sciences, Economy
Published by: Vysoká škola ekonomická v Praze
Keywords: Family; wine business; family business; strengths; weaknesses
Summary/Abstract: Purpose:The purpose of the paper is to identify the characteristics of family business dividing them into strengths and weaknesses.The subject of this study is main characteristics of the family business, its complexity and difficulties faced thereby lying in the base of two main components: the family and business system. The objective of the paper is to expand the results of previous studies, to measure out the main characteristics of the selected family wine firms in the Czech Republic. Design/methodology/approach: A brief comprehensive literature review about the main features of family business was carried out followed by case study using a SWOT analysis to inquire the generic strengths and weaknesses of family wine business. Primary data were obtained from face-to-face structured interviews with 10 representatives of the family wine business in South Moravia Regionof the Czech Republic conducted in 2017. Each item of SWOT analysis was evaluated and acquired a rating and weight assumed. Then obtained data were examined and accounted for the overall picture for each category. Further, the final balance was calculated to determine the possibilities for enhancement and focus. Findings:As a result,we obtained brief review about family business definitions. Furthermore, the main strengths and weaknesses of selected family wine firms. Wine family business is a bright type of business that keeps and transfer traditions from one generation to another in the Czech Republic. Research/practical implications:The main contribution of this study is creation of a synoptic overview of the actual position of family business in the Czech Republic.There are summarizing results from previous empirical studies that help to create a sufficient basis for the future research. Originality/value:This research enhances the understanding of family business from the internal and external factors perspectivethat influence family wine firms.

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