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Article
Publication date: 1 March 2011

Wu Lu and Luzhuang Wang

The purpose of this paper is to analyze the feasibility and challenges of one open training model in family‐owned companies' offspring education, regarded as CHINT's prodigal fund.

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3634

Abstract

Purpose

The purpose of this paper is to analyze the feasibility and challenges of one open training model in family‐owned companies' offspring education, regarded as CHINT's prodigal fund.

Design/methodology/approach

The paper is currently confined to literature and case study on CHINT's prodigal fund and is primarily based on the documents analysis and interviews with the members from the board of supervisors and the board of directors.

Findings

The relationship between the performance of venture capital fund and the succession was analyzed. It is found that the two main reasons affecting the development of prodigal fund are the unsystematically organization of fund development and the lack of diligence. Finally, to attract and motivate the use of family venture funds and to establish a sound governance mechanism will be the two chief areas to promote the development of family funds.

Originality/value

It is the first attempt to analyze and summarize this creative practice in succession – family venture fund. The case study provides a valuable perspective on educating the entrepreneurial spirit of innovation and exploration.

Details

Journal of Chinese Entrepreneurship, vol. 3 no. 1
Type: Research Article
ISSN: 1756-1396

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Article
Publication date: 10 June 2020

Robin Bell and Thanh Trung Pham

The transfer of knowledge has been identified as an important part of the family business succession process. This paper examines the knowledge transfer process from the…

Abstract

Purpose

The transfer of knowledge has been identified as an important part of the family business succession process. This paper examines the knowledge transfer process from the founder to the successor to understand and model the factors that influence the knowledge transfer process in the Vietnamese family business context.

Design/methodology/approach

This research adopts an inductive qualitative approach, conducting face-to-face semi-structured interviews with five father-son succession pairs. The interviews with founders and successors, ten in total, formed the basis of five case studies. The cases were all at an advanced stage of the process of business knowledge transfer and family business succession.

Findings

A contextualized model was developed, highlighting the main factors that influence the knowledge transfer process from the founder to the successor in a Vietnamese family business context. This model identifies the influence of factors, some of which are not commonly presented in western family business literature. These include the importance of the role of the mother in mediating the relationship quality between the founder and the successor and the successor pursuing education and external work experience to improve their cognitive and reflective abilities. The need for the affinity between family members is also highlighted as important.

Originality/value

In Vietnam, most family-run businesses are still under the control of the founder. This research provides insight into the succession process in Vietnam. This research addresses calls for further exploration into the factors that influence the transfer of knowledge in the family business succession process and to research this process in a collectivist society, both of which remain under-researched.

Details

Journal of Family Business Management, vol. 11 no. 4
Type: Research Article
ISSN: 2043-6238

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Article
Publication date: 19 April 2013

Margaret M.C. Humphreys

The research asked: How do daughters take the lead in their family businesses? What are the relevant issues that characterize the succession process for daughters, what…

Abstract

Purpose

The research asked: How do daughters take the lead in their family businesses? What are the relevant issues that characterize the succession process for daughters, what are the attributes of daughter successors, and what, if any, features distinguish their leadership style?

Design/methodology/approach

Qualitative research comprised reflective interviews with 14 daughter successors. Thematic data analysis was used to analyze data, build models and link to previous research.

Findings

The shifting landscape of women's roles in family businesses is evidenced through the experiences of daughters who have taken over the top leadership positions in their family firms. Skill and commitment override gender in successor selection. The women were intrinsically motivated to take over their family businesses and owned significant shares in their firms. The findings confirm the centrality of the successor‐incumbent relationship and reveal mentoring, frequently by the incumbent, as the principal vehicle for the transfer of business leadership. Emotional competence emerged as a key successor quality.

Research limitations/implications

This research is based on a single perspective, that of the successor. The accounts may include elements of performance, that is, selection of content based on the audience and the participant's desired results.

Originality/value

The paper provides an alternate view to female invisibility in the family business, and the practice of primogeniture. This is new research on succession and women's roles in family business.

Details

Journal of Family Business Management, vol. 3 no. 1
Type: Research Article
ISSN: 2043-6238

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Article
Publication date: 1 October 2004

A.B. Ibrahim, K. Soufani, P. Poutziouris and J. Lam

Small family firms represent the predominant organizational form in Canada. They are perceived to be crucial to the development and growth of the Canadian economy. Despite…

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4884

Abstract

Small family firms represent the predominant organizational form in Canada. They are perceived to be crucial to the development and growth of the Canadian economy. Despite this, scant attention is given to the study of human resource management practices in the specialist family business literature. A key human resource issue in family firms, which has been documented as a potential source of problems, is succession, selection and training. The objective of this research is to explore the qualities that are considered critical to an effective family business successor and discuss the crucial role that education and training could have in enhancing the qualities and skills of a successor. Results suggest that three factors are critical to an effective human resource strategy concerning the selection process of a successor. These include the successor's capacity to lead, his/her managerial skills and competencies, and the willingness and commitment of the successor to take over the family business and to assume a leadership role.

