Factors Affecting Family Business Performance: Case Studies of Small and Medium-Sized Apartment Business in Lat Phrao, Bangkok

Abstract

           The objectives of this research were 1) to study external factors (problems, opportunities, threats, and needs) 2) to study family business management factors that affects the efficiency of family business operations case studies of small and medium-sized apartment businesses in Lat Phrao, Bangkok. This was a qualitative research from 3 apartments in Lat Phrao, Bangkok with 7 people by in-depth interview.
            The results of the research revealed that 1) The strengths of the small and medium-sized apartment business that operate in the form of family businesses are the family's social capital. The weakness is that it comes from both the business owner and the tenant including the deterioration of the building according to the age of use, the opportunity is to be able to relax more regulations. The threats arise from the external environment of all administrations, i.e. economic, technological, cultural, bureaucratic. and physical environment. 2) 2) Business management factors found that in terms of finance, internal processes, learning and development, and tenant management are affecting the efficiency of business operations. Additional factors that can support business opportunities in the form of family businesses are: The need for business owners to inherit the business to their heirs. Meanwhile, management factors all of them use technology as an important tool in their operations. Therefore, apartment operators should adopt technology in their management processes for operational efficiency.

Article history: Received 19 December 2021
                            Revised 4 June 2022
                            Accepted 6 June 2022
                            SIMILARITY INDEX = 1.03 %