Family-owned businesses are a significant component of the global economy, particularly in the Caribbean, where they account for a substantial portion of private sector employment. This thesis explores the unique challenges and advantages faced by family-owned businesses in Trinidad and Tobago. It aims to identify the issues these firms encounter and the strategies they employ to overcome them, ensuring their growth and sustainability.
The study begins by defining family-owned businesses and discussing their historical context and importance. It highlights the benefits of family businesses, such as increased trust, flexibility, and loyalty among staff, which often lead to a longer business lifespan. However, it also acknowledges the unique challenges posed by the dynamic nature of family relationships, especially within the Caribbean context.
Through a comprehensive analysis of local family-owned businesses, this research seeks to uncover the secret techniques that have enabled these firms to thrive despite the challenges. The findings are expected to provide valuable insights for private sector groups, policymakers, researchers, and students interested in the relationship between firm ownership, size, and performance in the Caribbean.
The research addresses several key questions, including the measures of success in local family- owned businesses, the challenges they face, and the specific techniques they use to navigate these challenges. By examining these aspects, the study aims to contribute to the body of knowledge on family businesses in Trinidad and Tobago and offer practical recommendations for their continued success and sustainability.