In Their Own Words: How Does the Succession Experience of Second Generation Family Business Owners Influence Future Approaches to Succession?

摘要

Family owned businesses strive to not only be successful as measured by profit, market position, and other determinants used to gauge businesses success, but they also strive in the continuity of transitioning management and ownership from one generation to the next. This study explores the experiences of second generation successors with the succession process and how those experiences may influence their approach to planning the next generation succession. A qualitative case study approach was followed, using data collected from twelve second generation family business owners. This research examined the succession experiences of these owners in the areas of succession planning, successor development, individual learning, and the culture of stewardship. A contribution to the body of knowledge is made by developing these areas. This research addresses a gap in the literature where no research existed which specifically focused on second generation experiences. A contribution to practice is made by outlining how these areas influenced second generation family business owners as they contemplate approaches to future succession. This research identifies possible areas for future research.