Development of family businesses and their incidence in economic profitability
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Ingeniería Industrial. Año 14, Vol. VII, N° 26 125
Actualidad y Nuevas Tendencias ISSN: 1856-8327
e-ISSN: 2610-7813
Development of family businesses and their incidence in
economic profitability
Desarrollo de empresas familiares y su incidencia en la rentabilidad económica
Irlanda Maridueña Macancela, Erika Romero Cárdenas, Miguel Astudillo Quiñonez,
Mayra D’Armas Regnault
Key words: family business, organizational balance, making-decision, dynamic leadership
Palabras clave: empresa familiar, equilibrio organizacional, toma de decisiones, liderazgo dinámico
ABSTRACT RESUMEN
In family businesses, making decisions and En las empresas familiares, la toma de
assuming responsibilities are in charge of the decisiones y la asunción de responsabilidades
leader of each organization, therefore, the right está a cargo del líder de cada organización, por
operations and the sale strategies play a very lo que las operaciones adecuadas y las
important role in the business profitability. estrategias de venta juegan un papel muy
This fact demands the analysis and resolution importante en la rentabilidad del negocio. Este
of the problems they must face to maintain the hecho exige el análisis y resolución de los
organization's sustainability. The aim of this problemas que deben afrontar para mantener
work is to demonstrate how family businesses la sostenibilidad de la organización. El objetivo
develop, as well as the economic profitability of de este trabajo es demostrar cómo se
the population in Milagro, and the difficulties desarrollan las empresas familiares, así como la
to stay in business which depends on the rentabilidad económica de la población de
presence of an organizational balance. Milagro, y las dificultades para mantenerse en
Observation, deductive and inductive methods el negocio, el cual depende de la existencia de
were used in a random sample, applying a un equilibrio organizativo. Se utilizaron
survey to 150 local entrepreneurs. Results métodos de observación, deductivos e
showed the need for making immediate inductivos en una muestra aleatoria, aplicando
decisions related to the limited attention to una encuesta a 150 empresarios locales. Los
human, administrative and technological resultados mostraron la necesidad de tomar
resources. This leads to maintaining the right decisiones inmediatas relacionadas con la
management which applies varied strategies escasa atención a los recursos humanos,
and dynamic leadership with a family business administrativos y tecnológicos. Esto lleva a
vision keeping their competitiveness. mantener una gestión adecuada que aplica
estrategias variadas y un liderazgo dinámico
con una visión de empresa familiar
manteniendo su competitividad.
Maridueña et al, Development of family businesses… , p. 125-138Ingeniería Industrial. Año 14, Vol. VII, N° 26 126
Actualidad y Nuevas Tendencias ISSN: 1856-8327
e-ISSN: 2610-7813
INTRODUCTION
Nowadays, companies and commerce, in company” (Hurtado, Negrete & Romero,
general, present a series of phases and 2018). This involves generating an
control guidelines for the correct administrative process in order to highlight
application of processes and procedures policies and other processes that serve to
prior to the general analysis of the business plan, organize, direct, and control the
function. different business activities.
Without a doubt, the main source of The main objective of family businesses in
economic, social, and family income in most cases is to generate a source of work
Ecuador is oil and the export of non- and at the same time have their own
traditional products through small production in progress. This implies that
businesses formed by entrepreneurial the increase in entrepreneurship can
families at the country level. (González et involve, in many cases, hiring people
al, 2016). outside the family. Therefore, this means of
According to Zachary et al (2013), “the work also leads to the expansion of the
development of family businesses requires family business, and with it, the offer of
responsibility and commitment”, that is, a products in new markets. This fact allows
demand for a clear and safe family vision addressing customers not only at local level
that allows making decisions effectively but also at national one, which is of great
and assertively. benefit to the community. Consequently,
The authors state that “the terminology of the strengthening of the economic
business development is linked to the development of family businesses is
administration and direction of a obtained (Barroso & Barriuso, 2014).
METHODOLOGY family groups engaged in these economic
activities.
