Family Businesses Management and Succession: A Meta-Analysis

摘要

Purpose: This paper assesses how management and succession is handled in family businesses. In addition, the research seeks to find out how to manage the business succession in the family business during the transitional period of the case company. Furthermore, the objective of my research is to provide guidelines for implementing family business succession strategy. Approach: Study was a meta-analytical literature review based on the analytical and descriptive research designs used. Findings: This paper found that rewards of a family-owned business are many as are the challenges. The findings of this research indicate that family businesses are unique and they have several common characteristics that differentiate them from other businesses. This uniqueness also causes the special challenges and opportunities, which family businesses face in their operations. The most significant characteristic that separates family businesses from non-family businesses is the family's impact on the business and ownership. The unique family business characteristics, challenges and opportunities stated in the theoretical framework can be applied to the family businesses used in this research. It can be stated that both of the case companies fit the concept of a typical family business, which is unique compared to other businesses. Limitations: the design and process of sieving articles for critical review is time consuming and involves voluminous data analysis. Conclusion: Family businesses try to intersect the distinctions between family issues and business matters. This needs to be handled with utmost care as it spells the difference between success and failure. The outcomes of this research pointed out that there are mainly two obstacles concerning the family business i.e. The company does not have a proper successor, the family governance issues have an impact on the family business succession. In other words, the family governance issues which are aspects of the poor management mode and feudal family culture. Originality: There is a paucity of recent research in this area and this paper makes a contribution towards filling this gap.