Intra-family succession insights: the presence of millennial cohort successors
Journal of Family Business Management
ISSN: 2043-6238
Article publication date: 2 June 2020
Issue publication date: 2 February 2021
Abstract
Purpose
The purpose of this study is to shed some light on an important phenomenon – how and why intra-family succession may change if millennial cohorts are considered as successors. Specifically, it aims to explore the superordinate themes that support the success of intra-family succession from perspective of two different cohort successors (X and millennial).
Design/methodology/approach
An interpretative phenomenological analysis (IPA) was adopted for detailed structural analysis of in-depth interview as it aims to explore meaning of participants' experiences. A total of ten individuals participated in the study.
Findings
Seventeen superordinate themes emerged from participants' personal statements and experiences. The themes are grouped into four aspects: namely, characteristics of predecessor and successor, succession process, firm and family and succession output. These aspects were found to be different between X and millennial cohort successors. They then form an empirical model of intra-family succession from both perspectives.
Research limitations/implications
This study enriches the theory of family firm by considering generational effect of successors on intra-family succession.
Practical implications
As millennial cohort successors prefer to go directly into business (experiential learning) and are driven by non-material motives (passion-driven), predecessors are expected to utilize them in the process of nurturing and development.
Originality/value
This study considers the role of generation cohort in supporting the success of intra-family succession especially in relation to the characteristics of millennial cohort successors that have been shown to differ from that of X cohort.
Keywords
Acknowledgements
We thank Prof Claire Seaman and two anonymous reviewers for their helpful comments on earlier versions of this article. We also thank Sekolah Tinggi Manajemen PPM, Jakarta Indonesia for funding the study. This paper is based considerably on the dissertation of Aprihatiningrum Hidayati. We also would like to thank Yohannes F.L. Kahija for his helpful comments to improve this manuscript.
Citation
Hidayati, A., Hermawan, A., Soehadi, A.W. and Hartoyo (2021), "Intra-family succession insights: the presence of millennial cohort successors", Journal of Family Business Management, Vol. 11 No. 1, pp. 107-135. https://doi.org/10.1108/JFBM-07-2019-0052
Publisher
:Emerald Publishing Limited
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