In this section, the authors detail the Quantitative and qualitative methods were
dynamics applied in the process of used to determine the steps of this research.
economic transformation based on the This descriptive research explores a
development of family businesses in the quantitative approach based on statistical
country. data coming from a survey, which was
A descriptive and cross-sectional tabulated, analyzed, and interpreted to get
exploratory analysis of the problems that to reliable results. Additionally, an
existed in the process mentioned above observation method was used in order to
was used. The analysis was based on its analyze some important aspects of the
corresponding research that seeks to variables with the aim of identifying how
demonstrate the economic behavior of well family businesses develop in this
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country and the opportunities they have to men and 76 women. It was estimated to
keep on growing. survey people between 18 and 50 years old,
In this work, a survey with 10 questions 130 were from the urban area and 20 from
was carried out, which was applied to 150 the rural area.
people within the locality of Milagro, 74
DEVELOPMENT businesses with ventures that provide
economic stability to many people. In
At present, family businesses constitute an
Milagro city, in the commercial sector,
important source of production in town.
family businesses occupy a high level of
This helps to ease people's need for jobs
growth with companies that are born from
since in Ecuador there is a lack of
informality and reach to be production
employment. Providing jobs contributes
enterprises (Camino & Bermudez, 2018).
significantly to business development and
However, the economic transformation
to profitable production with a high level of
requires a series of factors that encourage
employees' empowerment and
the development and advancement of
responsibility to maintain the economy
family businesses in Ecuador. This implies
(Pacheco & Vizueta, 2016).
a deep reflection by the entrepreneurs
On the other hand, every business should
regarding economic support and in the
have the help of technological tools that
emphasis on the family nucleus.
boost financial control in terms of products,
In Ecuador, family businesses represent an
incomes, and expenses. However, in
important productive-economic force
Ecuador, not all business owners are
because of the active role that it performs in
interested in using these types of tools due
the labor sector. This is reflected in the
to a lack of knowledge, time, or dedication.
creation of places of jobs which constitute
This reality limits their growth and
90% of all the labor force which gives great
competition in the market. Therefore, their
stability to the country's economy
businesses are generally exposed to
(Cabanilla, 2019).
conditions of the market variations which
Additionally, “A family business is one in
usually affect them negatively (Zamora,
which the founding family owns a
2018).
significant share of its capital”, which
According to statistical data presented by
allows the family to run the business
the Ecuadorian Superintendence of
(Muiruri, Waithira & Wachira, 2016). In
Company and Insurance, in 2017, from
addition, it is a common fact that in family
50,000 family businesses nationwide, 90.5%
businesses, they incorporate some of its
were registered to the system (Universo,
family members to the management
2018). Similarly, this data shows that in
positions, which allows reaching the goal
Guayas province, 38% constitute family
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of ownership continuity through time, country, since companies usually maintain
keeping their business philosophy, and their initial features with their respective
their product quality. This fact also assures control standards. Likewise, their mission,
them to have their business under control. vision, and values provide them with
Unquestionably, family businesses have relevance, stability, and recognition in the
been a pillar of great importance for the commercial sector (Ecuador, 2018).
active commercial production of this
Figure 1. Family businesses which belong to big economic groups in Ecuador
Source: https://n9.cl/38i53
(Andrade & Salomón, 2017). They have
This fact allows them to achieve business ownership, control, and monitor,
recognition in the national market, which assure them of their continuity in the
becoming productive references business field. Therefore, they stand out
throughout the history of Ecuador. regarding changes and innovations
However, not all family businesses have required by the official control organisms.
always been successful; there are some In family businesses, there is a diversity of
family businesses that have experienced problems that affect their development and
successes and failures. The following table efficiency. The lack of organization related
shows some successful family businesses to an appropriate organizational structure
which belong to known economic groups with correct hierarchic levels and functions
in Ecuador. within their members is a remarkable
cause. This affects negatively their
Organization of family businesses
performance taking into account that there
A family business, in general, is a
is a need to incorporate operational plans
commercial institution made up of one or
more family members, who set their before, during, and after a business
process. These plans must be considered as
interests based on decision-making
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part of investment costs which have great employees, which will cause revenue to the
importance when thinking of opening a organization.