Details

Education + Training, vol. 46 no. 8/9
Type: Research Article
ISSN: 0040-0912

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Article
Publication date: 29 April 2014

Mojca Duh

– The purpose of this paper is to broaden the understanding of family business succession as organizational knowledge creation process.

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2321

Abstract

Purpose

The purpose of this paper is to broaden the understanding of family business succession as organizational knowledge creation process.

Design/methodology/approach

The paper is built on organizational knowledge creation theory and reviews literature on family business succession. Four modes of knowledge conversion are followed to identify knowledge creation activities contributing to family business's knowledge base and to develop propositions.

Findings

Successful realization of succession depends not only on “traditional” knowledge creation activities of socialization and internalization, but as well as on active involvement of successor(s) in many aspects of business functioning. This contributes not only to widening successor(s) knowledge base but as well as to the firm's tacit and explicit knowledge triggering a new spiral of knowledge.

Research limitations/implications

The paper limits the research on leadership succession as one of the most challenging tasks in family business's life cycle. Moreover, research findings have implications for small- and medium-sized family businesses due to the strong preference of keeping the leadership within a family.

Practical implications

Propositions developed provide useful cognitions to professionals and stakeholders involved in succession process. If they understand the complexity of knowledge creation process, they can stand a better chance of improving the process of successor(s)’ development and leadership transfer in such a way that family business will have better chance to survive and progress after the transition.

Originality/value

The research provides a comprehensive framework of knowledge creation activities during succession thus indicating the requisitely holistic approach to succession from organizational knowledge creation perspective. The study contributes to the organizational knowledge creation theory and the succession theory.

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Article
Publication date: 18 May 2010

Susanne Durst and Stefan Gueldenberg

Taking company succession as an alternative means of embarking on an entrepreneurial activity, the aim of this study is to explore those intangible assets that are

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1490

Abstract

Purpose

Taking company succession as an alternative means of embarking on an entrepreneurial activity, the aim of this study is to explore those intangible assets that are regarded as attractive from the viewpoints of external successors. Thereby, the focal point is on the preparation stage in which promising companies are identified and scrutinised.

Design/methodology/approach

The strategy of research behind this paper is the application of a mixed methods approach that is divided into an internet‐mediated questionnaire and a series of in depth interviews (given priority).

Findings

The findings suggest that intangible assets have a notable influence on the intention of an external successor to take over a company. This would suggest that the traditional issues considered with regard to company succession, such as tax, legal and financial aspects, should be extended to include intangible aspects. The findings are summarized by proposing a framework for the role of intangibles in external succession, thereby highlighting critical intangibles as perceived by external successors.

Research limitations/implications

This explorative study is by no means exhaustive; however it is regarded as a valuable fundament for further research activities associated with the role of intangible assets in terms of company succession, particularly external succession.

Practical implications

The framework appears to be a valuable tool for understanding the importance of intangibles in external company succession in general and particularly their influence on external successors' business acquisition intentions. The findings are particularly considered as helpful for incumbent‐owners who plan to sell off their companies.

Originality/value

The study's findings can be viewed as a new perspective on company succession as it highlights the intangible assets that make a company attractive to external successors. Given the increasing number of small to medium‐sized enterprises waiting to be transferred to new owners, these findings are highly important as they provide a more holistic view of the dynamics of company succession (and external succession in particular).

Details

VINE, vol. 40 no. 2
Type: Research Article
ISSN: 0305-5728

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Article
Publication date: 12 October 2015

Argentina Soto Maciel, Maria Isabel de la Garza Ramos, José Luis Esparza Aguilar and Juan Manuel San Martín Reyna

– The purpose of this paper is to assess the factors identified in the model of influence of family relationships in a process of succession.

Abstract

Purpose

The purpose of this paper is to assess the factors identified in the model of influence of family relationships in a process of succession.

Design/methodology/approach

To that end, an exploratory factor analysis of a model is conducted. Such model includes four factors: family cohesion and adaptability, family commitment with the business, the relationship between the owner-manager and the successor, and the planning and training of the successor.

Findings

The results confirm the relevance of the four factors used and enable the authors to identify the structure of their coefficients within each factor.

