Family business succession: opportunities from the Victorian wine industry

Abstract

Purpose

This paper aims to examine the opportunities of continuous family succession in operating small-to-medium-sized wineries (SMWs) in Victoria, Australia.

Design/methodology/approach

Using case studies from Victoria, an exploratory qualitative approach was used to explore the benefits of continuous family succession in this conceptual paper. This included interviewing participants from wineries about their perceptions about family business succession. Themed analysis was applied to highlight the findings and overall conclusions about why the wine industry was affected more than other industries with regard to family business succession issues.

Findings

The three main findings of this study include family succession is extremely important in building a story customers can relate to; family reinvestment opportunities for financial sustainability and innovation of the winery and family succession for future employment and legacy. These three findings highlight the way family business succession is integral to the successfulness of the wine industry.

Practical implications

Small-to-medium-sized wineries (SMWs) have many challenges including long-term financial sustainability and innovation opportunities. To assist in overcoming these challenges, the findings suggest winery owners need to create lasting legacy through story-telling, competitive advantage and family linkage (succession). This will assist wineries to create marketing campaigns focussing on family succession and brand attachment, seven opportunities for family reinvestment and innovation leading to financial sustainability and competitive advantage.

Originality/value

There is little research investigating family succession in the Victorian wine industry even though it is common practice and essential to marketing and communication campaigns. This paper supports continuous family succession as a legitimate marketing technique and long-term financial sustainability and innovation for small-to-medium-sized wineries (SMWs) through reinvestment opportunities. This is the first time small-to-medium-sized wineries have been defined as SMWs and reinvestment opportunities have been identified by wine stakeholders.

Citation

Strickland, P. and Ratten, V. (2023), "Family business succession: opportunities from the Victorian wine industry", Journal of Family Business Management, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JFBM-08-2023-0147