business or venture. So, the people who On the other hand, investment is an
have to make the right decisions must be important element to improve the quality
the appropriate ones in the different levels and presentation of the product. That is
(Viteri & Tapia, 2018). why wide and varied advertising is a need
Similarly, most of these organizations do for the organization. This allows family
not have experience in the business field businesses to be productive becoming their
which leads them to low economic owners in successful entrepreneurs who
performance and consequently in a loss of transform the economy of the country.
the invested capital (Pacheco & Vizueta, Definitely, family businesses are
2016). organizations that generate active
In addition to a lack of a good production through the supply of quality
organizational structure, inadequate goods and services emphasizing the vision
communication between family business towards the economic development of the
members also influences business country as well as identifying labour
efficiency. This fact brings a series of relations and resources to achieve the
conflicts and opposing views that affect planned objectives (Salinas & Osorio, 2012).
their productivity, progress, and growth. Importance of family businesses
Hence, the right and true leadership must Undoubtedly, Ecuadorians are people with
be a fundamental part of every company, multiple abilities and thoughts that are
as this will open opportunities for personal always willing to take part in the
and business growth. These way workers development of family businesses. This
are able to develop the needed skills that type of entrepreneurship initially emerges
demand the solution to internal conflicts, from the family members' predisposition to
thereby changing their attitude and form this venture, acquiring debts and
implementing positive changes that allow economic responsibilities that must be
the accomplishment of the business covered for a long period of time until
mission and vision (Hurtado, Santamaría & implementing the business or company.
Verdesoto, 2016). At the national level, it is recognized that
The type of service and the presentation of family entrepreneurship generates a high
the product of family businesses are a level of affirmative production which
fundamental part of having customers provides economic growth for the country.
satisfied both in the service and the type of Therefore, it is fundamental in the
product that is offered. For this, the economic field due to the positive effects
potentially active and predisposed staff is that are reached related to providing jobs
required with the qualities of good and welfare to the population which leads
to rising their living standards and
Maridueña et al, Development of family businesses… , p. 125-138Ingeniería Industrial. Año 14, Vol. VII, N° 26 130
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consequently reducing the unemployment allow progress in the commercial field
rate in this country (Camino & Bermudez, (Líderes, 2019).
2018). The importance of the succession of
All this allows concluding, that any suitable business leaders assures a family
informal person but with certain skills and of the conservation and success in their
a business vision can be motivated to start business. In Milagro city, there are several
a company. They are very likely to become family businesses that have lasted over
entrepreneurs capable of hiring other time. This is because they have assured a
people, by producing and at the same time correct selection of successor managers
increasing labour sources. who have applied positive changes with
In Milagro city, 20% of businesses are successful strategies in their organizations.
public limited companies, 5.08% are Thereby, they generate gradual progress
limited companies, 30.85% are free and prestige on the family businesses. With
companies and the other 46.44% are family no doubt, a change of management in these
businesses that do not have a legal business businesses usually provides a new vision
constitution. with excellent perspectives to apply
Therefore, what is considered as an appropriate strategies to improve and lead
informal economy represents a high these companies to growth and success.
percentage in Milagro city. This leads to the Even though, the selection of a new
empowerment to maintain these work successor is usually forced due to illness,
sources as a valid alternative in the search old age, or death of the founder of the
of providing jobs to the economically active organization, it must be seriously
population. considered the possibility of doing it based
on the skills, training, and vision of the new
Succession process of family businesses
generation members who see the world
In our country, the chances of survival of
family businesses are limited due to several from another economic, technological, and
modern perspective.
factors, such as the limited planning,
organization, and choice of who the Ecuadorian economic transformation
successor managers will be. This usually In 2002, in the United States, there were 17
results in the bankruptcy, disappearance, entities focused on the creation, guidance,
elimination, or termination of these and help of family businesses. These were
companies due to a lack of correct attached to the most important business
planning. This means that in the short, schools in the country, generally
medium, and long term are only generated developing interdisciplinary work with the
actions in an empirical and precipitous intervention of administrators,
manner. In turn, this fact results in wrong psychologists, sociologists, and lawyers,
decisions with no business strategies that mainly (Mera & Bermeo, 2017).
