Towards the Theory of Professionalization of Family Firm

The general theory of professionalization dealing with professions and professionalization itself, e.g. specialization of function and creation of special body of practical or theoretical knowledge, is a function of accumulation of resources. Modern professionalization in the sense of profession is perceived as a possession of precious knowledge and skills. It is a foundation on which modern profession claims social recognition and economical reward. However, the authors of this article argue that there is still no conclusive theory of professionalization of family firms that works with historically entrenched theory of profession and professionalization. Therefore the aim of this article is to discuss the reasons for the lack of such theory of professionalization with respect to family firms, describe the theory building approach to the solution of this topic, and based on Forsyth's model of professionalization, they set propositions for their working model of professionalization of family firms.