Institutionalization for continuity of family businesses: Comparative analysis

The majority of the companies in the economy in the world and in our country are formed by family companies. Ensuring the sustainability of family companies is very important for the future of our country. Therefore, in this research, the factors affecting continuity and investigated together with institutionalization. The research method will be conducted by using Research In-depth Interview method. The aim of this research method is not to reach a definitive conclusion for the solution, but also define the factors affecting the sustainability in family businesses, gaining different perspectives for further research. When the information obtained as a result of the in-depth interview is interpreted, it has been concluded that the common feature of the family businesses are form a family constitution , achieved emotional management, they use information and they have developed a sense of belonging. Especially the success of the family business, which has been able to maintain its activity for 168 years, has been the strongest factor for the success of the family business and the feeling of belonging is very strong, and the efforts to the new generation have emerged both through their own statements and in-depth interviews. When it is considered that even many corporate companies have difficulty in carrying on their activities, it is seen that developing the sense of belonging in companies, especially family companies, comes before institutionalization. Institutionalization may seem too difficult or even utopian for many companies. Especially for small and medium-sized family businesses. Considering that the vast majority of the economy in our country and the world is composed of small and medium-sized family businesses, it is recommended to develop the sense of belonging in such firms in order to ensure that they remain in the economic system, however, the creation of family constitution, emotional management and common culture and the use of information are recommended. Providing these is relatively easier than providing full institutionalization, it will be easier to keep family businesses in the economic system for longer generations.