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This is an example to follow in Ecuador in however, the attention given to them by the
order to help family businesses to be official entities is rather minimal.
organized and set their bases of true Therefore, it is essential to address more
business structures that allow them to grow attention to them according to their
and maintain themselves in the commercial particular characteristics with the aim of
activity no matter how hard the stimulating their development and making
competence of big businesses could be. them more efficient (Vanoni & Rodríguez,
This way, family businesses would be 2017).
stronger and provide jobs sustainably and According to data from the Ecuadorian
be a clue factor for the economic Superintendence of Companies, the
transformation in Ecuador. productive matrix is generated based on
the high rate of entrepreneurship, which
What is a family business?
encourages micro-entrepreneurs to
Given the multiple features within family
continue innovating the market.
businesses, it is difficult to unify an
On the other hand, the government system
applicable definition for this term.
has provided strategic and logistic help
However, the Ecuadorian Superintendence
that makes it possible for businesses to
of Companies (1971) describes that a family
massify economic production from a
business is the one in which there is a blood
national level to an international one. This
relationship between two or more partners
efficiency results in family businesses
up to the second degree, or that partners be
constantly strengthening as well as
united to each other by marriage, and that
innovate their products to keep themselves
additionally, partners execute economic,
active in the market (Aguilar & Briozzo,
financial or administrative control over the
2020).
company (Mera & Bermeo, 2017).
Below there are some tables showing the
Nowadays, there are many family
businesses in this country and it is to be types of companies, global and individual
amounts, and the number of family and
expected that they continue increasing in
non-family businesses.
the future. In Ecuador, around 70% of
According to the data from the Ecuadorian
companies are family-owned, which
National Institute of Statistics and Census
produces an important effect in terms of job
(INEC, 2010), the number of family
creation and economic development for the
businesses in Milagro city is 5099, which is
country. For this reason, it is necessary that
dedicated to formal trade. These data are
both public and private institutions
provided by Cámara de Comercio de
promote the incorporation of this type of
Milagro (Censos, 2010).
entrepreneurship into the formal economic
activity of the country.
Family businesses have a great impact on
the development of the economy of towns;
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Table 1. Types of Business in Milagro city the performance, performance and growth
in relation to the products they offer and
Alternative Number Percentage
their relationships with their clients and the
Big Family 2.620 9% environment of trust (Jiménez & Cueva,
Business
2019).
Medium Family
7.803 26%
Business Economic productivity and the succession
Small Family process of family businesses
Business 19.729 65% The succession process in family businesses
30.152 100% plays a very important role in generating
economic productivity; therefore, it is
essential that the leaders of these
Micro
35,000 family companies provide all kinds of information
business;
28.748;
to the new generations. In this aspect, it is
30,000
89% important to provide relevant data which
25,000 allows the business progress, in such a way
that, economic productivity reflects and
20,000
maintains through active strategies that
Micro
15,000
non- provide confidence in the application of
family
10,000 business; new product presentations, promotions
3.503; and above all. In other words, the processes
5,000 11%
are well founded, in order to avoid setbacks
0 that harm to the new management to
exercise their role (Santamaría, E. & Pico,
Figure 2. Types of Business F., 2015).
On the other hand, the economic
Economic profitability of family productivity of these companies reflect
businesses through a continuous analysis of supply
Undoubtedly, family businesses have and demand to know the advantages and
highlighted analyzes investigative based disadvantages that identified in time, with
on their dimensions in terms of the this, carry a statistical analysis of assets and
participation and direction of the company, liabilities, which will demonstrate
providing aspects of generational transfer, transparency in the economic sphere and
economic and labor commitment. This the continuity of the family business.
analysis provides the opportunity to Finally, productivity measures through
highlight relevant aspects of profitability in strategies, promotions, discounts, product
companies. It is important to recognize that timeliness, which show the progress of
most family business structures maintain a family businesses.
