Financial Management Practices of Family- Owned Enterprises

The main objective of the study was to assess the financial management practices of family- owned enterprises in the Sekondi Takoradi Metropolitan Area. The specific objectives of the study were to;

1. Examine the nature of financial management practices in place in family-owned businesses and their benefits.
2. Identify the relationship between financial management practices and business success in Ghanaian family-owned businesses.
3. Analyse the challenges that management of family-owned businesses encounter when implementing financial management practices.

The study adopted a descriptive study approach of collecting data. The population comprised all family owned businesses (both large firms and SMEs) within the Sekondi-Takoradi metropolitan area. The sample size chosen for the study was 385 family owned businesses in the Sekondi-Takoradi Metropolitan Area. The main sampling technique used for the study was convenience sampling technique. Having considered the nature and purpose of the research, the researcher deemed it appropriate to employ the use of questionnaires in the collection of the data. Data was processed and analyzed using Statistical Package for Social Sciences (SPSS.v.21) software.