Marketing Professional Services to Family Businesses

ABSTRACT

Theory from the new field of family business studies, tested empirically here, indicates that family business procurement processes for professional services is significantly different from that of other companies. Family businesses engage in more informal processes, involve family members who are not employees as influencers in the buying center, require a greater investment on the part of their suppliers and take longer to reach a decision. As a result of these process distinctions, marketers of professional services targeting smaller to medium sized businesses should be prepared to address the special needs of family business owners.