long-term permanence, which evidence in
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RESULTS AND
DISCUSSIONS
In the Table 3, referring to the economic
The information below is shown on tables investment in terms of the resources of the
and graphs, which allows analyzing the family business, 49% of the investment is in
results of the questions whose data provide the financial field, which results in
an explanation of the reasons that influence increasing their capital, while 23% is in
the permanence, development, and administration, that is, payment of the
economic transformation of the Family different fixed and variable costs of the
businesses. company. Additionally, 20% is dedicated
Among the variety of activities in the Table to human resources, which means payment
2, the respondents answered that 36% is of wages, bonuses, hiring, among others,
involved in the construction business, and and just 8% of the investment is used for
27% in the sale of drinks and food. This technological resources.
result identifies the types of businesses or
activities that stand out in this city. Table 3. Resources invested in family business
Table 2. Type of economic activity in companies Resources in which your family business
invests the most is in ..
What economic activity is your company
Accumulate
Frequency
engaged in?
Percentage
Percentage
Percentage
Accumulate
Percentage
Frequency
Human 30 20% 20%
Farming 11 7% 7% Financial 73 49% 69%
Social Services 2 1% 8% Administrative 35 23% 92%
Crafts 4 3% 11%
Technological 12 8% 100%
Cattle raising 5 4% 15%
Total 150 100%
Fishing 6 4% 19%
Commerce 53 36% 55%
Construction 5 3% 58% Mentioning to the factors that affect the
Internet Services 2 1% 59% development of the company in the Table
Transport 11 7% 66% 4, 50% of the respondents stated that the
Television services 1 1% 67% main factor is the economic resource since
Food and drinks 41 27% 94% it is extremely limited. 19% said it is the
Vehicle repair 9 6% 100% lack of aid; the same percentage is due to
Total 150 100% tax and law changes. Added to this, they
indicated 12% due to sociocultural changes.
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Table 4. Factors that affect business development Mentioning the regarding whether a
Factors that affect business development successor manager is being prepared in the
family business in the Table 6, 44% of those
Accumulate
surveyed stated that they “agree”, 25%
Percentage
Percentage
Frequency
“totally agree”, while 23% “disagree”, and
8% “totally disagree”. These results show
that not all family businesses have the
Lack of help
correct vision of preparing a successor
29 19% 19% manager that leads them to growing and
or advice
Limited improvement of their businesses.
economic
Table 6. Preparing a successor manager
resource to 75 50% 69%
maintain your Is the business family preparing a successor
company manager?
Tax and law
29 19% 88%
Accumulate
Percentage
Percentage
Frequency
changes
Sociocultural
17 12% 100%
changes
Total 150 100%
Totally agree 38 25% 25%
In the Table 5, related to the leadership
Agree 65 44% 69%
style, 66% of the respondent indicated that
Totally disagree 12 8% 77%
the company uses “democratic leadership
Disagree 35 23% 100%
style”; 19% “affiliate”; 10% “autocratic” Total 150 100%
and 5% “transformational”.
In the Table 7, referring to whether the
Table 5. Style of leadership
family business has a mission, vision, and
What style of leadership is applied in your business values, 52% of the respondents
organization? stated “agree” and 36% “totally agree”. On
the other hand, 11% indicated “disagree”
Percentage
Accumulate
Percentage
Frequency
and 1% “totally disagree”.
This statistical data show that 88% of all
businesses have some type of regulation,
structure, and organization that include
Autocratic 14 10% 10% these essential elements that contribute
Democratic 99 66% 76%
significantly to their permanent strengthen
Affiliative 29 19% 95%
and sustained development.
Transformational 8 5% 100%
Total 150 100%
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Table 7. Mission, vision, and business values
Does your family business have a mission, vision, and business values?
Frequency Percentage Accumulate Percentage
Totally agree 54 36% 36%
Agree 79 52% 88%
Totally disagree 1 1% 89%
Disagree 16 11% 100%
Total 150 100%
CONCLUSIONS usually the main cause for their definite
closing and consequently the loss of capital.
