both of his sons are not keen to follow in his footsteps and the debate ensues over the implications of family control on the overall performance of the Larouche Candy Company (Bougie and Sekaran, 2013). For this reason, they hired an external consultant, Paul Thomas Anderson, to conduct a business research on the company.
A business research is a process that is objective and systematic where one gathers record and analyzes data with the aim of making an informed business decision. The project done on the company is a research project because it will study the pros and cons of running a family business. Paul will provide evidence to show the difference in performance between family owned business and non-family owned business. The truth is that family owned businesses still remain competitive in the market and their performance is almost similar to the other businesses (Barontini and Caprio, 2005). It is good that they decided to hire an external consultant to research on the Larouche Candy Company. External consultants are able to give an informed decision that is not biased.
Luc can provide data on the business performance in the years it has been handed down the generations. This will assist Paul as he compares the data with other competing businesses. The basic research can help Paul solve the problem in the company. This is because research shows that family owned businesses perform when the family member does not hold an executive position (Allouche, 2008).