Originality/value

Family involvement constitutes one of the most influential factors in the complex management of family businesses, as it can even threaten their survival. One of the most critical moments in the life of a family business is the interaction during the succession process. Therefore, the succession process continues to be a topic of growing interest to researchers in the family business literature. Given the importance of family business succession.

Details

Journal of Family Business Management, vol. 5 no. 2
Type: Research Article
ISSN: 2043-6238

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Article
Publication date: 21 May 2010

John James Cater and Robert T. Justis

The purpose of this paper is to better understand the development and implementation of shared leadership in multi‐generational family firms. Shared leadership or family…

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4065

Abstract

Purpose

The purpose of this paper is to better understand the development and implementation of shared leadership in multi‐generational family firms. Shared leadership or family top management teams involve multiple family members in the top management and ownership of family firms.

Design/methodology/approach

A qualitative case study approach was employed, using in‐depth interviews of the top managers of four family businesses. Each case was analyzed separately, and emergent themes found in each case; and then generalizations were made across the four cases in the cross‐case analysis.

Findings

Eight factors or conditions were examined that affect shared leadership in multi‐generational family firms according to the respondents – long‐term orientation, close communication and shared understanding, resistance to change, succession planning, failure to release control, reporting relationship confusion, increased decision time, and higher decision quality. The result of this study is the production of eight propositions to build theory concerning shared leadership, which is an under‐researched area for family business studies.

Research limitations/implications

This paper is rich in qualitative detail, but with all such case study research, its limitations regarding sample size are recognized.

Practical implications

This paper views shared leadership as a growing phenomenon that incumbent family business leaders should consider as a viable alternative to primogeniture or the choice of a single successor.

Originality/value

The study described in this paper is groundbreaking in that it examines shared leadership or the development and implementation of top management teams in family firms in depth and detail. The paper contributes a balanced view of the implementation of shared leadership in family firms, exploring both the positive and negative aspects.

Details

Management Research Review, vol. 33 no. 6
Type: Research Article
ISSN: 2040-8269

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Article
Publication date: 22 October 2018

Thanh Trung Pham, Robin Bell and David Newton

Many family businesses do not survive into the second generation. A common reason put forward for this is poor succession planning for the second generation. This paper is…

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6049

Abstract

Purpose

Many family businesses do not survive into the second generation. A common reason put forward for this is poor succession planning for the second generation. This paper is designed with the aim to explore the role of the father in supporting the son’s business knowledge and development in Vietnamese family businesses.

Design/methodology/approach

This research adopted an inductive qualitative approach using multiple face-to-face semi-structured interviews with five father–son succession pairs. The interview participants were a cross section of Vietnamese family businesses, where the father–son pair was involved in the process of business knowledge transfer and the succession process was at an advanced stage.

Findings

The results suggest that the father plays different roles at different stages of the son’s business knowledge development process. In particular, the father acts as an example during the son’s childhood; a supporter to encourage the son to gain more business knowledge from both formal education and working experience outside the family business; a mentor and trouble-shooter after the son joins the family business as a full-time employee; and as an advisor after the son becomes the leader of the firm.

Originality/value

Most Vietnamese family businesses are still operating under the control of the first generation, and as a result, research into the succession process in Vietnam can help to provide valuable insights. Furthermore, existing research into the role of the predecessor in the whole process from the successor’s childhood until the end of the succession process is ambiguous and requires further research to clarify this research gap.

Details

Journal of Entrepreneurship in Emerging Economies, vol. 11 no. 2
Type: Research Article
ISSN: 2053-4604

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Article
Publication date: 1 January 2014

Joseph C. Santora, James C. Sarros and Mark Esposito

– The aim of this article was to describe successor types of four nonprofit founders.

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990

Abstract

Purpose

The aim of this article was to describe successor types of four nonprofit founders.

Design/methodology/approach

This article uses the previous case study research and participant/nonparticipant observation to illustrate the different nonprofit founder types to prepare for successors.

Findings

Four founder types included destroyer, conscientious, maverick, and controller. Each founder type had several unique characteristics. A common feature across all four types was autocratic control.

Research limitations/implications

Limitations include the generalizability of the findings based on the sample. Recommendations include re-examination of the ways founders approach succession issues.

Practical implications

Founders involved in succession issues can benefit by better understanding the succession process as well as the legacy they leave as a result of their approach to succession based on type.

Originality/value

This article offers new insights into the approaches nonprofit founders take about selecting a successor. Founders considering a successor can determine their type and adjust accordingly to select the best possible replacement for the organization.

Details

Development and Learning in Organizations, vol. 28 no. 1
Type: Research Article
ISSN: 1477-7282

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