In Milagro city, family businesses represent
That is why every company or business
a high impact on the economic productivity
even the small ones must consider all of the
of the area. Over the years, these companies
productive resources to be of great
have taken a positive turn in terms of the
importance and pay serious attention to
economy due to the strategies used and the
them. No matter which resource they are,
contribution of the official organisms
human, financial, or technological ones,
which have helped them to remain with
they provide security for the permanence
great dynamism. Obviously, family
and sustainability of companies.
businesses must have clear guidelines such
The profitability of companies is commonly
as rules, regulations, mission, vision, and
affected by not counting on these resources
business values that allow them to generate
or not paying due attention to them. Hence,
and maintain good planning; this will
companies must understand that it is
contribute to their permanence and
extremely important to invest in qualified
growth.
human resources who know how to make
On the other hand, the results of this work
decisions for the benefits of the company.
reflect that family businesses face some
Businesses, in turn, must invest in training
common problems such as organizational
their staff in different business areas that
structure, investments of quality resources,
enhance the knowledge and skills of their
leadership with a poor modern vision,
workers. This way, they avoid the lack of
inefficient management, and limited
knowledge of processes and prepare the
training for human resources. An urgent
human resource to contribute to reaching
change for making family businesses more
the business profits by performing their
efficient and competitive is a must. It is
roles efficiently and with a modern vision
evident that these elements are affecting
focused on meeting the customers' needs.
their development and continuity and are
In addition, it is regrettable, according to
the results that not much attention is paid
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to technological resources since only 8% this fact results in the loss of capital, and
out of the capital of family businesses is finally the closing of these companies
invested in it. This limitation prevents the causing unemployment. Therefore, it is
proper functioning and financial control of necessary to reflect on the need of counting
companies which is a clue part to make on a well-trained business successor with
businesses competitive with the others. the characteristics of a leader and a vision
Additionally, these companies downplay of applying innovative ideas for the
their importance to the acquisition of development of the business. These leaders
modern equipment and machinery that must also count on technological tools,
help in the transformation process of the applications, and software that allow
raw material, since they consider this efficient management of all the business
investment unnecessary. It should be resources.
considered that there must always be an All family business leaders must know the
investment in the 4 axes of resources that variety of situations that constantly arise to
aim for companies to succeed and so to exercise good leadership; however, within
assure their permanence in the commercial this group of family companies, autocratic
sector. Among the main investment leadership predominates. They very rarely
elements, advertising stands out, which allow ceding their authority to another
allows the publicity of goods and services family because they consider that they are
produced and offered by the company always right when making decisions. These
bringing a greater number of customers leaders do not even cede their management
and better economic profitability. to other family members, limiting the trust
Nevertheless, family businesses that do not between relatives and with it, creating
have internal rules and regulations, labour and family conflicts that usually
generally use a type of empirical affects the productivity of the business and
administration, without formal consulting as a consequence the loss of capital.
or advice. This fact usually generates an Therefore, it is essential the contribution of
inadequate economic and financial a true leader with a good professional
orientation since it does not contribute profile and modern vision according to the
significantly to the interests raised for the new commercial trendsor.
benefit of the whole organization. In turn,
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Autores
Irlanda Jacqueline Maridueña Macancela. Magister en Administración y Dirección de Empresas.
Universidad Estatal de Milagro, Ecuador.
ORCID: https://orcid.org/0000-0002-9117-2013
Email: jmariduenam@unemi.edu.ec
Erika Yadira Romero Cárdenas. Magister en Administración y Dirección de Empresas.
Universidad Estatal de Milagro, Ecuador.
ORCID: http://orcid.org/0000-0003-4136-1614
Email: eromeroc@unemi.edu.ec
Miguel Alfredo Astudillo Quiñonez. Magister en Docencia y Gerencia en Educación Superior.
Universidad Estatal de Milagro, Ecuador.
ORCID: https://orcid.org/0000-0002-0655-9871
Email: mastudilloq@unemi.edu.ec
Mayra D’Armas Regnault. Ingeniero Industrial, Magíster en Ingeniería Industrial, Doctora en
Administración y Dirección de Empresas. Universidad Estatal de Milagro, Ecuador.
ORCID: https://orcid.org/0000-0002-6288-1566
Email: mdarmasr@unemi.edu.ec
Recibido: 02-04-2021 Aceptado: 24-06-2021
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