An analysis of family businesses in the Maltese tourism market : a case study of legacy businesses in travel

Abstract

This dissertation sets out to assess legacy family businesses in Malta’s travel sector with regard to their history, structure as well as the way they treat ever-changing market trends. The researcher’s voyage of discovery will delve into the beginning of businesses owned and operated by individual families. To accomplish this, the analytical method selected was through a case study by means of semi-structured interviews backed by secondary data. Ultimately, the interviews provided insight on family issues that infringe the family business product. With the results obtained, the research showed that family members working for the family business are, more often than not, prone to challenges such as seasonality effecting cash-flow fluctuations, succession planning and job allocation. With regards to family businesses’ past history, it was evident from results that families have thrived to be where they are. Family businesses in tourism in Malta, therefore, have the future in keeping their berth in the industry. It was concluded that family businesses, although competing with many other companies their size and bigger, succession planning and job allocation proves to be the most important factor. Appointing family to manage businesses without possessing the proper skill set has proven to hurt the business and sometimes suffocate it. However, with all that in mind, due to past experiences, they have proved that they will continue to strive in growing and cementing their place in the industry through employing qualified staff.