ABSTRACT
The effective management of stakeholders is critical to the long-term success of family business operations. This is because the growth and sustainability of family businesses are influenced by a range of internal and external stakeholders. These stakeholders comprise family owners, nonfamily management, employees, suppliers, communities, consumers, lawmakers, and regulators. However, there is a limited understanding of the roles the different stakeholder groups play in providing support to family businesses. The effective formulation of family-owned business strategies is imperative to understand the roles, needs, and expectations of stakeholders. This chapter presents the origin and comprehensive examination of the various stakeholders involved in a family business. It further explores the influence that different forms of stakeholder support can have on the performance and sustainability of family businesses. In addition, this chapter delves into the significance and characteristics of internal and external stakeholder relationships and their contribution to generating value to guarantee the longevity and growth of family businesses.
