Passing the baton: Successful succession planning in a family business

Abstract

Purpose

The purpose of this paper is to consider the factors affecting the success of succession planning in family businesses.

Design/methodology/approach

The study reports on a panel discussion in which the former chairman of the William Jackson Food Group describes the processes put in place to manage succession at this family firm and his own experience of handing over to his successor.

Findings

Once upon a time, saying that you were going into the family business marked the end of any career discussion. Now it’s just the beginning – interest in family firms has never been greater. Succession planning is a subject guaranteed to generate questions – everyone wants to know how to get it right. Fortunately, it’s an area where some are happy to share their experience.

Research limitations/implications

The paper highlights the need for more longitudinal research on family firms.

Practical implications

This paper provides a practical guide to structures and processes that can facilitate succession planning in family firms.

Social implications

It draws attention to the emotional and psychological impact of succession on the retiring individual and the need to create life structures to replace former business involvement.

Originality/value

This paper aims to present a frank discussion of the approach to succession planning taken by one family business and the broader research questions that it raises.

Citation

Drury, P. (2016), "Passing the baton: Successful succession planning in a family business", Human Resource Management International Digest, Vol. 24 No. 3, pp. 35-37. https://doi.org/10.1108/HRMID-02-2016-0016